Acc 291 Empower Learning/ Indigohelp Essay

3544 Words Feb 27th, 2016 15 Pages
ACC 291 Final Exam Guide (New)
For more classes visit www.indigohelp.com Question 207
On January 1, a machine with a useful life of five years and a residual value of $40,000 was purchased for $120,000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation?
IFRS Multiple Choice Question 01
As a recent graduate of State University you're aware that IFRS requires component depreciation for plant assets. A friend has asked you to succinctly explain what component depreciation means. Which of the following correctly describes component depreciation?
Multiple Choice Question 198
Given the following account balances at year end, compute the total intangible assets on the balance sheet of
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The entry to record the transaction will consist of a debit to Cash for $3,000,000 and a credit or credits to IFRS Multiple Choice Question 01
Jahnke Corporation issued 8,000 shares of €2 par value ordinary shares for €11 per share. The journal entry to record the sale will include
Multiple Choice Question 80
Zoum Corporation had the following transactions during 2014:
1. Issued $125,000 of par value common stock for cash.
2. Recorded and paid wages expense of $60,000.
3. Acquired land by issuing common stock of par value $50,000.
4. Declared and paid a cash dividend of $10,000.
5. Sold a long-term investment (cost $3,000) for cash of $3,000.
6. Recorded cash sales of $400,000.
7. Bought inventory for cash of $160,000.
8. Acquired an investment in Zynga stock for cash of $21,000.
9. Converted bonds payable to common stock in the amount of $500,000.
10. Repaid a 6 year note payable in the amount of $220,000.
What is the net cash provided by financing activities?

Multiple Choice Question 176
Colie Company had an increase in inventory of $120,000. The cost of goods sold was $490,000. There was a $30,000 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Colie's cash payments to suppliers? IFRS Multiple Choice Question 04
Each of the following items may be classified as

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