QUIZZ FOR ACC557

Question
Multiple Choice Question 152

If a plant asset is retired before it is fully depreciated, and the salvage value received is less than the asset’s book value,

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there is no gain or loss on disposal.

additional depreciation expense must be recorded.

a gain on disposal occurs.

a loss on disposal occurs.
Multiple Choice Question 66

Gagner Clinic purchases land for $150,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land graded for $2,200. What amount does Gagner Clinic record as the cost for the land?

$154,700

$132,500

$132,200

$150,000
Multiple Choice Question 74

All of the following factors in computing depreciation are estimates except

cost.

residual value.

salvage value.

useful life.
Multiple Choice Question 85

Depreciation is the process of allocating the cost of a plant asset over its service life in

an equal and equitable manner.

a conservative market-based manner.

an accelerated and accurate manner.

a systematic and rational manner.
Multiple Choice Question 207

Rooney Company incurred $420,000 of research and development cost in its laboratory to develop a patent granted on January 1, 2013. On July 31, 2013, Rooney paid $63,000 for legal fees in a successful defense of the patent. The total amount debited to Patents through July 31, 2013, should be:

$483,000.

$63,000.

$357,000.

$420,000.
Multiple Choice Question 115

A plant asset was purchased on January 1 for $50,000 with an estimated salvage value of $10,000 at the end of its useful life. The current year’s Depreciation Expense is $5,000 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the year is $25,000. The remaining useful life of the plant asset is

3 years.

5 years.

10 years.

8 years.
Multiple Choice Question 226

Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as

capital expenditures.

expense expenditures.

improvements.

revenue expenditures.
Multiple Choice Question 95

A company receives $348, of which $28 is for sales tax. The journal entry to record the sale would include a

debit to Cash for $348.

debit to Sales Revenue for $348.

debit to Sales Tax Expense for $28.

debit to Sales Taxes Payable for $28.
Multiple Choice Question 177

If bonds can be converted into common stock,

they will be converted only if the issuer calls them in for conversion.

they will sell at a lower price than comparable bonds without a conversion feature.

they will carry a higher interest rate than comparable bonds without the conversion feature.

the bondholder may benefit if the market price of the common stock increases substantially.

Multiple Choice Question 60

The relationship between current liabilities and current assets is

useful in determining the amount of a company’s long-term debt.

useful in evaluating a company’s liquidity.

called the matching principle.

useful in determining income.
Multiple Choice Question 122

Employee payroll deductions include each of the following except

federal income taxes.

insurance and pensions.

federal unemployment taxes.

FICA taxes.
Multiple Choice Question 170

Bargain Company has $1,600,000 of bonds outstanding. The unamortized premium is $21,600. If the company redeemed the bonds at 101, what would be the gain or loss on the redemption?

$5,600 gain

$5,600 loss

$16,000 gain

$16,000 loss
Multiple Choice Question 90

On October 1, 2013, Pennington Company issued an $80,000, 10%, nine-month interest-bearing note. If the Pennington Company is preparing financial statements at December 31, 2013, the adjusting entry for accrued interest will include a:

credit to Interest Payable of $4,000.

debit to Interest Expense of $2,000.

debit to Interest Expense of $3,000.

credit to Notes Payable of $2,000.
Multiple Choice Question 109

Julie’s Boutique has total receipts for the month of $30,660 including sales taxes. If the sales tax rate is 5%, what are Julie’s sales for the month?

$29,200

$32,193

It cannot be determined.

$29,127
Multiple Choice Question 245

Aire Corporation retires its bonds at 106 on January 1, following the payment of semi-annual interest. The face value of the bonds is $600,000. The carrying value of the bonds at the redemption date is $631,500. The entry to record the redemption will include a

debit of $31,500 to Premium on Bonds Payable.

credit of $31,500 to Loss on Bond Redemption.

debit of $36,000 to Premium on Bonds Payable.

credit of $5,250 to Gain on Bond Redemption.

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