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Account: Generally Accepted Accounting Principles and Long Term Liabilities

Chapter 12 : 1/ As part of the initial investment , a partner contributes office equipment that had cost $20,000 and on which accumulated depreciation of $ 12500 had been recorded .If the partners agree on a valuation of $ 9000 for the equipment , what amount should be debited to the office equipment account? a/ 7500 c/ 12500 b/ 9000 d/ 20000 2/ Chip and Dale agree to form a partnership.Chip is to contribute $50000 in assets and to devote one half time to the partnership.

Dale is to contribute 20000 and to devote full time to the partnership.

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How will Chip and Dale share in the division of net income or net loss? a/ 5:2 c/ 1:1 b/ 1:2 d/ 2. 5:1 3/ Tracey and Hepburn invest 100,000 and 50,000 , respectively , in a partnership and agree to a division of net income that provides for an allowance of interest at 10 % on original investments , salary allowances of 12,000 and 24000 , respectively , with the remainder divided equally .

What would be Tracey’s share of a net income o 45,000? a/ 22500 c/ 19,000 b/ 22000 d/ 10000 4/ Lee and Stills are partners who share income in the ratio of 2:1 and who have capital balances of 65,000 and 35,000 , respectively . If Morr , with the consent of Stills, acquired one half of lee’s interest for 40,000 for what amount would Morr’s capital account be credited ? a/ 32500 c/ 50,000 b/ 40000 d/ 72,500 5/ Pavin and abdel share gains and losses in the ratio of 2:1 .

After selling all assets for cash , dividing the losses on realization , and paying liabilities , the balances in the capital accounts were as follows : Pavin , 10000 Cr , abdel , 2000 Cr. How many of the cash of 12000 would be distributed to Pavin? a/ 2000 c/ 10000 b/ 8000 d/ 12000 chapter 13: 1/ which of the following is a disadvantage of the corporate form of organization? a/ limited liability b/ continuous life c/ owner is separate from management d/ ability to raise capital 2/ paid in capital for a corporation may araise from which of the following sources? a/ issuing preferred stock / issuing common stock c/ selling the corporation’s treasury stock d/ all of the above 3/ the stockholder’s equity section of the balance sheet may include : a/ common stock b/ stock dividends distributable c/ preferred stock d/ all of the above 4/ if a corporation reacquires its own stock , the stock is listed on the balance sheet in the : a/ current assets section b/ long term liabilities section c/ stockholders’ equity section d/ investments section 5/ a corporation has issued 25000, shares of 100 par common stock and holds 3000 of these shares as treasury of stock .

If the corporation declares a 2 per share cash dividend , what amount will be recorded as cash dividends? a/ 22000c/44000 b/ 25000d/ 50000 chapter 15: 1/ If a corpo. Plans to issue 1,000,000 of 12 % bonds of a time when the market rate for similar bonds is 10 % the bonds can be expected to sell at : a/ their face amount b/ a premium a discount d/ a price below their face amount 2/ if the bonds payable account has a balance of 900,000 and the discount on bonds payable account has a balance of 72000 , what is the carrying amount of the bonds? / 828,000 b/ 900,000 c/ 972,000 d/ 580,000 3/ the cash and securities that make up the sinking fund established for the payment of bonds at maturity are classified on the balance sheet as: a/ current assets b/ investments c/ long term liabilities d/ current liabilities 4/ if a firm purchase 150,000 of bonds of x company at 101 plus accrued interests of 2000 and pays brokers commissions of 50 , the amount debited to investment in x company bonds would be : a/ 150,000 b/ 151,550 c/ 153,500 d/ 153,550 / the balance in the discount on bonds payable account would usually be reported in the balance sheet in the : a/ current assets section b/ current liabilities section c/ long term liabilities section d/ investments section chapter 16: 1/ an ex of a cash flow from an operating activity is : a/ receipt of cash from the sale of stock b/ receipt of cash from the sale of bonds c/ payment of cash for dividends d/ receipt of cash from customers on account 2/ an ex of a cash flow from an investing activity is : a/ receipt of cash from the sale of equipment / receipt of cash from the sale of stock c/ payment of cash for dividends d/ payment of cash to acquire treasury stock 3/ an ex of a cash flow from a financing activity is: a/ receipt of cash from customers on account b/ receipt of cash from the sale of equipment c/ payment of cash for dividends d/ payment of cash to acquire land 4/ which of the following methods of reporting cash flows from operating activities adjust net income for revenues and expenses not involving the receipt or payment of cash? a/ direct method b/ purchase method c/ reciprocal method d/ indirect method / the net income reported on the income statements for the year was 55000 and depreciation of fixed assets for the year was 22000 . The balances of the current assets and current liability accounts at the beginning and end of the year are shown at the top of the following page? / 740 Chapter 17: 1/ what type of analysis is indicated by the following ? a/ vertical analysis b/ horizontal analysis c/ profitability analysis d/ contribution margin analysis 2/ which of the following measures indicates the ability of a firm to pay its current liabilities ? a/ working capital b/ current ratio c/ quick ratio / all of above 3/ the ratio determined by dividing total current assets by total current liabilities is: a/ current ratio b/ working capital ratio c/ bankers’ ratio d/ all of the above 4/ the ratio of the quick assets to current liabilities , which indicates the “ instant” debt paying ability of a firm , is the : a/ current ratio b/ working capital ratio c/ quick ratio d/ bankers’ ratio 5/ a measure useful in evaluating efficiency in the management of inventories is the: a/ working capital ratio b/ quick ratio c/ number of days’ sale in inventory d/ ratio of fixed assets to long term liabilities

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