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Financial ACCT2 (with CengageNOWTM, 1 term Printed Access Card) 2nd Edition

ISBN 13
978-1111530761
ISBN 10
1111530769
Authors
C. Wayne Alderman, Norman H. Godwin
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✓ Quiz Practice
Test Prep
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c. time period d. monetary unit 2. which of the following is an assumption made in the preparation of the financial statements? a. financial statements are prepared for a specific entity that is distinct from the entity's owners. b. the current market value is assumed to be less relevant than
Chapter 1 1 Which The Following Underlying Assumptions For The
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principle of conservatism is concerned with: a. the avoidance of overstating assets or income in the preparation of financial statements. b. the minimization of costs associated with providing financial information. c. the company's ability to carry out its existing commitments. d. the company's procedures for recording activities at their initial
Chapter 1 2 Order For Accounting Information Useful Making
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sole proprietorship b. corporation c. partnership d. cooperative 17. select the type of business that is most likely to obtain large amounts of resources by issuing stock. a. partnership b. corporation c. sole proprietorship d. none are correct. 18. which of the following is not a characteristic of a corporation?
Chapter 10 1 Which The Following Organization Forms Are
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the information for murton industries. what is the effect on murton's accounting equation of issuing 1,000 additional shares of common stock at $15 per share? a. assets increase $15,000, liabilities increase $5,000, and equity increases $10,000 b. assets increase $15,000, liabilities remain unaffected, and equity increases $15,000 c. assets decrease
Chapter 10 2 Murton Industries Murton Industries Inc Reported
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situation? a. balance sheet b. income statement c. statement of retained earnings d. statement of cash flows 3. national co. reported a net loss of $30,000 for 2012, yet its cash balance increased during the year. which financial statement should national's management refer to for an explanation of this situation?
Chapter 11 1 Special Inc Reported Net Income 150000 For
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bonds payable. c. fixed assets needed to maintain productivity. d. dividends, cash for fixed assets needed to maintain productivity, and cash to redeem bonds payable. 65. upon review of bert's statement of cash flows, the following was noted: cash flows from operating activities $ 60,000 cash flows
Chapter 11 2 Free Cash Flow Cash From Operations
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company should receive a loan? a. the automotive plant’s capacity. b. inflation has been consistently high for several years. c. the company has state-of-the-art automated equipment which enhances the efficiency of its operating process. d. the company has a large amount of interest payments related to other outstanding loans. 2.
Chapter 12 1 Banker Analyzing Company Which Operates The Automotive
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leverage. b. solvency and profitability. c. solvency and liquidity. d. solvency and equity.
Chapter 12 2 The Ability Business Pay Its Debts
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forms are the owners' legal responsibility for the debt of the business limited to the amount they invested in the business? a. sole proprietorship b. corporation c. partnership d. cooperative 3. which of the following best describes the term "current assets"? a. the amount of total profits earned by a
Chapter 2 1 Which The Following Not Form Business Entity
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150,000 dividends 75,000 a) calculate the net income or loss for 2012. b) explain how the amount from part a will affect the financial position of hot rod hanks co. c) is the company profitable? explain your answer. a) $120,000 $900,000 (sales) - 550,000 (cost of sales) - 150,000 (operating
Chapter 2 2 Presented Below Are Selected Data From
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in a fast-food restaurant are purchased. d. products are transferred from the assembly area to the painting station. 2. which of the following is not an external event? a. a grocery store recognizes losses from spoilage. b. a grocery store runs ads in a local newspaper. c. a grocery store
Chapter 3 1 Which The Following Internal Event Caddie Salaries
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written explanations. a) jan. 23, 2011 stockholders invested $100,000 in the business and received shares of common stock as evidence of ownership. b) feb. 1, 2011 rent of $2,000 was paid for the month of february. c) feb. 7, 2011 equipment with a cost of $14,000 was purchased on credit;
Chapter 3 2 Geens Alterations Shop Began Business Corporation
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c. when it is earned, and expenses, when the costs are incurred. d. when it is earned, and expenses when cash is paid. 4. under which accounting method are revenues and expenses recognized in the same accounting period that cash receipts and payments occur? a. under the cash basis of
Chapter 4 1 Under Accrual Accounting Revenue Recognized When Cash
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c. recognition of services that had been provided to customers but the cash has not yet been received. d. recognition of rent earned that had been received in advance from customers. 74. what is the effect on the accounting equation when a company recognizes rent as earned that had previously
Chapter 4 2 Which One The Following Adjustments Decreases
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the company b. the company's auditors c. the company's internal auditors d. the audit committee of the company's board of directors 2. which of the following is not a requirement of the sarbanes-oxley act? a. internal audit outsourcing can no longer be provided by a publicly-traded corporation's external auditors. b.
