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Thursday 14 February 2013

Acct 504

$30.0
FI504 Final Exam
Business - General Business
1. (TCO A) An advantage of the corporate human body of business is that _____. (Points : 5)

it has limited life

its owners individual(prenominal) resources atomic number 18 at stake

its ownership is easily transferable via the deal of shares of stock

it is simple to establish

2. (TCO A) The Dividends account _____. (Points : 5)

is increase with a debit

is decreased with a credit

is not an expense account

altogether of the above

1. (TCO A) An advantage of the corporate form of business is that _____. (Points : 5)

it has limited life

its owners personal resources are at stake

its ownership is easily transferable via the sale of shares of stock

it is simple to establish

2. (TCO A) The Dividends account _____. (Points : 5)

is increased with a debit

is decreased with a credit

is not an expense account

All of the above

3.

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(TCOs A, B) Cerner confederation showed the following balances at the end of its first year:

Cash $5,000

Prepaid policy 500

Accounts receivable 2,500

Accounts payable 2,000

Notes payable 3,000

Common stock 1,000

Dividends 500

Revenues 15,000

Expenses 12,500

What did Cerner Company show as total credits on its streak balance? (Points : 5)

$21,500

$21,000

$20,500

$22,000

4. (TCOs B, E) Using accrual accounting, expenses are recorded and describe only _____. (Points : 5)

when they are incurred, whether or not cash is paid

when they are incurred and paid at the same time

if they are paid out front they are incurred

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