Premium Essay

Acct 504 Study Questions

In: Business and Management

Submitted By andychin427
Words 12050
Pages 49
8/4/13

Chapter 1 Results

36% (9 out of 25 correct)

Responses to questions are indicated by the

symbol.

1. Corporations generally receive more favorable tax treatment than sole proprietorships and corporations. A. True B. False

Correct! Sole proprietorships and partnerships generally receive more favorable tax treatment than corporations.

2. Which is not one of the three forms of business organization? A. Sole proprietorship B. Creditorship C. Partnership D. Corporation

This is one of three forms of business organization discussed in the chapter.

3. Which is an advantage of corporations relative to partnerships and sole proprietorships? A. Increased difficulty of raising funds B. Harder to transfer ownership C. Reduced legal liability for investors D. Most common form of organization

Ownership is easier to transfer in a corporation than in a partnership or proprietorship.

4. Easy transfer of ownership is a characteristic of which form of business organization? A. Sole proprietorship B. Partnership C. Corporation higheredbcs.wiley.com/legacy/college/kimmel/1118162285/self_test/ch01.html?newwindow=true 1/8

8/4/13

Chapter 1 Results

D. All of the answer choices are correct

Partnerships are effectively dissolved when any portion of the partnership is sold, closed, boughtout by the other partners, or bought by a new partner or partners.

5. In which forms of business organization are the owners personally liable for all the debts of the business? A. Sole proprietorships and corporations B. Sole proprietorships and partnerships C. Partnership and corporation D. All of the answer choices are correct

Correct! Owners are personally liable for all debts of the business in both sole proprietorships and partnerships.

6. The sole proprietorship form of business organization A. must have at least two owners in most states. B....

Similar Documents

Premium Essay

Acct

...ACCT 504 ACCT 504 Entire Course + Final Exam ACCT 504 Week 3 Case Study 1 Flower Landscaping Corporation ACCT 504 Week 5 Case Study 2 Internal Control LJB Company ACCT 504 Week 5 Course Project Draft Spreadsheet ACCT 504 Week 6 Case Study 3 Cash Budgeting LBJ Company ACCT 504 Week 7 Course Project JCP Kohls ACCT 504 Final Exam (3 different sets) + Discussions Financial Reporting Environment and GAAP Details of Financial Statements and Ratios Accounting EquationAccounting Cycle Accrual Accounting and Adjusting Entries Merchandising Operations and Income Statements Inventory Cost-Flow Assumptions Understanding Internal Control and Reporting Cash Accounting for and Reporting Receivables Plant Assets and Intangibles Accounting for Liabilities Accounting for and Reporting Equity Statement of Cash Flows Issues in Income Reporting Different Tools for Financial Analysis ACCT 504 Final Exam (3 different finals) ACCT 504 Week 1-7 Discussion Question ACCT 504 Week 3 Case Study 1 Flower Landscaping Corporation ACCT 504 Week 5 Case Study 2 Internal Control LJB Company ACCT 504 Week 5 Course Project Draft Spreadsheet ACCT 504 Week 6 Case Study 3 Cash Budgeting LBJ Company ACCT 504 Week 7 Course Project JCP Kohls ACCT 505 Week 7 Capital Budgeting Course Project (DEVRY) ACCT 505 Entire Course (DEVRY) ACCT 505 Week 1-7 All Discussion Questions Cost Terms, Classifications, and Behavior Research and......