Chapter 5 1 According The Sarbanesoxley Act 2002 Who Primarily
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and borrowing to purchase long-term assets. c. using its profits to expand growth. d. using cash from investors to provide for operations. 74. the primary purpose of the statement of cash flows is to provide information about: a. the financial position of the company. b. the profitability of the company.
Chapter 5 2 From This Information The Most Likely Explanation
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allowance of $400. c. sales discount of $400. d. sales allowance of $400. 3. leno, inc. data for leno, inc. for 2012 are presented below. credit sales during the year $3,200,000 accounts receivable--december 31, 2012 325,000 allowance for bad debts--december 31, 2012 35,000 bad debt expense for the year 20,000
Chapter 6 1 Records Inc Received Payment 20000 Accounts Receivable
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net credit sales divided by average receivables. d. is not meaningful and therefore is not used. 56. the party to a promissory note who will pay the interest and principal is called the: a. lender. b. maker of the note. c. payee of the note. d. recipient of the note.
Chapter 6 2 The Days In Receivables Ratio Estimate The Length
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cost of goods available for sale less ending inventory. d. the amount of inventory on hand at the end of the accounting period. 2. the amount of inventory expensed during the year is reported on the income statement as: a. sales revenue. b. cost of goods sold. c. operating expenses.
Chapter 7 1 The Cost Goods Sold Equal To Purchases
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by 9.09% during 2012. b. cost of sales increased by 11% during 2012. c. cost of sales is 30.76% of net sales in 2012. d. cost of sales more than double the inventory in 2012.. 57. inventory turnover: a. is computed by dividing average inventory by cost of merchandise sold.
Chapter 7 2 Refer The Selected Data Provided For Maxs
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1/31/2012 55,440 compute the following financial ratios for wellington: a) inventory turnover ratio b) average days to sell inventory a) $350,320 / ((50,690 + 55,440) / 2) = 6.602 times b) 365 / 6.602 = 55.289 days 85. the following information is available for spin corporation for the year ending
Chapter 7 3 The Following Information Available For Wellington
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d. land 2. which of the following costs related to the purchase of production equipment incurred by abc company during 2011 would be considered a revenue expenditure? a. installation costs for equipment b. purchase price of the equipment less the cash discount c. repair and maintenance costs during the equipment's
Chapter 8 1 Which The Following Accounts Would Not Reported
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2011: 15,000 (hours of operation) ´ $0.92 = $13,800 depreciation for 2012: 20,000 (hours of operation) ´ $0.92 = $18,400 accumulated depreciation: $13,800 + 18,400 = $32,200 c) depreciation for 2011: $101,000 ´ (1/8 ´ 2) = $25,250 book value: $101,000 - 25,250 = $75,750 d) double-declining balance is an
Chapter 8 2 The Truck Had An Estimated Life Of 5 Years
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one year. d. due and payable within one year. 2. the journal entry to record the issuance of a note for the purpose of borrowing funds is: a. debit accounts payable; credit notes payable. b. debit cash; credit notes payable. c. debit notes payable; credit cash. d. debit cash and
Chapter 9 1 Current Liabilities Are Due But Not Receivable
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issued $1,000,000, 10-year bonds for $1,135,915. the bonds pay interest on june 30 and december 31. the stated rate is 10% and the market rate is 8%. refer to the information provided for tyson construction inc. what amount besides the interest payment would tyson repay its bondholders on the maturity
Chapter 9 2 Tyson Construction Inc Use The Information
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