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Past Exam for ACCT 201 - FIN ACCT CONCEPTS with Schleifer at Clemson (Clemson)

Exam Information

Material Type:Exam 3
Professor:Schleifer
Class:ACCT 201 - FIN ACCT CONCEPTS
Subject:ACCOUNTING
University:Clemson University
Term:Fall 2007
Keywords:
  • Inventory Turnover Ratio
  • Cash Payment
  • Fixed Asset Turnover Ratio
  • Average Cost Method
  • Interest Expense
  • Amortization
  • Following Statements
  • Acquisition
  • Contingent Liability
  • Weighted Average
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Sample Document Text

Practice Exam Three Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Use the following information to answer questions 1-5. Farthing Company acquired a $40,000 machine on January 1, 2004. The machine is estimated to have a useful life of 5 years, and a residual value of $4,000. For unit depreciation purposes, the machine is expected to produce 500,000 units. 1) What is the depreciable value of the machine acquired by Farthing Company? A) $36,000 B) $4,000 C) cannot be D) determined without additional data $8,000 E) $40,000 2) If Farthing Company uses straight-line depreciation, what is the depreciation expense in 2005? A) $3,686 B) $7,200 C) $8,800 D) $12,500 E) $ 8 , I f $9,600 B) $10,560 C) $14,400 D) $16,000 E) $ 8 , W h $23,040 B) $32,000 C) $28,800 D) $25,600 E) $ 2 I f $16,000 B) $5,760 C) $14,400 D) $5,184 E) $ 6 , A c iting ...

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