Words: 631 - Pages: 3

Premium Essay

Law 531 Week 6 Presentation

...the Question #(s) to answer. Your presentation should explain to the class the answers to the following questions: Question 1: Explain the term of office for board of directors. Give an account of the director’s and corporate officer’s duty of care towards the corporation. Explain Self-dealing. And finally, What is the CEO and CFO provision laid out by the Sarbanes-Oxley Act of 2002? Question 2: Distinguish between general government regulation and specific government regulation. Explain in brief the types of federal administrative agencies with examples. Distinguish between substantive rules and interpretive rules. What is a statement of policy? When are searches by administrative agencies considered reasonable? And finally, How is the general public protected from harassment by administrative agencies? Question 3: What is the United Nation’s Biosafety Protocol for genetically altered food? Give an account of the regulation of medicinal devices in the United States? What are the powers of the Consumer Product Safety Commission? Name some consumer products excluded from the purview of CPSC. Question 4: Describe the purpose and requirements of an EIS? Give an account of state environmental protection laws. Explain the nature and enforcement of the NAAQS? Describe any two legislations that have been implemented to minimize the damage caused by oil spills. How are endangered species protected in the United States? Name three laws that protect wildlife species. Question 5:......

Words: 1261 - Pages: 6

Free Essay

Bshs 312 Complete Class

...Discussion Question 1 BSHS 312 Week 1 Discussion Question 2 BSHS 312 Week 2 Discussion Question 1 BSHS 312 Week 2 Discussion Question 2 BSHS 312 Week 2 Individual Assignment Self-Management Behavioral Contract BSHS 312 Week 3 Discussion Question 1 BSHS 312 Week 3 Discussion Question 2 BSHS 312 Week 3 Individual Assignment Site Visit Report BSHS 312 Week 3 Learning Team Assignment Presentation on a Model or Theory of Helping BSHS 312 Week 3 Learning Team Assignment Report on Behavioral Tools BSHS 312 Week 4 Discussion Question 1 BSHS 312 Week 4 Discussion Question 2 BSHS 312 Week 4 Learning Team Assignment Paper on Cognitive Interventions BSHS 312 Week 5 Discussion Question 1 BSHS 312 Week 5 Discussion Question 2 BSHS 312 Week 5 Individual Assignment Paper on Personal Model of Helping BSHS 312 Week 5 Learning Team Assignment Report on Family Systems Tools BSHS 312 Week 5 Learning Team Assignment Annotated Bibliography Activity mode aims to provide quality study notes and tutorials to the students of BSHS 312 COMPLETE CLASS in order to ace their studies. Activity mode, BSHS 312 COMPLETE CLASS, Home Work Tutorials, Home Work Solutions, Home Work Essay, Home Work Questions.ACC 565 Wk 7 Assignment 3, ACC403 week 2 assignment, ACC565 Week 10, ACCT 212 (Financial Accounting), ACCT 344 (Entire Course) - Devry, ACCT 344 Final Exam Latest 2014 - Devry, ACCT 346 (Managerial Accounting), ACCT 346 Midterm Exam Updated DeVry, ACCT 504, ACCT 504 Week 8, ACCT 553, ART......

Words: 480 - Pages: 2

Premium Essay

Mgt 521 Week 6

...Week 6 Career Plan Reflection, MGT 521 Week 6 Learning Team Reflection,Week 6 Quiz 1- Write a reflection paper of no more than 350 words based on the Career Plan Building Activities completed throughout this course. In the paper, consider the following questions:  What are the next steps in your career plan?  What milestones have you established in the Career Plan to monitor your progress towards your career goals? Why do you think these steps are important in helping you progress?  How can you focus your time and attention in future courses based on your career competencies and goals? Click the Assignment Files tab to submit your assignment. 2- Read Case Application 1, “Lessons from Lehman Brothers: Will We Ever Learn?” at the end of Ch. 5 of Management. Discuss the scenario with your team. Discuss the second, third, and fifth discussion questions at the end of the case with your team. Answer each question based on your team’s discussion in no more than 350 words per question. Click the Assignment Files tab to submit your assignment. 3-1. As a university student, your institution’s social principles and practices reflect on you, as a stakeholder, in the organization. Therefore, it is your right to question how these practices should be evaluated in relation to the social issues that your school is addressing. If your university was paying minimum wage when necessary and applying the minimum legal standards to its employees’ work environment, it would......

