Financial Accounting: The Impact on Decision Makers 9th Edition

ISBN 13

978-1285182957

ISBN 10

1285182952

Authors

Curtis L. Norton, Gary A. Porter

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210 documents found.

Exam Prep

AC 138

Genuine Parts received a promissory note from a customer on March 1, 2015. The face amount of the note is $8,000; the terms are 90 days and 9% interest. What is the total amount of interest that Genuine Parts will receive when the note is paid? a. $ 60 b. $ 90 c.

Financial Accounting: The Impact on Decision Makers 9th Edition

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AC 148 Final

If a company purchases $3,200 worth of inventory with terms of 2/10, n/30 on March 3 and pays March 12, then the amount paid to the seller would be a. $3,136 b. $3,150 c. $3,168 d. $3,200 Answer: a Answer: a Answer: a Which one of the following is not a contra account? a. Purchase Returns and Allowances b. Accumulated

Financial Accounting: The Impact on Decision Makers 9th Edition

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AC 267 Final

For users of financial statements, the current liability classification in the balance sheet is important because it is most closely tied to the concept of profitability. a. True b. False Answer: False Answer: False Answer: False Carlton, Inc. presented the following information in a note to its financial statements for the year ending December 31, 2016:

Financial Accounting: The Impact on Decision Makers 9th Edition

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AC 404 Midterm 1

The recognition of cost of goods sold expense in the same period that sales revenue is recognized from the sale of merchandise is a good example of the a. matching principle b. full disclosure principle c. revenue realization principle d. historical cost principle Answer: a Answer: a Answer: a Independent auditors (CPAs) render an opinion that the

Financial Accounting: The Impact on Decision Makers 9th Edition

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AC 474 Midterm

a. A liability resulting from the signing of a promissory note. b. A measure of how long it takes to collect receivables. c. A written promise to repay a definite sum of money on demand or at a fixed or determinable date in the future. d. The length of time a note is

Financial Accounting: The Impact on Decision Makers 9th Edition

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AC 477

Moss Company Moss Company has provided the following information from its accounting records for the current year: Read the information for Moss Company. What are Moss' current liabilities? a. $ 50,000 b. $ 125,000 c. $ 200,000 d. $ 230,000 Answer: aRATIONALE:($50,000 Accounts Payable) Answer: aRATIONALE:($50,000 Accounts Payable) Answer: a RATIONALE:($50,000 Accounts Payable) Tradewinds Corporation was

Financial Accounting: The Impact on Decision Makers 9th Edition

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AC 670

Which of the following is a total dollar measure of liquidity? a. accounts receivable turnover ratio b. cash to cash operating cycle c. number of days' sales in inventory d. working capital Answer: d Answer: d Answer: d Refer to the data for Benton Corporation. What is the balance of Accounts Receivable at December 31, 2015? a. $209,000 b.

Financial Accounting: The Impact on Decision Makers 9th Edition

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AC 686 Quiz 2

From the following list, select the proper section from the statement of cashflows in whi ch it would beclassified. a. Operating Activities b. Investing Activities c. Financing Activities Sold equipment no longer used in the business Answer: b Answer: b Answer: b The FASB standards do not have a specific rule that requires residual value and asset life to

Financial Accounting: The Impact on Decision Makers 9th Edition

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AC 693 Quiz 1

The current portion of long-term debt is a balance sheet item for Flavorful Products Company. How would it most likely be classified on the balance sheet? a. Current liability b. Long-term liability c. Current asset d. Long-term liability Answer: a Answer: a Answer: a Use the selected data from the consolidated statements of cash flows for College

Financial Accounting: The Impact on Decision Makers 9th Edition

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AC 790

Which of the following would not appear on an income statement? a. Sales revenue b. Cost of goods sold c. Accounts receivable d. Insurance expense Answer: c Answer: c Answer: c The FASB has allowed certain items to be reported directly to stockholders' equity in an effort to mitigate the possibility of income fluctuating widely from period to

Financial Accounting: The Impact on Decision Makers 9th Edition

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AC 809 Midterm 2

The operating cycle for all businesses is one year. a. True b. False Answer: False Answer: False Answer: False Under the double-entry system of accounting, every transaction is entered in at least two accounts on opposite sides of T accounts. a. True b. False Answer: True Answer: True Answer: True Below are selected data from the financial statements of Moriarty

Financial Accounting: The Impact on Decision Makers 9th Edition

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AC 871 Quiz 3

Checks received from customers are considered to be cash in the company's books. a. True b. False Answer: True Answer: True Answer: True Use the following codes to indicate how the cash flow effect, if any, of each transaction or event would be reported on a statement of cash flows if the operating activities section

Financial Accounting: The Impact on Decision Makers 9th Edition

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AC 881

Finished goods are the equivalent of merchandise inventory for a retailer or wholesaler in that both represent the inventory of goods held for sale. a. True b. False Answer: True Answer: True Answer: True When a lease is classified as an operating lease, the lease liability should be presented on the balance sheet of the

