Acc 557 week 7 chapter 9 & 10 quiz (3 sets) (updated one)

Week 7 Quiz: Chapters 09 & 10



Multiple Choice Question 74


All of the following factors in computing depreciation are estimates except







Multiple Choice Question 210


During 2013, Stein Corporation reported net sales of $3,500,000 and net income of $2,100,000. Stein also reported beginning total assets of $1,000,000 and ending total assets of $1,500,000. Stein’s asset turnover ratio is






Multiple Choice Question 174


In January of the current year, Allegro Co. purchased the Exbar Mine at a cost of $25,000,000. The mine was estimated to contain 1,000,000 tons of the ore have a residual value of $2,500,000 after mining operations are completed. During the year, 315,000 tons of ore were removed from the mine. At year-end, the book value of the mine is






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?






Multiple Choice Question 139


Each of the following is used in computing revised annual depreciation for a change in estimate except






Multiple Choice Question 151


If a plant asset is sold before it is fully depreciated,






Multiple Choice Question 224


Depreciable cost is the






Multiple Choice Question 124


Each of the following is correct regarding bonds except they are





Multiple Choice Question 78


On October 1, Steve’s Carpet Service borrows $250,000 from First National Bank on a 3-month, $250,000, 8% note. The entry by Steve’s Carpet Service to record payment of the note and accrued interest on January 1 is













IFRS Multiple Choice Question 326


When current liabilities are presented under IFRS, they are generally shown





Multiple Choice Question 178


When bonds are converted into common stock,





Multiple Choice Question 130


Which of the following is not an advantage of issuing bonds instead of common stock?





Multiple Choice Question 173


A $600,000 bond was retired at 103 when the carrying value of the bond was $622,000. The entry to record the retirement would include a




loss on bond redemption of $12,000.



loss on bond redemption of $18,000.


Multiple Choice Question 73


Admire County Bank agrees to lend Givens Brick Company $300,000 on January 1. Givens Brick Company signs a $300,000, 8%, 9-month note. What is the adjusting entry required if Givens Brick Company prepares financial statements on June 30?


Interest Payable










Interest Payable




           Interest Expense









Multiple Choice Question 242

On the date of issue, Chudzick Corporation sells $5 million of 5-year bonds at 97. The entry to record the sale will include the following debits and credits:


Bonds Payable


Discount on Bonds Payable



$5,000,000 Cr.


$1,250,000 Dr.





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