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ACCT 504 Final Exam (3 different finals)
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1. (TCO A) Which one of the following is an advantage of corporations
relative to partnerships and sole proprietorships? (Points : 5)
Reduced legal liability for investors
Harder to transfer ownership
Lower taxes
Most common form of organization
2. (TCO A) When a corporation distributes a dividend, _____. (Points :
5)
the most common form of distribution is a cash dividend
the Dividends account will be increased with a credit
the Retained Earnings account will be directly increased with a debit
the Dividends account will be decreased with a debit
3. (TCOs A, B) Below is a partial list of account balances for Cerner
Company:
Cash $5,000
Prepaid insurance 500
Accounts receivable 2,500
Accounts payable 2,000
Notes payable 3,000
Common stock 1,000
Dividends 500
Revenues 15,000
Expenses 12,500
What did Cerner Company show as total credits? (Points : 5)
$21,500
$21,000