ACC 240 FINAL EXAM Latest Update -

ACC 240 FINAL EXAM Latest Update - Actual Exam Questions with 100% Verified Correct Answers Guaranteed A+ Verified by Professor

Authorized Stock - CORRECT ANSWER: - When a corporation is formed, it authorizes a fixed number of shares.

Double-Declining Balance Equation - CORRECT ANSWER: Cost-Accumulated

Depreciation * 2/Useful Life

Earnings Per Share (EPS) Equation - CORRECT ANSWER: Net Income - Preferred

Dividends = Average amount of common stock shares

Employee Payroll Taxes - CORRECT ANSWER: - FICA (Social Security)

• Income tax

Federal State Local

Employer Payroll Taxes - CORRECT ANSWER: - FICA (Social Security)

• Federal Unemployment
• State Unemployment

Equation for Outstanding Stock - CORRECT ANSWER: Issued - Treasury =

Outstanding

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Interest Equation - CORRECT ANSWER: Price (times) Interest Percent (times) amount of months/12 months

Issued Stock - CORRECT ANSWER: - A corporation typically issues only a fraction of the number of shares that were authorized at the time it was created.

Journal Entry for buying reissuance on stock - CORRECT ANSWER: Cash DR

Treasury Stock CR Additional Paid-In Capital CR

Journal Entry for buying shares of your OWN stock - CORRECT ANSWER: Treasury

Stock DR

Cash CR

Journal Entry for closing Dividends to Retained Earnings at the end of the fiscal year -

CORRECT ANSWER: Retained Earnings DR

Dividends CR

Journal Entry for Date of Record - CORRECT ANSWER: No Journal Entry Required

Journal Entry for Declaration Date - CORRECT ANSWER: Dividends DR

Dividends Payable CR

Journal Entry for equipment that was sold - CORRECT ANSWER: Accum. Depreciation

DR

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