ACC 308 ACC308 Final Exam Answers (Southern New Hampshire University)

ACC 308 ACC308 Final Exam Answers (Southern New Hampshire University)


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COSO defines internal control as a process, affected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in:

Compensating balances represent: 

What is the correct entry received on that date? 

The allowance for uncollectible accounts is a: 

The investment category for which the investor's "positive intent and ability to hold" is important is: 

Which of the following investment securities held by Zoogle Inc. are not reported at fair value in its balance sheet? 

All investment securities are initially recorded at: 

The equity method of accounting for investments in voting common stock is appropriate when: 

The most common type of liability is: 

A discount on a noninterest-bearing note payable is classified in the balance sheet as: 

Which of the following is not a current liability? 

Large, highly rated firms sometimes sell commercial paper: 

The interest rate that is printed on the bond certificate is not referred to as the: 

Interest expense is: 

Bonds usually sell at their: 

In each succeeding payment on an installment note: 

One of the four criteria for a capital lease specifies that the lease term be equal to or greater than: 

For the lessor to account for a lease as a capital lease, the lease must meet: 

At what amount would Reagan record the leased asset at inception of the agreement? 

Crystal must have a(n): 

Swathmore Clothing Corporation grants its customers 30 days’ credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by multiplying 2% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly.

At the end of 2012, accounts receivable were $594,000 and the allowance account had a credit balance of $58,000. Accounts receivable activity for 2013 was as follows: 

Blanton Plastics, a household plastic product manufacturer, borrowed $9 million cash on October 1, 2013, to provide working capital for year-end production. Blanton issued a four- month, 15% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm’s fiscal period is the calendar year. 

On January 1, 2013, Tennessee Harvester Corporation issued debenture bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below: 

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