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Study Resources (Accounting)

Multiple Choice Questions 1.Cherryhill and Hace had been partners for several years, and they decided to admit Quincy to the partnership. The accountant for the partnership believed that the dissolved partnership and the newly formed partnership were two separate entities. What method would the accountant have used for recording the admission.
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11.Cleary, Wasser, and Nolan formed a partnership on January 1, 2010, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser, and (3) sharing the remainder of.
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Essay Questions37.For each of the following situations, select the best answer concerning the classification of the liability.(A.) Unsecured without priority (B.) Unsecured with priority(C.) Partially secured(D.) Fully secured___ 1. Payroll taxes payable.___ 2. Land and building valued at $427,000 mortgaged by a bank loan in the amount of $517,000.___ 3..
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38.What is meant by a "partially secured liability"? 39.What is meant by a "fully secured liability"? 40.What is the difference between a liquidation and a reorganization? 41.What are the three categories of assets in a Statement of Financial Affairs? 42.What are the four categories of debts in a Statement of Financial Affairs? .
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21.Cleary, Wasser, and Nolan formed a partnership on January 1, 2010, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser, and (3) sharing the remainder of.
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55.What are the four different ways IFRS can be used by a country? 56.What are the six key FASB initiatives to further convergence? 57.What accounting topics were covered under the FASB short-term convergence project? 58.What are recognition differences in international reporting and what would be an example of a difference? 59.What are measurement differences.
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52.As of January 1, 2011, the partnership of Canton, Yulls, and Garr had the following account balances and percentages for the sharing of profits and losses:The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be $10,000.If the noncash assets are sold for.
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Essay Questions47.For each of the following situations, select the best answer concerning information forms filed with the SEC:(A.) Form 10-K(B.) Form 10-Q(C.) Form 8-K(D.) Not required___ 1. A unique or significant happening.___ 2. Annual information required by Regulation S-X.___ 3. Changes in control of the registrant.___ 4. Interim financial statements.___.
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62.Bazley Co. had severe financial difficulties and was considering the possibility of filing a bankruptcy petition. At that time, the company had the following assets (stated at net realizable value) and liabilities.In a liquidation, total assets available to pay liabilities with priority and unsecured creditors are calculated to be what.
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68.Why are the terms of the Articles of Partnership important to partners? 69.Brown and Green are forming a business as partners. If they do not create a formal written partnership agreement, what risks are they exposing themselves to? 70.What theoretical argument could be made against the recognition of goodwill when there is.
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11.The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation:Included in Perry's capital balance is a $20,000 partnership loan owed to Perry. Perry, Quincy, and Renquist shared profits and losses in a ratio of 2:4:4. Liquidation expenses were expected to be $15,000.All.
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21.Which one of the following regulates the initial offering of securities by a company or underwriter? A.The Securities Act of 1933. B.The Securities Exchange Act of 1934. C.The Investment Company Act of 1940. D.The Investment Advisers Act of 1940. E.The Sarbanes-Oxley Act of 2002. 22.Which one of the following regulates the subsequent trading of securities through.
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73.What is the primary focus of the Sarbanes-Oxley Act of 2002? 74.Who has the responsibility for the evaluation of the quality of an investment? 75.Name the two broad categories of filings with the SEC. 76.Name five securities offerings exempt from registration with the SEC. 77.Describe the two parts of the SEC registration statement. .
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31.A partnership began its first year of operations with the following capital balances:The Articles of Partnership stipulated that profits and losses be assigned in the following manner:Young was to be awarded an annual salary of $26,000 with $13,000 salary assigned to Thurman.Each partner was to be attributed with interest equal.
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53.What are some of the common elements that can be included in a reorganization proposal? 54.Who must accept and confirm the Reorganization plan? 55.How is the presentation of an income statement during a reorganization different from a normal income statement? 56.How is the presentation of a balance sheet during a reorganization different from.
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43.What is the purpose of Chapter 7 of the Bankruptcy Reform Act? 44.What is the meaning of the phrase debtor in possession? 45.What are duties of the creditors committee in Chapter 7 liquidation? 46.What is an order for relief? 47.What occurs in the accounting records for fresh start accounting when a bank agrees to.
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Short Answer Questions72.Reed, Sharp, and Tucker were partners with capital account balances of $80,000, $100,000, and $70,000, respectively. They agreed to admit Upton to the partnership. Upton purchased 30% of each partner's interest, with payments directly to Reed, Sharp, and Tucker of $32,000, $40,000, and $28,000, respectively. Before the admission.
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Essay Questions 63.What is the dissolution of a partnership? 64.By what methods can a person gain admittance to a partnership? 65.What events cause the dissolution of a partnership? 66.For what events or conditions should the Articles of Partnership make provision? 67.How is accounting for a partnership different from accounting for a corporation? .
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41.Which one of the following forms is used in connection with employee stock plans? A.S-8. B.S-3. C.S-4. D.S-1. E.S-11. 42.Which one of the following forms is used in connection with registration of securities of real estate companies? A.S-8. B.S-1. C.S-4. D.S-3. E.S-11. 43.Which one of the following forms is used in connection with registration of securities of a small reporting company with.
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Multiple Choice Questions 1.Which one of the following is not a division of the SEC? A.theDivision of Corporation Finance. B.theDivision of Investment Management. C.theDivision of Compliance Information. D.theDivision of Enforcement. E.theDivision of Trading and Markets. 2.The goals of the SEC include all except which one of the following? A.prohibiting the dissemination of materially misstated information. B.controlling the number of.
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41.What financial schedule would be prepared for a partnership that has begun liquidation but has not yet completed the process? What is the purpose of this schedule? 42.What events or circumstances might force the termination of a partnership and liquidation of its assets? 43.For a partnership, how should liquidation gains and losses.
