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AC216 Accounting II Midterm Answers (Herzing)

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AC216 Accounting II Midterm Answers (Herzing)

  1. A promissory note is usually referred to as an "note"
  2. A 90-day note dated July 9 would be due on October 9.

  3. When a note receivable matures, the amount must be paid directly to the payee

  4. The journal entry  for accrued interest on a note payable includes

  5. 5,300, 11.9% note is dated April 21 and is due in 60 days. The amount of interest on the due date of the note would be

  6. The term "net receivables" refers to the difference between Accounts Receivable and Allowance for Bad Debts.

  7. There are three methods of accounting for uncollectible accounts- the direct write-off method, the allowance method, and the reserve method.

  8. The accounting concept that states expenses should be matched with the revenues they helped to produce is the

  9. The allowance for bad debts account is contra to which of the following accounts?

  10. When all of the cash for an account previously written off under the direct write-off method is unexpectedly collected, the correct entry is

  11. An asset should not be depreciated below its estimated salvage value.

  12. The depreciation method that estimates the number of units of service or output that can be provided by an asset and allocates the depreciable cost of the asset on the basis of the use or output during each period is called the units-of-output or units-of-production method

  13. Use the following data:

    Asset cost              $90,000

    Expected Life           3 years

    Estimated salvage value   $15,000

    Using the straight-line method, the amount of depreciation each year would be

  14. Which of the following is NOT a way of calculating the amount of depreciation for each period?

  15. If an asset is being sold or exchanged, the gain or loss is always computed by comparing the

  16. Two basic methods are used for estimating the amount of uncollectibles at the end of the accounting period⎯the percentage of sales method and the percentage of receivables method.

  17. Under the direct write-off method, the bad debt expense is not recognized until it has been determined that an account is uncollectible.

  18. The amount of the year-end adjustment for Allowance for Bad Debts is equal to the aging percent of uncollectible accounts multiplied by the amount of accounts receivable.

  19. The face amount of a note that is promised to be paid at maturity is called the

  20. An auxiliary record of notes receivable that provides detailed information about notes held by a business is known as a

  21. When banks deduct interest on a note in advance, this procedure in known as

  22. Assets such as patents, copyrights, and trademarks are tangible assets

  23. Depreciation is a process of cost allocation, not a process of valuation

  24. The difference between the cost of an asset and its accumulated depreciation is its book value

  25. "Limited Life" means

  26. Partners are taxed on

  27. Dissolution of a partnership

  28. The allocation of net income and its impact on partners' equity balances should be disclosed on the

  29. If a partner is permitted to withdraw more than the book value of his/her interest, the effect of the transaction will increase the capital accounts of the remaining partners.

  30. Partnerships file federal income tax returns for informational purposes and notify partners of the amount of partnership income that must be reported on their individual federal income tax returns.

  31. Only the income statement is affected by the allocation of net income in a partnership.

  32. In the liquidation of the partnership, the first cash realized is allocated to the creditors

  33. The price at which a share of capital stock may be purchased or sold at a given time is called its

  34. Which of the following are considered to be legal entities that exist separate and distinct from their owners?

  35. The total number of shares the corporate charter allows a corporation to issue is called authorized stock

  36. In the stockholders' equity section of a corporation's balance sheet, stockholders' equity and paid-in capital are separated by source.

  37. Limited liability of the owners means that the stockholders of a corporation share a personal liability for all debts of the corporation.

  38. A corporation purchases 4,000 shares of its $10 par common stock for $16 per share. The debit part of the journal entry for this transaction would be to

  39. A corporation's net income is

  40. The total number of shares the corporate charter permits the corporation to issue is called

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