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ACC 291 Final Exam Study Guide

A study guide for preparing the final exam, covering accounting topics and principles.

Michael Davis
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ACC 291 Final Exam Study GuideQuestion 207On January 1, a machine with a useful life of five years and a residual value of $40,000was purchased for $120,000. What is the depreciation expense for year 2 under thedouble-declining-balance method of depreciation?$28,800Explanation: Use thestandard double-declining-balance formula to solve.IFRS Multiple Choice Question 01As a recent graduate of State University you're aware that IFRS requires componentdepreciation for plant assets. A friend has asked you to succinctly explain whatcomponent depreciation means. Which of the following correctly describes componentdepreciation?The method that requires that significant parts of a plant asset with different usefullives be depreciated separately.Multiple Choice Question 198Given the following account balances at year end, compute the total intangible assetson the balance sheet of Janssen Enterprises.Cash$1,500,000Accounts Receivable4,000,000Trademarks1,000,000Goodwill2,500,000Research & Development Costs2,000,000$3,500,000.Explanation: Intangible Assets = Goodwill + Trademarks = 3,500,000Multiple Choice Question 146Bonds with a face value of $300,000 and a quoted price of 97¼ have aselling price of$291,750Explanation: Price-300,000 x 0.9725 = 291750

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Document Details

University
University of Phoenix
Course
ACC 291
Subject
Accounting

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