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Homewoek Number 2 Acctg Essay

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Below is an essay on "Homewoek Number 2 Acctg" from Anti Essays, your source for research papers, essays, and term paper examples.

1. (TCO A) Which of the following is an advantage of the corporation relative to sole proprietorships and partnerships? (Points : 5)
        Simple to establish
        Lower taxes
        Unlimited personal liability of investors
        Easier to raise funds


2. (TCO A) Dividends _____. (Points : 5)
        represent an expense and are an operating activity
        represent an obligation and are an operating activity
        represent a distribution of earnings and are a financing activity
        represent an asset and are an investing activity


3. (TCOs A, B) Below is a partial list of account balances for Langton Company:

Cash                           $10,000
Prepaid insurance               700
Accounts receivable         3,500
Accounts payable           2,800c
Notes payable                 4,200c
Common stock               1,400c
Dividends                           700
Revenues                     21,000c
Expenses                     17,500

What did Langton Company show as total credits? (Points : 5)
        $32,400
        $34,500
        $35,200
        $29,400


4. (TCOs B, E) Why is the accrual basis of accounting preferred by GAAP? (Points : 5)
        The Accrual basis is easier to use.
        The Accrual basis is also preferred by the Internal Revenue Service.
        The Accrual basis complies with the revenue recognition and matching principles.
        The Accrual basis requires fewer accounting resources.


5. (TCO D) In a period of increasing prices, which inventory cost flow assumption will result in the highest amount of net income? (Points : 5)
        LIFO
        The average cost method
        FIFO
        Income tax expense for the period will be the same under all assumptions.


6. (TCOs A, E) Equipment with a cost of $212,000 has an estimated salvage value of $12,000 and an estimated life of 5 years or 15,000 hours. It is to be depreciated by the straight-line method. What is the amount...

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Homewoek Number 2 Acctg. Anti Essays. Retrieved December 18, 2018, from the World Wide Web: http://parimatch-stavka7.com/free-essays/Homewoek-Number-2-Acctg-310693.html


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