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acc 112 Quiz 1

Which one of the following is an accurate description of Allowance for Doubtful Accounts? a. Contra account b. Liability account c. Revenue account d. Expense account Answer: a Answer: a Answer: a What should a company do to improve its accounts receivable turnover rate? a. Lower its selling prices. b. Increase its sales force. c. Give customers credit terms of

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 116

All of the following statements are true except: a. The criteria to determine whether a lease contract should be considered a capital lease are applied in a more rigid way under U.S. GAAP than IFRS. b. The criteria to determine whether a lease contract should be considered a capital lease are applied in

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acc 131

Discount on Notes Payable is treated as a reduction of notes payable on the balance sheet. a. True b. False Answer: True Answer: True Answer: True Verilux Company sold merchandise to Flight Corp. on November 1, 2014, for $10,000. Verilux accepted a promissory note from Flight Corp. for $10,000. The note has a term of

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 141

Match the terms with the descriptions related to merchandise sales and purchases. a. Transportation-in b. Perpetual inventory system c. Net purchases d. FOB Destination e. Cost of goods available for sale f. Periodic inventory system g. FOB Shipping point h. Delivery expense Relies on a count of inventory on the last day of the year to determine amount on

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acc 169 Homework

Earnings per share is an indication of how much a. the company paid as dividends for each share of stock held by stockholders. b. the company earned for each share of outstanding common and preferred stock. c. the company earned for each share of outstanding common stock. d. cash the company has for each

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 170 Quiz 1

What effects on a retail store's accounting equation occur when merchandise returned by customers is recorded? a. Assets and stockholders' equity decrease. b. Assets and stockholders' equity increase. c. Assets decrease and liabilities increase. d. Stockholders' equity decreases and liabilities increase. Answer: a Answer: a Answer: a Select the statement on which each of the items provided

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 192 Midterm 2 Described

Described below are several transactions which an organization like the Rogers Symphony Orchestra might record. Several accounts from the organization's financial statements also are listed below. Using these account titles, record each transaction in proper journal entry format in the general journal provided. A written explanation for each journal entry

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acc 196 Quiz 2

For the statement of cash flows, companies are required to classify their cash activities into three categories: operating, investing, and borrowing. a. True b. False Answer: False Answer: False Answer: False To review the current market price of the stock, one should review the a. balance sheet. b. income statement. c. statement of cash flows. d. none of these;

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 201 Homework

Assuming the indirect method for preparing the statement of cash flows is used, indicate whether these items should be added to net income (A), deducted from net income (D), or not be reported in the operating section of the statement under the indirect method (NR). a. Added (A) b. Deducted (D) c. Not

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acc 235

Employees earn $5,000 per day, work five days per week, Monday through Friday, and get paid every Friday. If the previous payday was January 26 and the accounting period ends on January 31, what amount is the ending balance in the wages payable account? a. $ 9,000 b. $10,000 c. $15,000 d. $25,000 Answer: c Answer:

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 240 Quiz 3

The following list contains several items that appear on an income statement. Select the choice that lists the items in the order they would appear on a multi-step income statement. a. 6, 1, 7, 4, 2, 3, 5 b. 7, 6, 1, 4, 2, 3, 5 c. 6, 4, 7, 1, 2, 3, 5 d.

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acc 244

The asset account, Supplies, has a balance of $700 on January 1. During January, the company purchased $16,000 of supplies on account and the liability was appropriately recorded. A count of supplies at the end of January indicates a balance of $900. Which one of the following is a correct

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 249 Midterm

If a company's asset turnover ratio decreased from 2014 to 2015, which of the following conclusions can be made? a. The company was more efficient during 2015 in using its assets to produce profits. b. The company produced less sales in 2015 for each dollar invested in assets. c. The company was less profitable

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 289 Midterm

Interest expense is computed annually when a bond is issued for other than its face value. For a bond issued at a discount, how will this component change as the bond approaches maturity? a. decrease b. increase c. remain constant d. not enough information given to decide Answer: b Answer: b Answer: b Several terms which represent

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 314 Quiz 2 Marshland Company

Marshland Company uses the straight-line depreciation for financial reporting purposes and an accelerated depreciation method for tax purposes. As a result, Marshland will record: a. a deferred tax asset. b. a deferred tax liability. c. a permanent difference. d. tax-exempt depreciation. Answer: b Answer: b Answer: b Crouch Apartments purchased an apartment building to rent to university

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acc 349

Provided below is a list of important users of accounting information.Below the list are descriptions of a major need of each of the various users. Fill in the blank with the one user group that is most likely to have the need described to the right of the blank. Some

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acc 357 Test 1

Which one of the following statements regarding changing inventory methods is true? a. A change in inventory methods can be justified if the change is made to better match profits with revenue. b. Changing inventory methods affects consistency. c. One place that the reader of an annual report would be able to identify

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 380 Quiz

Which one of the following events involves a liability for a business? a. Loans to be repaid to banks b. Inventories purchased for cash c. Amounts invested by the owners d. Stock sold to the general public Answer: a Answer: a Answer: a Which of the following inventory costing methods is prohibited under IFRS? a. FIFO b. Weighted-average c. LIFO d.

