Question

ACC 160 ASA COLLEGE PROF. K. JEFFERS 30. If called by a merchandiser, you should be skeptical of all of the following except a. a last chance offer b. a business you have never heard of c a requirement for small down payment d inck of a written contract 31 A good source for finding a list of common fraud scams and their warning signs is the a Federal Bureau of Investigation b. Better Business Bureau c. National Fraud Information Center d. Federal Trade Commission 32. The best protection for company against telemarketing scams 18 a threatening to complain to law enforcement then actually filing a complaint b. suing the fraudster c. prevention d. both and b 33. A company purchases land and a building for $300,000. The appraisal attributes a fair market value FMV) to the land of $180,000 and to the building of $220,000. As a result, the building's cost will be booked at $220.000 b. $165.000 c. $135,000 d S180,000 34. Acompany purchases land and a building for $300,000. The appraisal attributes a fair market value (FMV) to the land of $180,000 and to the building of $220,000. As a result, the land's cost will be booked at: a $220,000 b. $165.000 c. $135.000 d. $180,000 35. Your firm purchases equipment and you are given the following data: Cost $10,000 Sales tax 700 Delivery cost 100 Installation cost For what amount do you debit the Equipment account? a $10,000 b. $10,700 c. $10,775 d. $10.875 Page 6 of 13

Answer 1

30. ANSWER: b. a business you have never heard of

One should have doubts or inquiring mind-set for all the other 3 options , put-forth by the merchandiser, except, b for which one can reject outright.

31.ANSWER: d. Federal trade Commission

They run a page in their website --https://www.consumer.ftc.gov/features/scam-alerts---about recent scams and how to recognise the warning signs---it contains a list of top frauds , in chronological order.

FBI provides list of criminals & provides rehabilitatory services .

The Better Business Bureau, or BBB, is a non-profit organisation that ranks   businesses, charities and non-profit organisations with the help of an accredited business system .

National Fraud Information Center--The purpose of its formation is to protect the consumers from becoming victims to internet & telemarketing frauds .

32.ANSWER:a.Threatening to complain to law enforcement -then actually filing a complaint.

Suing is not practically feasible.

33.FMV of Building -- 300000/400000*220000=

165000

Answer: b. $ 165000

ie. The total purchase value is proportionately allocated on the basis of total FMV

34.FMV of Land -- 300000/400000*180000=

135000

Answer: c.$ 135000

ie. The total purchase value is proportionately allocated on the basis of total FMV

35. Answer: d. $ 10875

10000+700+100+75=

10875

All initial costs incurred to bring the asset to its intended use , are debited to the asset a/c.