Words: 2347 - Pages: 10

Premium Essay

Get Online Help with Ur Assignment Ashford a+Material

...http://homeworktimes.com/downloads/acc-202-complete-course-acc-202-entire-course/ http://homeworktimes.com/downloads/acc-206-entire-course-new/ http://homeworktimes.com/downloads/acc-206-new-week-1-assignment-chapter-one-problems/ http://homeworktimes.com/downloads/acc-206-new-week-2-assignment-chapter-two-three-problems/ http://homeworktimes.com/downloads/acc-206-new-week-2-journal-institute-management-accounting/ http://homeworktimes.com/downloads/acc-206-new-week-3-assignment-chapter-four-five-problems/ http://homeworktimes.com/downloads/acc-206-new-week-3-journal-hershey-company/ http://homeworktimes.com/downloads/acc-206-new-week-4-assignment-chapter-six-seven-problems/ http://homeworktimes.com/downloads/acc-206-new-week-5-assignment-chapter-eight-problems/ http://homeworktimes.com/downloads/acc-206-new-week-5-assignment-final-paper/ http://homeworktimes.com/downloads/acc-212-financial-accounting/ http://homeworktimes.com/downloads/acc-250-complete-course-acc-205-entire-course/ http://homeworktimes.com/downloads/acc-290-complete-course-acc-290-entire-course/ http://homeworktimes.com/downloads/acc-291-complete-course-acc-290-entire-course/ http://homeworktimes.com/downloads/acc-340-entire-course-acc-340-complete-course/ http://homeworktimes.com/downloads/acc-400-complete-course-acc-400-entire-course/ http://homeworktimes.com/downloads/acc-407-entire-course/ http://homeworktimes.com/downloads/acc-455-complete-course/ http://homeworktimes.com/downl...

Words: 3197 - Pages: 13

Free Essay

Acct 504 Week 5 Case Study 2 Internal Control Ljb Company

...ACCT 504 Week 5 Case Study 2 Internal Control LJB Company Click Link Below To Buy: http://hwcampus.com/shop/acct-504/acct-504-week-5-case-study-2-internal-control-ljb-company/ Or Visit www.hwcampus.com Case Study 2 – Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company if they go public so he met with a colleague of yours at a local restaurant. The President of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The......

Words: 941 - Pages: 4

Free Essay

Acct 504 Week 5 Case Study 2 Internal Control Ljb Company

...ACCT 504 Week 5 Case Study 2 Internal Control LJB Company Click Link Below To Buy: http://hwcampus.com/shop/acct-504/acct-504-week-5-case-study-2-internal-control-ljb-company/ Or Visit www.hwcampus.com Case Study 2 – Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company if they go public so he met with a colleague of yours at a local restaurant. The President of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The......

Words: 941 - Pages: 4

Free Essay

Acct 504 Week 5 Case Study 2 Internal Control Ljb Company

...ACCT 504 Week 5 Case Study 2 Internal Control LJB Company Click Link Below To Buy: http://hwcampus.com/shop/acct-504/acct-504-week-5-case-study-2-internal-control-ljb-company/ Or Visit www.hwcampus.com Case Study 2 – Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company if they go public so he met with a colleague of yours at a local restaurant. The President of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The......

Words: 941 - Pages: 4

Free Essay

Acct-504 Week 5 Case Study 2 Internal Control – Ljb Company

...ACCT-504 Week 5 Case Study 2 Internal Control – LJB Company Click Link Below To Buy: http://hwcampus.com/shop/acct-504/acct-504-week-5-case-study-2-internal-control-ljb-company/ Or Visit www.hwcampus.com Case Study 2 – Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company if they go public so he met with a colleague of yours at a local restaurant. The President of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The......