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 393 Quiz 3

Which of the following considerations is most important for a stockholder when evaluating whether to purchase stock in a company? a. Will earnings per share be distributed to stockholders? b. Will the company earn a fair return on the amount invested by the stockholders? c. Will the key ratios be reported on the

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acc 423

The concept of conservatism is the capacity of information to make a difference in a decision. a. True b. False Answer: False Answer: False Answer: False Which of the following statements is correct? a. Bonds are issued at a price that reflects the stated rate of interest on the day the bond is purchased. b. If the

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acc 442 Midterm 2

A company has $200 in cash, $500 in accounts receivable, and $700 in inventory. If current liabilities are $400, then the current ratio would be a. 1.75 to 1 b. 2.25 to 1 c. 3.00 to 1 d. 3.50 to 1 Answer: d Answer: d Answer: d A company issued 4,000 shares of $5 par common stock

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 448

Given below is a list of items that may be reported on a statement of cash flows. Identify each as one of the following using the indirect method : a. Operating b. Investing c. Financing d. Not separately reported on a statement of cash flows Proceeds from the sale of a building Answer: b Answer: b Answer: b Use

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acc 494 Quiz

Under current accounting principles, how is net income on the income statement measured? a. Net change in owners' equity during the period b. Excess of revenues over expenses during the period c. Net change in the cash balance during the period d. Excess of revenues over expenses less any dividends paid during the period

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 521 Quiz

When a company declares a stock dividend, which of the following occurs? a. A liability is created. b. Retained earnings is reduced. c. Stockholders' equity is decreased. d. The financing section of the statement of cash flows is decreased. Answer: b Answer: b Answer: b Long-term assets are $800, current liabilities are $500, and long-term liabilities are

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acc 540 Midterm 1

The accounting profession is currently experimenting with financial statements adjusted for the changing value of the dollar since inflation is increasing. a. True b. False Answer: False Answer: False Answer: False Under the periodic inventory system, a physical inventory must be taken at the end of the period to determine cost of goods sold. a. True b. False

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acc 582 Quiz 1

When a company uses coupon or premium offers in conjunction with the sale of its products, there is no need to record any contingent liability. a. True b. False Answer: False Answer: False Answer: False What five-member body created by the Sarbanes-Oxley Act was given authority to set U.S. auditing standards? a. FASB b. SEC c. IAS d. PCAOB

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 606 Quiz 3

Arco Corporation declared a cash dividend on June 2 of $6 per common share. The company has 2,000 shares of common stock authorized, 1,000 shares issued, and 200 in the treasury. The entry to record the declaration of the cash dividend increases a. a liability. b. an asset. c. an expense. d. a stockholders' equity

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 633 Quiz 3

When did the SEC drop its long-standing rule that required foreign companies that filed financial statements with it to adjust those statements to conform with U.S. GAAP and allow them to use IFRS? a. 2001 b. 2007 c. 2009 d. 2013 Answer: b Answer: b Answer: b Below are several accounts from Costello Company's accounting records. Answer the

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 638 Midterm 2

Manson World reported the following: Common stock, $1 par, 200,000 shares authorized, 100,000 shares issued and outstanding What is the effect of a 2-for-1 stock split if the market value of the common stock is $20 per share when the stock split is declared? a. Retained earnings in the amount of

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 646 Select The Letter Of The

Select the letter of the term each statement best describes. a. authorized shares b. issued shares c. outstanding shares d. par value e. additional paid-in capital f. retained earnings g. cumulative feature h. participating feature i. callable stock j. treasury stock k. retirement of stock l. dividend payout ratio m. stock dividend n. stock split o. market value per share p. convertible stock q. book value per

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 647 Midterm

The accounts receivable turnover ratio is a measure of how well a company manages its receivables. a. True b. False Answer: True Answer: True Answer: True On January 2, 2015, Lawn Master Construction, Inc. issued $500,000, 10-year bonds for $574,540. The bonds pay interest on June 30 and December 31. The face rate is 8% and

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 715 Midterm

If your bank gives you a $2,000 loan at 8% per year, but deducts the interest in advance, is 8% the "real" rate of interest that you will pay? a. Yes. b. No. The interest rate is actually lower than 8 percent. c. No. The interest rate is actually higher than 8 percent. d. There

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 720 Quiz 1

When a bond issue is retired early, the amount of unamortized discount or premium is not considered in the calculation of a gain or loss. a. True b. False Answer: False Answer: False Answer: False Match each of the following terms pertaining to liabilities to their definitions. a. Current liability b. Accounts payable c. Notes payable d. Discount on

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 723 Test 2

A company should choose a depreciation method that a. best allocates the original cost of the asset to the periods benefited by the use of the asset. b. saves the most taxes. c. minimizes net income d. shows the highest amount of net income. Answer: a Answer: a Answer: a Which of the following is the most

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acc 729

The net assets of a company are equal to a. current assets less current liabilities. b. total assets less current assets. c. long-term assets less accumulated depreciation. d. the stockholders' equity. Answer: d Answer: d Answer: d Identify whether the following investor questions are associated with (a) primary or sec ondary financial reporting objectives. a. primary financial reporting objective b.

