ACCT 212 ACCT212 Week 8 Final Exam Answers – Online Homework Help

DOWNLOAD: ACCT 212 ACCT212 Week 8 Final Exam Answers – Online Homework Help

ACCT 212 ACCT212 Week 8 Final Exam Answers

When total expenses exceed total revenues, the result is a: (Points : 6)

Question 2. 2. The balance sheet lists: (Points : 6)

Question 3. 3. Which of the following is a limitation of internal control? (Points : 6)

Question 4. 4. In a bank reconciliation, outstanding checks would be added to the book balance. (Points : 6)

Question 5. 5. When preparing a bank reconciliation, which of the following items should be subtracted from the bank balance? (Points : 6)

Question 6. 6. Which account shows the amount of accounts receivable that the business does NOT expect to collect? (Points : 6)

Question 7. 7. Net accounts receivable is calculated as: (Points : 6)

Question 8. 8. Under the allowance method, the entry to reinstate an account previously written off: (Points : 6)

Question 9. 9. Under the aging-of-accounts-receivable method, the balance in: (Points : 6)

Question 10. 10. The cost of inventory includes the: (Points : 6)

Question 11. 11. The choice of an inventory costing method will affect: (Points : 6)

Question 12. 12. The inventory costing method by which the first costs into inventory are the first costs out to cost of goods sold is the: (Points : 6)

Question 13. 13. The economic resources of a business that are expected to produce a benefit in the future are: (Points : 6)

Question 14. 14. Payables are classified as: (Points : 6)

Question 15. 15. Revenues are: (Points : 6)

Question 16. 16. When cash is received by mail: (Points : 6)

Question 17. 17. All of the following are intangible assets EXCEPT: (Points : 6)

Question 18. 18. Allowance for Uncollectible Accounts is classified as a(n): (Points : 6)

Question 19. 19. Payables are classified as: (Points : 6)

Question 20. 20. The cost of the inventory that the business has sold to customers is called: (Points : 6)

Question 21. 21. Land is purchased for $62,500. Back taxes paid by the purchaser were $7,500; total costs to demolish an existing building were $11,000; fencing costs were $12,500; and lighting costs were $1,500. What is the cost of the land? (Points : 6)

Question 22. 22. Which of the following would not be included in the Machinery account? (Points : 6)

Question 23. 23. The process of allocating a plant asset’s cost to expense over the period the asset is used is called: (Points : 6)

Question 24. 24. Philly-Delta Corporation issues 100 shares of $1 par value common stock for $12 per share. This transaction will include a: (Points : 6)

Question 25. 25. Whyte Clinic purchases land for $120,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic had the land graded for $2,200. What amount does Whyte Clinic record as the cost for the land? (Points : 6)

Question 26. 26. Burke Company purchases land for $85,000 cash. Burke assumes $2,500 in property taxes due on the land. The title and attorney fees totaled $1,000. Burke has the land graded for $2,200. They paid $10,000 for paving of a parking lot. What amount does Burke record as the cost for the land? (Points : 6)