Words: 941 - Pages: 4

Free Essay

Acct 504 Week 5 Case Study 2 Internal Control Ljb Company

...ACCT 504 Week 5 Case Study 2 Internal Control LJB Company Click Link Below To Buy: http://hwcampus.com/shop/acct-504/acct-504-week-5-case-study-2-internal-control-ljb-company/ Or Visit www.hwcampus.com Case Study 2 – Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company if they go public so he met with a colleague of yours at a local restaurant. The President of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The......

Words: 941 - Pages: 4

Free Essay

Acct 504 Week 5 Case Study 2 Internal Control Ljb Company

...ACCT 504 Week 5 Case Study 2 Internal Control LJB Company Click Link Below To Buy: http://hwcampus.com/shop/acct-504/acct-504-week-5-case-study-2-internal-control-ljb-company/ Or Visit www.hwcampus.com Case Study 2 – Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company if they go public so he met with a colleague of yours at a local restaurant. The President of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The......

Words: 941 - Pages: 4

Premium Essay

Case Study 3, Acct 504

...CASE STUDY 3—Cash Budget Template | | | | | | | | | | | | | | | | | | SCHEDULE OF EXPECTED CASH COLLECTIONS FROM CUSTOMERS May | June | 65,800 | | 26,850 | 62,650 | | 22,500 | 92,650 | 85,150 | | | | | | | May | June | 117,000 | | 54,000 | 81,000 | | 25,200 | 171,000 | 106,200 | | | | | | | | | | | May | June | $20,000 | $20,000 | | | 92,650 | 85,150 | 33,000 | | | 50,000 | 75,000 | 57,000 | 200,650 | 192,150 | 220,650 | 212,150 | | | 171,000 | 106,200 | 15,000 | 15,000 | 10,150 | 10,150 | 35,000 | | | 20,000 | 231,150 | 151,350 | (10,500) | 60,800 | | | | | 30,500 | | | (31,008) | $20,000 | 29,792 | | | To see all the figures look above | | | Credit Sales | | | May | June | (94000 x70%) | | 65,800 | | May(89500 x 30%), Jun (89500 x 70%) | | 26,850 | 62,650 | (75000 x 30%) | | | 22,500 | Total Cash Collections | | 92,650 | 85,150 | | | | | | | | | | | SCHEDULE FOR EXPECTED PAYMENTS FOR PURCHASE OF INVENTORY | | | Inventory purchases | | May | June | April(195000 x60%) | | 117,000 | | (135000 x 40%), Jun (135000 x 60%) | | 54,000 | 81,000 | ......

Words: 555 - Pages: 3

Free Essay

Acct 504 Week 5 Case Study 2 Internal Control - Ljb Company

...ACCT 504 Week 5 Case Study 2 Internal Control - LJB Company Click Link Below To Purchase or visit homework-aid.com : http://homework-aid.com/ACCT-504-Week-5-Case-Study-2-Internal-Control-LJB-Company-1804.htm?categoryId=-1 Case Study 2 - Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company if they go public so he met with a colleague of yours at a local restaurant. The President of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use......

Words: 943 - Pages: 4

Free Essay

Acct 504 Week 5 Case Study 2 Internal Control - Ljb Company

...ACCT 504 Week 5 Case Study 2 Internal Control - LJB Company Click Link Below To Purchase or visit homework-aid.com : http://homework-aid.com/ACCT-504-Week-5-Case-Study-2-Internal-Control-LJB-Company-1804.htm?categoryId=-1 Case Study 2 - Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company if they go public so he met with a colleague of yours at a local restaurant. The President of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use......

Words: 943 - Pages: 4

Free Essay

Acct 504 Week 5 Case Study 2 Internal Control – Ljb Company

...A++PAPER;http://www.homeworkproviders.com/shop/acct-504-week-5-case-study-2-internal-control-ljb-company/ ACCT 504 WEEK 5 CASE STUDY 2 INTERNAL CONTROL – LJB COMPANY PRODUCT DESCRIPTION Case Study 2 – Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company if they go public so he met with a colleague of yours at a local restaurant. The President of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The accountant......

Words: 934 - Pages: 4