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acc 745 Assuming The Indirect

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 768

Identify the classifications of the following accounts as either current or long-term liabilities for the December 31, 2014 balance sheet. a. Current liability b. Long-term liability An amount of money owed to a supplier based on the terms 2/20, n/40, for which no note was executed. Answer: a Answer: a Answer: a Indicate whether each should be

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACC 860 Final

There is a universal chart of accounts that is applicable to all businesses. a. True b. False Answer: False Answer: False Answer: False Marcus Roberts operates a small retail establishment. The following unadjusted amounts were taken from Roberts' accounting records at December 31, 2015: Determine the effect on the accounting equation of the adjusting entries at

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acc 891 Midterm 2

A company is not required to prepare both a(n) a. Income statement and statement of stockholders' equity. b. Income statement and statement of retained earnings. c. Statement of stockholders' equity and statement of retained earnings. d. Statement of cash flows and statement of retained earnings. Answer: c Answer: c Answer: c The department in an organization that

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 109 Midterm 1

The present value is the value today of a single amount to be paid or received at a specific date in the future. a. True b. False Answer: True Answer: True Answer: True Royal Company purchased a dump truck at the beginning of 2012 at a cost of $60,000. The truck had an estimated life

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 168 Midterm 2

The establishment of a petty cash fund has no effect on the company's total cash balance. a. True b. False Answer: True Answer: True Answer: True Inventories and prepaid assets are excluded from the numerator used to compute the quick ratio. a. True b. False Answer: True Answer: True Answer: True Sliders Company Sliders Company sells its merchandise only on

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 175

For 2015, Wasabi Company has accounting revenues of $6,000. However, because of temporary differences between tax and accounting, $1,000 of this is not subject to tax. If expenses are $3,000 for both tax and accounting, and the tax rate is 40%, what is the amount of tax payable to the

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 201

In considering equity and debt financing, which of the following statements is true? a. Compared to equity financing, debt is a more expensive source of funding. b. Interest and dividends payments are required to be made by the issuing corporation. c. In general, the higher the proportion of total debt-to-equity ratio, the greater

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 209 Midterm 1

Which one of the following is not an external user of financial information? a. Company management b. Internal Revenue Service c. Creditors d. Stockholders Answer: a Answer: a Answer: a In the statement of cash flows, an increase in a current liability will appear as an increase in the Financing category. a. True b. False Answer: False Answer: False Answer: False Chen's

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 228 Test

Dino's Pizza employs 10 workers in its plant. Each employee is paid $8 per hour and works 8 hours per day, Monday through Friday. Employees are paid every Wednesday for the previous Monday through Friday workweek. The last payday was Wednesday, May 28. A) Compute the dollar amount of the

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 267 Test 1

Operating activities involve the acquiring and selling of goods and services for cash or on account. a. True b. False Answer: True Answer: True Answer: True Promissory notes are non-negotiable. a. True b. False Answer: False Answer: False Answer: False Martinez Produce sells fresh vegetables and fruits in Sutton County. The following unadjusted amounts were taken from the company's accounting

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 296 Test 2

Tampa Corporation's balance sheet showed the following amounts for their liabilities and stockholders' equity accounts: Current Liabilities, $20,000; Bonds Payable, $60,000; Lease Obligations, $12,000; and Deferred Income Taxes, $2,000. Total stockholders' equity was $42,000. The debt-to-equity ratio is a. 0.45 b. 0.58 c. 1.76 d. 2.24 Answer: d Answer: d Answer: d Use the information below for

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 332 Midterm

The selection of historical cost over current value as the attribute to be measured for assets is an example of the trade-off of a. Reliability over relevance b. Costs over benefit c. Comparability over consistency d. Understandability over verifiability Answer: a Answer: a Answer: a All financial statements are prepared using the accrual basis of accounting. a. True b.

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 341 Final

Accountants are the main reason financial statements are prepared. a. True b. False Answer: False Answer: False Answer: False Each account has a normal balance. For the following list of accounts, indicate whether the normal balance of each is a debit or a credit. a. Debit b. Credit Investments Answer: a Answer: a Answer: a Xu Corp. started business at the beginning

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 411

Blanton Company bought equipment on January 1, 2010 with a cost of $160,000, an estimated residual value of $40,000, and an estimated life of 15 years was depreciated by the straight-line method for 4 years. Due to obsolescence, it was determined at the beginning of 2014 that the useful life

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 464

Baker Corp. sold merchandise to a customer on credit. The invoice amount was $1,000; the invoice date was June 10; credit terms were 1/10, n/30. Which one of the following statements is true? a. The customer can take a $10 discount if the invoice is paid on June 30. b. The customer should

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 506

Pharma Corp. The data presented below for Pharma Corp. is for the year ended December 31, 2015: See the data for Pharma Corp. If Pharma Corp. uses the aging of accounts receivable approach to estimate its bad debts, what amount will be reported as bad debt expense for 2015? a. $12,700 b. $13,700 c. $14,000 d.

