ACCT 201 Final Exam Answers http://www.homeworkwarehouse.com/downloads/acct-201-final-exam-answers/ ACCT 201 Final Exam Answers 1. The term “double taxation” refers to which of the following: A. A sole proprietorship must pay income taxes on its net income and the owner is also required to pay income taxes on withdrawals. B. In a partnership‚ both partners are required to claim their share of net income on their tax returns. C. Corporations must pay income taxes on their net income‚ and their
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1. | Question : | (TCO F) Assume there is no beginning work in process inventory and the ending work in process inventory is 100% complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted-average method is: | Student Answer: The same as the number of units put into production. | 2. | Question : | (TCO F) Process costing would be appropriate for each of the following except: | Student Answer: custom furniture
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benefits Other benefits Total wages and benefits Other variable production costs Total annual production costs Annual cost to purchase cans $275‚000 72‚000 7‚500 12‚960 92‚460 55‚000 $422‚460 $495‚000 Part 1 Cash flows over the life of the project Item Annual cash savings Tax savings due to depreciation Total annual cash flow Before Tax Amount $72‚540 32‚000 Tax Effect After Tax Amount 0.65 $47‚151 0.35 $11‚200 $58‚351 Part 2 Payback Period $200‚000 / $58‚351 = 3.43 years Part 3 Annual
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On October 1‚ Keisha King organized Real Answers‚ a new consulting firm; on October 3‚ the owner contributed $84‚000 cash. On October 31‚ the company’s records show the following items and amounts. Cash $ 11‚360 Cash dividends $ 2‚000 Accounts receivable 14‚000 Consulting fees earned 14‚000 Office supplies 3‚250 Rent expense 3‚550 Land 46‚000 Salaries expense 7‚000 Office equipment 18‚000 Telephone expense 760 Accounts payable 8‚500
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Full Disclosure Paper ACCT/421 Full Disclosure Paper Company’s today accounting practices have changed a lot due to recent scandal that has occurred in the past years. Many companies disclose their accounting practice to ensure that all review parties of their books understands the basics of their accounting. The company full disclosure should states future event that may or will occur‚ and material economic impact on the financial position of the business that is located
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is determined. Broadway Venues doesn’t make a one-time payment; instead‚ Broadway Venues paid $1 million to Class Act upon signing of the agreement in 1997. The remaining amount is to be paid in periodic installments and payment is expected to be completed within twelve months of signing the agreement. On the other hand‚ if a service contract is awarded to an engineering firm to build a major highway over five years‚ there is a more complex arrangement made. Depending on the service contract and how
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Has 505 The major online computer services such as Health Grades‚ America Online Inc.‚ and WebMD provide health news and medical and health forums where users can access medical libraries‚ exchange messages‚ and discuss health problems. In what ways might the growing use of these services by consumers affect future strategies for: Family practitioners? HMOs? Technology refers to the innovations or inventions from applied science and research. According to the book‚ adult use of the Internet
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Multiple choice When preparing a bank reconciliation‚ which of the following items should be added to the book balance? EFT receipts deposits in transit collection items both EFT receipts and collection items Which of the following must be added to beginning Retained Earnings to compute ending Retained Earnings? net income expenses dividends all of these answers are correct The use of the FIFO method increases taxable income: when prices are constant when prices are declining
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7/22/2013 ACCT 90004 Accounting for Decision Making Brad Potter Room 7.064‚ 198 Berkeley Street Tel: 8344 4989 bnpotter@unimelb.edu.au 1 1 7/22/2013 Subject Overview Introduction • This subject provides a broad introduction to the accounting process‚ accounting information systems and the language of accounting. • It is designed to enable you to become an informed preparer and user of accounting information. • Successfully completing this subject will also assist you
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