ACCT 504 Week 1-7 All Discussion Questions (DEVRY)
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Week 1DQ 1 - Financial Reporting Environment and GAAP
Week 1DQ 2 - Details of Financial Statements and Ratios
Week 2DQ 1 - Accounting EquationAccounting Cycle
Week 2DQ 2 - Accrual Accounting and Adjusting Entries
Week 3DQ 1 - Merchandising Operations and Income Statements
Week 3DQ 2 - Inventory Cost-Flow Assumptions
Week 4DQ 1 - Understanding Internal Control and Reporting Cash
Week 4DQ 2 - Accounting for and Reporting Receivables
Week 5DQ 1 - Plant Assets and Intangibles
Week 5DQ 2 - Accounting for Liabilities
Week 6DQ 1 - Accounting for and Reporting Equity
Week 6DQ 2 - Statement of Cash Flows
Week 7DQ 1 - Issues in Income Reporting
Week 7DQ 2 - Different Tools for Financial Analysis
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ACCT 504 Final Exam (3 different finals) (DEVRY)
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1. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5)
Reduced legal liability for investors
Harder to transfer ownership
Lower taxes
Most common form of organization
2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5)
the most common form of distribution is a cash dividend
the Dividends account will be increased with a credit
the Retained Earnings account will be directly increased with a debit
the Dividends account will be decreased with a debit
3. (TCOs A, B) Below is a partial list of account balances for Cerner Company:
Cash $5,000
Prepaid insurance 500
Accounts receivable 2,500
Accounts payable 2,000
Notes payable 3,000
Common stock 1,000
Dividends 500
Revenues 15,000...