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 537 Test 1

Stockholders prefer to invest in preferred stock because a. preferred stock confers preferred voting rights. b. preferred stock can always be converted to common stock if they desire. c. the dividends are generally increased each year. d. the dividends are paid on preferred stock before they are paid on common stock. Answer: d Answer: d Answer:

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 589 Midterm 2

When a note is discounted at a bank, it is normally done with recourse. a. True b. False Answer: True Answer: True Answer: True Tulsa Corp. reported the following information for 2015 and 2016. How much cash was paid for interest during 2016? a. $11,750 b. $12,250 c. $12,500 d. $12,750 Answer: a Answer: a Answer: a Identify where each of the following accounts

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 619 Quiz 3

Prairie Charters reported the following information at December 31, 2015: The average recorded value per share of common stock at December 31, 2015 is a. $1.00 b. $1.75 c. $1.25 d. $2.50 Answer: c Answer: c Answer: c In the statement of cash flows, a decrease in accounts payable would be shown as an increase in the Operating

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 643 Midterm 2

Match each of the following terms related to interest and time value of money calculations to their appropriate definition. a. Time value of money b. Simple interest c. Compound interest d. Future value of a single amount e. Present value of a single amount f. Annuity g. Future value of an annuity h. Present value of an annuity The

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 658

On the balance sheet, the cumulative amount of plant and equipment already expensed is reported in an account called a. Accumulated Amortization b. Accumulated Depreciation c. Amortization Expense d. Depreciation Expense Answer: b Answer: b Answer: b What does the phrase, "Revenue is recognized at the point of sale" mean? a. Revenue is recorded in the accounting records

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 697 Test

The solution to this problem requires time value of money calculations. Reference to Tables 9-1 through 9-4 in the text is necessary to complete the calculations. If interest is compounded annually, the total amount of interest on an $18,000 note payable for 4 years at 10% is a. $5,706 b. $7,200 c. $8,352 d. $8,500 Answer:

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 712 Test 2

Bing's Export Co. Bing's Export Co. purchased a new delivery truck at the beginning of 2015. The truck has a cost of $37,000, an estimated life of 5 years, and an estimated residual value of $7,000. A full year's depreciation expense is to be recorded in 2015. The truck was driven

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 773 Test 1

Indicate the type of each ratio listed below. a. liquidity ratio b. solvency ratio c. profitability ratio Profit margin ratio Answer: c Answer: c Answer: c Select the statement on which each of the items provided below would be reported. a. Statement of retained earnings b. Statement of stockholders' equity c. Items that may require reporting on either statement d. Items not

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 890 Quiz 3

Use the information below for Barton Shipping Corp. for 2015 and 2016 to answer the following question. How much cash did Barton Shipping pay for dividends during 2016? a. $ 95,000 b. $105,000 c. $115,000 d. $140,000 Answer: a Answer: a Answer: a Plant assets, current assets, property, plant and equipment, and fixed assets are all tangible assets. a. True b.

Financial Accounting: The Impact on Decision Makers 9th Edition

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Accounting 891 Quiz 3 Miguel

Miguel Foods, Inc. purchased a patent at the beginning of 2013 for $350,000. Economic benefits were expected for 7 years, but the patent's legal life was 20 years. Also during 2013, the company incurred research and development costs of $270,000. Patent amortization expense for 2013 is a. $11,000 b. $17,500 c. $31,000 d. $50,000 Answer: d Answer:

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acct 105

A list of all asset, liability, stockholders' equity, revenue, and expense accounts, along with their assigned account numbers, which are used by a company is a(an) a. Account b. General Journal c. General Ledger d. Chart of Accounts Answer: d Answer: d Answer: d Lenders are interested in the value of operating assets as collateral when making

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acct 114 Midterm

The payment of employee salaries has what effect on the accounting equation? a. Assets decrease and stockholders' equity decreases. b. Liabilities decrease and stockholders' equity decreases. c. Assets decrease and liabilities increase. d. Assets increase and liabilities decrease. Answer: a Answer: a Answer: a In the reconciliation of a bank statement, "deposits in transit" should be: a. added

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acct 143 Quiz 3

A cancelled check would be a source document for which of the following? a. recording a purchase of inventory on credit b. recording cash received on an customer account c. recording accrued payroll d. recording a cash payment to a creditor Answer: d Answer: d Answer: d Presented below are selected data from the financial statements of

Financial Accounting: The Impact on Decision Makers 9th Edition

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ACCT 147 Quiz

Cost of goods sold represents a. Expired costs during a period and is reported on the income statement. b. Unexpired costs and is reported on the balance sheet as an asset. c. The cost of goods that will be purchased during the next operating cycle and is reported on the balance sheet as

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ACCT 180

Beatrice Equipment Beatrice Equipment sells merchandise only on credit. For the year ended December 31, 2014, the following data is available: Refer to Beatrice Equipment. Assume that Beatrice Equipment estimates bad debts on an aging analysis, and the aging schedule indicates that $28,000 of the December 31, 2014 accounts receivable will be

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ACCT 190

Below are the transactions for the Louisville Company: Based on these transactions, what is the net cash flow from financing activities? a. $285,000 net cash provided by financing activities. b. $275,000 net cash used for financing activities. c. $0, because cash inflows equal cash outflows from financing activities. d. $440,000 net cash provided by financing

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ACCT 200 Test 2

Davis Corp. has three employees. Each earns $600 per week for a five day work week ending on Friday. This month the last day of the month falls on a Wednesday. The company should make which of the following adjusting entries? a. Credit Wage Expense for $360 and debit Wages Payable

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Acct 226 Final

Pierce Corp. identified the following data in preparing a bank reconciliation on October 31, 2014. Bank statement balance $29,600 Pierce's book balance (before adjustments) ? Outstanding checks 3,100 NSF checks 300 Service charges 200 Deposits in transit 2,200 Interest earned on checking account 100 How much is Pierce's adjusted cash balance on October 31, 2014? a. $28,700b. $29,100c.