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11.The prospectus part of a registration contains all except which of the following? A.financial statements for the issuing company audited by an independent CPA along with appropriate supplementary data. B.an explanation of the intended use of the proceeds to be generated by the sale of the new securities. C.a description of the risks.
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41.Which of the following statements is correct regarding the admission of a new partner? A.A new partner must purchase a partnership interest directly from the business. B.The right of co-ownership in the business property can be transferred to a new partner without the consent of other existing partners. C.The right to participate in.
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63.What is a proxy? Briefly explain the importance of a proxy solicitation. 64.What are the responsibilities of the SEC's Division of Corporation Finance? 65.What are the four interconnected goals that the SEC has tried to achieve? 66.What is required by the Trust Indenture Act of 1939? 67.What information needs to be included in Form.
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81.Hampton Company is trying to decide whether to seek liquidation or reorganization. Hampton has provided the following balance sheet:Additional information is as follows:? The investments are currently worth $13,000.? It is estimated that $32,000 of the accounts receivable are collectible.? The inventory can be sold for $74,000.? The prepaid expenses.
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31.Which statement is false regarding a plan for reorganization? A.The plan is the heart of every Chapter 7 bankruptcy. B.The provisions of the plan specify the treatment of all creditors and equity holders upon approval by the Court. C.The plan shapes the financial structure of the entity that emerges. D.The plan may contain numerous.
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68.What are some of the reasons for the corporate scandals of 2001 and 2002? 69.Why was the Public Utility Holding Company Act of 1935 created? 70.What information is required in proxy statements? 71.What Federal agency has Congressional responsibility to create auditing and accounting standards? 72.How has the Sarbanes-Oxley Act of 2002 changed the role.
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Short Answer Questions47.The Albert, Boynton, and Creamer partnership was in the process of liquidating its assets and going out of business. Albert, Boynton, and Creamer had capital account balances of $80,000, $120,000, and $200,000, respectively, and shared profits and losses in the ratio of 1:3:2. Equipment that had cost $90,000.
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Multiple Choice Questions 1.A Chapter 7 bankruptcy is a(n) A.involuntary reorganization. B.bankruptcy forced by a company's creditors. C.liquidation. D.bankruptcy in which all creditors receive payment in full. E.voluntary reorganization. 2.Where should a company undergoing reorganization report the gains and losses resulting from the reorganization? A.on the statement of retained earnings. B.on the income statement, combined with the gains and.
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Essay Questions36.What is the role of the accountant during the liquidation process?37.The partnership of Rayne, Marin, and Fulton was being liquidated by the partners. Rayne was insolvent and did not have enough assets to pay all his personal creditors. Under what conditions might Rayne's personal creditors have claimed some of.
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50.How did the early International Accounting Standards (IAS) obtain support from a sufficient number of board members? 51.What is the IOSCO? 52.What were the major objectives of the Treaty of Rome? 53.Which two EU directives have helped harmonize accounting standards? 54.What are the three authoritative pronouncements that make up the International Financial Reporting Standards.
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Short Answer Questions60.Principal Company is a U.S.-based company that prepares its consolidated financial statements in accordance with U.S. GAAP. Principal reported net income of $2,600,000 in 2011 and stockholders' equity of $12,000,000 at December 31, 2011. Principal wants to determine the reporting impact of switching to IFRS. The following three.
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77.Hampton Company is trying to decide whether to seek liquidation or reorganization. Hampton has provided the following balance sheet:Additional information is as follows:? The investments are currently worth $13,000.? It is estimated that $32,000 of the accounts receivable are collectible.? The inventory can be sold for $74,000.? The prepaid expenses.
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11.On a statement of financial affairs, a company's assets should be valued at A.historical cost. B.net realizable value, if lower than historical cost. C.replacement cost. D.net realizable value, if higher than historical cost. E.net realizable value, whether higher or lower than historical cost. 12.On a statement of financial affairs, a company's liabilities should be valued at A.the.
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Multiple Choice Questions 1.When a partnership is insolvent and a partner has a deficit capital balance, that partner is legally required to: A.declare personal bankruptcy. B.initiate legal proceedings against the partnership. C.contribute cash to the partnership. D.deliver a note payable to the partnership with specific payment terms. E.None of the above. The partner has no legal.
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21.Quincy Corp., about to be liquidated, has the following amounts for its assets and liabilities:The mortgage is secured by the land and building, and the note payable is secured by the equipment. Quincy expects that the expenses of administering the liquidation will total $40,000.How much should the mortgage holder expect.
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Short Answer Questions57.A company that was to be liquidated had the following liabilities:The company had the following assets:Total assets available to pay liabilities with priority and unsecured creditors are calculated to be what amount? 58.A company that was to be liquidated had the following liabilities:The company had the following assets:Total liabilities.
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21.Which of the following will not result in the termination and liquidation of a partnership?1) Partners are incompatible and choose to cease operations.2) There are excessive losses that are expected to continue.3) Retirement of a partner. A.1 only B.1 and 2 only C.2 and 3 only D.3 only E.1, 2, and 3 22.What accounting transactions are.
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77.Determine the balance in both capital accounts at the end of 2011 to the nearest dollar. 78.The ABCD Partnership has the following balance sheet at January 1, 2010, prior to the admission of new partner, Eden.Eden contributes $49,000 into the partnership for a 25% interest. The four original partners share profits.
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67.Lucky Co. had cash of $65,000, inventory worth $117,000, and a building worth $169,000. Unfortunately, the company also had accounts payable of $234,000, a note payable of $104,000 (secured by the inventory), liabilities with priority of $26,000, and a bond payable of $195,000 (secured by the building).Assets available for unsecured.
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