ACC 291 Final Exam Study Guide
A study guide for preparing the final exam, covering accounting topics and principles.
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ACC 291 Final Exam Study Guide
Question 207
On January 1, a machine with a useful life of five years and a residual value of $40,000
was purchased for $120,000. What is the depreciation expense for year 2 under the
double-declining-balance method of depreciation?
$28,800
Explanation: Use the standard double-declining-balance formula to solve.
IFRS Multiple Choice Question 01
As a recent graduate of State University you're aware that IFRS requires component
depreciation for plant assets. A friend has asked you to succinctly explain what
component depreciation means. Which of the following correctly describes component
depreciation?
The method that requires that significant parts of a plant asset with different useful
lives be depreciated separately.
Multiple Choice Question 198
Given the following account balances at year end, compute the total intangible assets
on the balance sheet of Janssen Enterprises.
Cash $1,500,000
Accounts Receivable 4,000,000
Trademarks 1,000,000
Goodwill 2,500,000
Research & Development Costs 2,000,000
$3,500,000.
Explanation: Intangible Assets = Goodwill + Trademarks = 3,500,000
Multiple Choice Question 146
Bonds with a face value of $300,000 and a quoted price of 97¼ have a selling price of
$291,750
Explanation: Price - 300,000 x 0.9725 = 291750
Question 207
On January 1, a machine with a useful life of five years and a residual value of $40,000
was purchased for $120,000. What is the depreciation expense for year 2 under the
double-declining-balance method of depreciation?
$28,800
Explanation: Use the standard double-declining-balance formula to solve.
IFRS Multiple Choice Question 01
As a recent graduate of State University you're aware that IFRS requires component
depreciation for plant assets. A friend has asked you to succinctly explain what
component depreciation means. Which of the following correctly describes component
depreciation?
The method that requires that significant parts of a plant asset with different useful
lives be depreciated separately.
Multiple Choice Question 198
Given the following account balances at year end, compute the total intangible assets
on the balance sheet of Janssen Enterprises.
Cash $1,500,000
Accounts Receivable 4,000,000
Trademarks 1,000,000
Goodwill 2,500,000
Research & Development Costs 2,000,000
$3,500,000.
Explanation: Intangible Assets = Goodwill + Trademarks = 3,500,000
Multiple Choice Question 146
Bonds with a face value of $300,000 and a quoted price of 97¼ have a selling price of
$291,750
Explanation: Price - 300,000 x 0.9725 = 291750
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Document Details
University
University of Phoenix
Subject
Accounting