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Acct 226 Quiz 3

Which of the following will not cause a trial balance to be out of balance? a. The balance for an account is incorrectly computed. b. A debit entry is posted as a credit. c. A credit entry is posted to the wrong account as a credit. d. An account is accidentally omitted from the

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Acct 235 Which Of The Following

Which of the following organizations is responsible for setting auditing standards followed by public accounting firms in conducting independent audits of financial statements? a. Financial Accounting Standards Board (FASB) b. Securities and Exchange Commission (SEC) c. Public Company Accounting Oversight Board (PCAOB) d. International Accounting Standards Board (IASB) Answer: c Answer: c Answer: c Several items from

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Acct 239 Quiz 3 If The Amount

If the amount assigned to ending inventory is incorrect , a. The balance sheet is affected, but the income statement is not. b. The income statement is affected, but the balance sheet is not. c. The balance sheet is affected, but cost of goods sold is not. d. Both the balance sheet and the

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ACCT 276 Homework

Which of the following is false regarding the issue of stock versus the issue of bonds to raise capital? a. The issuance of stock decreases several important financial ratios. b. Issuing bonds dilutes the voting power of the stockholders. c. Corporations are not required to return the investment to the stockholders. d. Investors expect

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Acct 304 The Equity Method Of

The equity method of accounting for an investment is used when a company purchases a. More than 20% of the debt securities of a second company. b. 100% of the debt securities of a second company. c. 15% of the equity securities of a second company. d. More than 20% of the equity securities

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ACCT 323 Homework

Discounting a note receivable a. Requires using an account called discount on notes receivable b. Is the process of lending money c. Slows the collection process d. Is the process of selling a promissory note Answer: d Answer: d Answer: d If a credit memo appears on a bank reconciliation, this could be an indication that: a. there

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ACCT 354 Final

Match the action with the category of internal control procedures a. One department should check on another b. Internal audit staff ensure all is working as intended c. Accounting and cash collection is properly separated d. Blank checks are locked at all times when not in use e. Origination of initial entry into accounting system f.

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Acct 370 Final

Which of the following is not an objective of financial reporting? a. To reflect prospective cash receipts to investors and creditors. b. To reflect prospective cash flows to an enterprise. c. To reflect resources and claim to resources. d. To reflect current stock prices and information concerning stock markets. Answer: d Answer: d Answer: d When using

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ACCT 415

Carl and Stefanie each invest $15,000 in a business and are given shares of stock in Thibeau Industries as evidence of their ownership interests. For this transaction, identify the effect on the accounting equation. a. Assets increase and liabilities increase. b. Assets increase and stockholders' equity increases. c. Liabilities increase and stockholders' equity

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ACCT 466 Quiz 2

Every accounting transaction affects both the balance sheet and the income statement. a. True b. False Answer: False Answer: False Answer: False From the following list, select the proper section from the statement of cashflows in whi ch it would beclassified. a. Operating Activities b. Investing Activities c. Financing Activities Received cash from bond issuance Answer: c Answer: c Answer: c One effect on

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Acct 482

When stock is issued for a noncash asset, the par value of the stock is the best indicator of the value of the asset. a. True b. False Answer: False Answer: False Answer: False Select the letter of the term each statement best describes. a. authorized shares b. issued shares c. outstanding shares d. par value e. additional paid-in capital f.

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ACCT 489 Homework

The excess of current assets over current liabilities is referred to as working capital. a. True b. False Answer: True Answer: True Answer: True Select the statement on which each of the items provided below would be reported. a. Statement of retained earnings b. Statement of stockholders' equity c. Items that may require reporting on either statement d. Items

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ACCT 559 Test 1

Select the ratio that each statement below most properly satisfies. a. Dividend yield ratio b. Cash flow from operations to capital expenditures ratio c. Debt service coverage ratio d. Return on common stockholders' equity ratio e. Times interest earned ratio f. Asset turnover ratio g. Debt-to-equity ratio h. Dividend payout ratio i. Price/earnings ratio The relationship between net sales and

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ACCT 607

Which of the following transactions does not affect the total assets of Horizon Sailing Corp.? a. A bill is received for the telephone service used by Horizon Sailing during the past month. b. Dividends are paid by Horizon Sailing. c. Customers are billed for sales made on credit by Horizon Sailing. d. A new

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Acct 610 Midterm 2

All changes in long-term liabilities are reflected in the financing activities category of the statement of cash flows. a. True b. False Answer: False Answer: False Answer: False Match the selected items from a classified balance sheet and multiple-step income state ment to the section in which they would appear on the classified balance sheetor the

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Acct 611 Homework

On December 1, 2014, Xeon Company bought land and an accompanying warehouse from Yen Company for $800,000. The fair market values of the land and the building at the time of purchase were $700,000 and $300,000, respectively. How much of the purchase price should Xeon Company allocate to the land

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Acct 635

Givens Corp. Givens Corp. is a merchandising company that uses the periodic inventory system. Selected account balances are listed below: Refer to the information for Givens Corp. Calculate the gross profit. a. $241,000 b. $275,000 c. $289,000 d. $425,000 Answer: c Answer: c Answer: c Which of the following lease conditions would result in a capital lease to the lessee? a.

