ACCT 504 Final Exam
(TCO A) A corporation has which of the following advantages? (Points : 5)
Reduced taxes
Simple to set up
Limited liability for stockholders
Owner maintains control
Question 2.2. (TCO A) Dividends flow through which one of the following statements? (Points : 5)
The Balance Sheet
The Statement of Retained Earnings
The Income Statement
None of the above
Question 3.3. (TCOs A and B) Below is a partial list of account balances for LBJ Company.
Cash
$12,000
Prepaid rent
1,300
Accounts receivable
7,000
Accounts payable
5,000
Notes payable
9,000
Common stock
22,000
Dividends
2,000
Revenues
45,000
Expenses
35,000
What did LBJ Company show as total debits? (Points : 5)
$57,300
$81,000
$55,300
$56,000
Question 4.4. (TCO B and E) Under cash-basis accounting, which of the following transactions would not be
, recorded? (Points : 5)
Cash sales to customers
(TCO A) A corporation has which of the following advantages? (Points : 5)
Reduced taxes
Simple to set up
Limited liability for stockholders
Owner maintains control
Question 2.2. (TCO A) Dividends flow through which one of the following statements? (Points : 5)
The Balance Sheet
The Statement of Retained Earnings
The Income Statement
None of the above
Question 3.3. (TCOs A and B) Below is a partial list of account balances for LBJ Company.
Cash
$12,000
Prepaid rent
1,300
Accounts receivable
7,000
Accounts payable
5,000
Notes payable
9,000
Common stock
22,000
Dividends
2,000
Revenues
45,000
Expenses
35,000
What did LBJ Company show as total debits? (Points : 5)
$57,300
$81,000
$55,300
$56,000
Question 4.4. (TCO B and E) Under cash-basis accounting, which of the following transactions would not be
, recorded? (Points : 5)
Cash sales to customers
