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ACCT324DeVry

ACCT 324 DEVRY FINAL EXAM LATEST

ACCT 324 DeVry Final Exam Latest

ACCT 324 DeVry Week 8 Final Exam Latest

1. (TCOs 2 and 3) On January 1, 2012, Jasmine made a $50,000 interest-free loan to her son, Jason, who used the money to retire a mortgage on his personal residence. Jason’s only sources of income were a salary of $75,000 and $1,500 interest income on a savings account. The relevant federal interest rate was 6%. Based on the above information, for 2012, _____. (Points : 5)

Jason is not required to recognize the interest income from the bank account.

Jasmine must recognize $3,000 interest income from the loan

Jasmine must recognize $1,500 interest income from the loan

Jasmine must recognize $3,045 interest income from the loan

Jasmine recognizes no imputed interest income from the loan

Question 2.2. (TCOs 3, 4, 5, and 7) Which of the following is not a requirement for alimony deductions under post-1984 decrees and agreements? (Points : 5)

The payments must end on the death of the payee.

The payments must be in cash.

The payor and the payee may not live in the same household at the time of the payments as long as they are divorced.

The decree must specify that the payments are alimony.

None of the above

Question 3.3. (TCOs 3, 4, 5, and 7) Maxwell owns 2,000 shares of stock in Falcon Corporation, worth $50 per share. The 2,000 shares were purchased in 2003 for $10 per share. In 2012, the corporation issued a 30% stock dividend to all common shareholders with an option of receiving either the stock or $30,000. Maxwell selected the stock. What is Maxwell’s gross income ACCT324FinalExam. from the above? (Points : 5)

$0

$6,000

$30,000

Maxwell can elect to recognize income of $30,000 or reduce his basis here in the stock by $30,000.


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ACCT305DeVryCompleteQuizPackage

ACCT 305 DEVRY COMPLETE QUIZ PACKAGE LATEST

ACCT 305 DeVry Complete Quiz Package Latest

ACCT 305 DeVry Week 1 Quiz Latest

Question 1. 1.(TCO 1) The acquisition costs of property, plant, and equipment do not include (Points : 4)

the ordinary and necessary costs to bring the asset to its desired condition and location for use.

the net invoice price.

legal fees, delivery charges, installation, and any applicable sales tax.

maintenance costs during the first 30 days of use.

Question 2. 2.(TCO 1) Cantor Corporation acquired a manufacturing facility on four acres of land for a lump-sum price of $8,000,000. The building included used but functional equipment. According to independent appraisals, the fair values were $4,500,000, $3,000,000, and $2,500,000 for the building, land, and equipment, respectively. The initial values of the building, land, and equipment would be which of the following?

Question 3. 3.(TCO 3) The basic principle used to value an asset acquired in a nonmonetary exchange is to value it at (Points : 4)

fair value of the asset(s) given up.

the book value of the asset given plus any cash or other monetary consideration received.

fair value or book value, whichever is smaller.

the book value of the asset given.

Question 4. 4.(TCO 1) Interest may be capitalized (Points : 4)

on routinely manufactured goods as well as self-constructed assets.

on self-constructed assets from the date an entity formally adopts a plan more info to build a discrete project.

whether or not there is specific borrowing for the construction.

whether or not there are actual interest costs incurred.

Question 5. 5.(TCO 3) Alamos Co. exchanged equipment and $18,000 cash for similar equipment. The book value and the fair value of the old equipment were $82,000 and $90,000, respectively. Assuming that the exchange has commercial click here substance, Alamos would record a gain/(loss) of (Points : 4)

$26,000.

$8,000.

$(8,000).

$0.

Tags: ACCT 305 DeVry All Week Quiz, ACCT 305 DeVry Complete Quiz Package, ACCT ACCT 305 Quiz Latest 305 Quiz Latest, ACCT305DeVryAllWeekQuiz, ACCT305DeVryCompleteQuizPackage, ACCT305QuizLatest

ACCT 305 DeVry All Week Quiz

ACCT 305 DEVRY COMPLETE QUIZ PACKAGE LATEST

ACCT 305 DeVry Complete Quiz Package Latest

ACCT 305 DeVry Week 1 Quiz Latest

Question 1. 1.(TCO 1) The acquisition costs of property, plant, and equipment do not include (Points : 4)

the ordinary and necessary costs to bring the asset to its desired condition and location for use.

the net invoice price.

legal fees, delivery charges, installation, and any applicable sales tax.

maintenance costs during the first 30 days of use.

Question 2. 2.(TCO 1) Cantor Corporation acquired a manufacturing facility on four acres of land for a lump-sum price of $8,000,000. The building included used but functional equipment. According to independent appraisals, the fair values were $4,500,000, $3,000,000, and $2,500,000 for the building, land, and equipment, respectively. The initial values of the ACCT 305 DeVry All Week Quiz building, land, and equipment would be which of the following?

Question 3. 3.(TCO 3) The basic principle used to ACCT 305 DeVry Complete Quiz Package value an asset acquired in a nonmonetary exchange is to value it at (Points : 4)

fair value of the asset(s) given up.

the book value of the asset given plus any cash or other monetary consideration received.

fair value or book value, whichever is smaller.

the book value of the asset given.

Question 4. 4.(TCO 1) Interest may be capitalized (Points : 4)

on routinely manufactured goods as well as self-constructed assets.

on self-constructed assets from the date an entity formally adopts a plan to build a discrete project.

whether or not there is specific borrowing for the construction.

whether or not there are actual interest costs incurred.

Question 5. 5.(TCO 3) Alamos Co. exchanged equipment and $18,000 cash for similar equipment. The ACCT305QuizLatest book value and the fair value of the old equipment were $82,000 and $90,000, respectively. Assuming that the exchange has commercial substance, Alamos would record a gain/(loss) of (Points : 4)

$26,000.

$8,000.

$(8,000).

$0.

Tags: ACCT 305 DeVry All Week Quiz, ACCT 305 DeVry Complete Quiz Package, ACCT 305 Quiz Latest, ACCT305DeVryAllWeekQuiz, ACCT305DeVryCompleteQuizPackage, ACCT305QuizLatest