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Acct 704 Test 2

The Stockholders' Equity section of the balance sheet for Grant Corp. at the end of 2016 appears as follows: Net income for the year was $1,250,000. Dividends were declared and paid on the preferred shares during the year, and a quarterly dividend of $0.30 per share was declared and paid each quarter

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Acct 722 Final

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ACCT 730 Midterm 2

A good system of internal controls requires that the physical custody of assets be separated from the accounting for those assets. This concept is known as safeguarding assets and records. a. True b. False Answer: False Answer: False Answer: False The participating feature of stock allows stockholders to sell stock back to the company. a. True b.

Financial Accounting: The Impact on Decision Makers 9th Edition

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Acct 731 Test 1

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Acct 742 Midterm

Which one of the following items is reported as a current asset on a classified balance sheet? a. Inventory b. Accounts payable c. Land d. Common stock Answer: a Answer: a Answer: a If Ash Company had sales during the year of $10,000,000, an average accounts receivable of $2,000,000, and net income of $500,000, its accounts receivable

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Acct 791 Test 2

The term "chronological order" is best associated with: a. a journal. b. a trial balance. c. credit entries. d. capital stock. Answer: a Answer: a Answer: a Match the following bond and long-term liability related terms to the appropriate definition. a. Long-term liability b. Face value c. Debenture bonds d. Serial bonds e. Callable bonds f. Face rate of interest g. Market rate of

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Acct 804 Which Of The Following

Which of the following statements is false? a. A balance sheet reports a company's cash balance at a specific date. b. An income statement reports the amounts of revenue and expense on an accrual basis, not the amount of cash received from revenues or paid for expenses. c. A statement of retained earnings

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Acct 807

Choose from the following list of account titles the one that most accurately fits the des cription of that account or is an example of that account.An account title may be used m ore than once or not at all. a. Cash b. Prepaid Asset c. Investments d. Taxes Payable e. Preferred Stock f. Accounts Receivable g. Land h. Accounts

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Acct 811 Midterm 2

Which of the following statements is true concerning intangible assets? a. Intangible assets have no economic substance. b. Intangible assets lack physical existence. c. Intangible assets are listed in the stockholders' equity section of the balance sheet. d. Intangible assets appear in the current assets section of the balance sheet. Answer: b Answer: b Answer: b At

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Acct 843 Midterm

Which of the following terms does not describe the interest rate printed on the bond certificate? a. Coupon rate b. Effective rate c. Face rate d. Stated rate Answer: b Answer: b Answer: b Because of its objective nature, historical cost is the attribute used to measure many of the assets recognized on the balance sheet. a. True b.

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ACCT 856

Under IFRS, if inventory is written down to a new lower market value, this cannot be reversed in later periods. a. True b. False Answer: False Answer: False Answer: False Using the following information, what is the amount of cost of goods sold? a. $26,900 b. $20,530 c. $28,130 d. $30,210 Answer: d Answer: d Answer: d A trial balance can be as

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ACT 186 Midterm

What is the effect of a stock dividend on stockholders' equity? a. Stockholders' equity is decreased. b. Retained earnings is increased. c. Additional paid-in capital is decreased. d. Total stockholders' equity stays the same. Answer: d Answer: d Answer: d All assets are tangible in nature. a. True b. False Answer: False Answer: False Answer: False Both U.S. GAAP and IFRS classify

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ACT 234 Test 2

Turnover ratios differ from the current and quick ratios in that they a. are based on working capital instead of cash. b. are based on a point of time instead of a period of time. c. are activity ratios. d. measure the profitability of a company instead of its liquidity. Answer: c Answer: c Answer: c Match

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ACT 235

Washington Corp. reported the following information for 2015 and 2016. If Washington uses the indirect method to prepare the operating activities section of the statement of cash flows, what amount will be reported as net cash inflow from operating activities for 2016? a. $ 73,000 b. $ 83,000 c. $ 95,000 d. $105,000 Answer: c Answer: c Answer:

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ACT 256 Quiz 2

Match the selected items from a classified balance sheet and multiple-step income state ment to the section in which they would appear on the classified balance sheetor the inc ome statement. a. Current Assets (balance sheet) b. Property, Plant, & Equipment (balance sheet) c. Current Liabilities (balance sheet) d. Long-term Liabilities (balance sheet) e. Stockholders' Equity (balance

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ACT 289 Test 2

The justification for the accrual basis of accounting lies in the needs of financial statement users for periodic information on the financial position and the profitability of the entity. a. True b. False Answer: True Answer: True Answer: True The solution to this problem requires time value of money calculations. Reference to Tables 9-1 through 9-4

