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

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


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Chapters 8, 9, 10 & 11 

  1. In a perpetual inventory system, the cost of purchases is debited to: 
  2. In a perpetual inventory system, the cost of inventory sold is:   
  3. Purchases equal the invoice amount: 
  4. The LIFO Conformity Rule states that if LIFO is used for: 
  5. In applying LCM, market cannot be:   
  6. Under the conventional retail method, the denominator in the cost-to-retail percentage includes:   
  7. Under the retail method, in determining the cost-to-retail percentage for the current year:   
  8. The first step, when using dollar-value LIFO retail method for inventory, is to:   
  9. Property, plant, and equipment and intangible assets are:  
  10. Goodwill is: 
  11. Productive assets that are physically consumed in operations are: 
  12. An exclusive 20-year right to manufacture a product or use a process is a:
  14. Donated assets are recorded at:   
  15. Research and development costs for projects other than software development should be: 
  16. The factors that need to be determined to compute depreciation are an asset's   
  17. The depreciable base for an asset is:   
  18. Gains on the cash sales of fixed assets:   
  19. Cutter Enterprises purchased equipment for $72,000 on January 1, 2013. The equipment is expected to have a five-year life and a residual value of $6,000. Using the straight-line method, depreciation for 2013 would be: 
  20. The legal life of a patent is: 
  21. An asset should be written down if there has been an impairment of value that is: 
  22. James Company began the month of October with inventory of $32,000. The following inventory transactions occurred during the month: 
  23. Tristar Production Company began operations on September 1, 2013. Listed below are a number of transactions that occurred during its first four months of operations. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 
  24. On March 31, 2013, the Herzog Company purchased a factory complete with machinery and equipment. The allocation of the total purchase price of $1,090,000 to the various types of assets along with estimated useful lives and residual values are as follows: 

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