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ACT 308

According to the Sarbanes-Oxley Act of 2002, only external auditors can provide bookkeeping services for the clients they audit. a. True b. False Answer: False Answer: False Answer: False Which one of the following documents is used in the control of cash disbursements? a. Income Statement b. Bank deposit slips c. Receiving reports d. Cash register tapes Answer: c Answer:

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ACT 327

The preparation of financial statements requires that the information be understandable a. Only to CPAs. b. To those willing to spend the time to understand it. c. Only to those who take an accounting course. d. Only to financial analysts and brokers. Answer: b Answer: b Answer: b Cash dividends become a liability to a corporation on

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ACT 373 Midterm

Select the term from the list below that matches each of the following six descriptions. a. Interest b. Maturity value c. Principal d. Payee e. Discounting f. Term g. Recourse h. Implicit i. Maker The difference between the principal amount of the note and its maturity value Answer: a Answer: a Answer: a Which of the following events (transactions) is an internal event for

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ACT 423 Midterm

If cost of goods sold does not equal the cost of merchandise purchased during the period, an adjustment must be made to correct the error. a. True b. False Answer: False Answer: False Answer: False Identify which of the following would be recorded as external events, recorded as internal events, or not recorded. a. Internal event b.

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ACT 472 Test

Which of the following statements regarding the activities of Forman Corp. is true? a. Revenues decrease Forman's stockholders' equity. b. Expenses increase Forman's stockholders' equity. c. Expenses decrease Forman's stockholders' equity. d. None of these answer choices is correct. Answer: c Answer: c Answer: c Vegas Finance Company reported the following: Common stock, $10 par, 100,000 shares

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ACT 642 Quiz 3

Which one of the following procedures is incorrect for setting up and maintaining a petty cash fund? a. A check is prepared for a fixed amount; when the check is cashed, the money is entrusted to a petty cash custodian. b. An entry is recorded to establish the fund and obtain the

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ACT 692 Test 2

Parks Company reported an increase of $370,000 in its accounts receivable during the year 2015. The company's statement of cash flows for 2015 reported $1 million of cash received from customers. What amount of net sales must Parks have recorded in 2015? a. $370,000 b. $1,000,000 c. $1,370,000 d. $630,000 Answer: c Answer: c Answer: c Which of

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ACT 698 Test 1

Tracy, Inc. Tracy, Inc. adjusts its books each month but closes its books at the end of the year. The trial balance at July 31 before adjustments is as follows: Refer to the trial balance for Tracy, Inc.According to contracts, $4,810 of Unearned Service Revenue has been earned in July. Which of

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ACT 730 Quiz

The income statement is sometimes called the statement of financial position. a. True b. False Answer: False Answer: False Answer: False A check written by a company but not yet presented to the bank for payment is called a check in transit. a. True b. False Answer: False Answer: False Answer: False On January 1, 2012, the long-term liability section

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ACT 767 Quiz 3

From the following list, select the proper section from the statement of cashflows in whi ch it would beclassified. a. Working capital will increase b. Working capital will decrease c. Working capital will not change Borrowed cash using a six-month note Answer: c Answer: c Answer: c A subsidiary is a separate legal entity that is owned or controlled

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ACT 772 Quiz

When using the indirect method, how is the issuing of stock for cash shown on the statement of cash flows? a. Operating activity b. Investing activity c. Financing activity d. Non cash investing and financing activity Answer: c Answer: c Answer: c For each item listed, select the section of the balance sheet in which the item

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ACT 797 Final

a. A receivable arising from the sale of goods or services with a verbal promise to pay. b. A form used to categorize the various individual accounts receivable according to the length of time each has been outstanding. c. A method of estimating bad debts on the basis of either the net

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ACT 799 Midterm

Ratios that focus on cash are more useful than those that focus on income in the evaluation of the liquidity of a company. a. True b. False Answer: True Answer: True Answer: True From the following list, select the proper section from the statement of cashflows in whi ch it would beclassified. a. Working capital will increase b.

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ACT 816 During May Aniston Inc

During May, Aniston, Inc. purchased office supplies for cash. The supplies will be used in June. What effect does this purchase transaction have on the accounting equation? a. Assets increase and stockholders' equity decreases. b. Assets increase and liabilities increase. c. Assets decrease and liabilities decrease. d. There is no effect on the accounting

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ACT 854 Quiz 2

Among the assets listed below, which one is considered the most liquid? a. Cash b. Accounts receivable c. Merchandise inventory d. Prepaid expenses Answer: a Answer: a Answer: a Museum Corporation acquired a new manufacturing building by issuing 10,000 shares of its $50 par value preferred stock with a $75 per share market price. Similar buildings have

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ACT 860 Final

If the current ratio is 2.5 to 1, net income is $6,000, and current liabilities are $18,000, how much is working capital? a. $ 6,000 b. $ 24,000 c. $ 27,000 d. $ 45,000 Answer: cRATIONALE:($18,000 Current Liabilities X 2.5 = $45,000 Current Assets; $45,000 - $18,000 = $27,000) Answer: cRATIONALE:($18,000 Current Liabilities X 2.5

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ACT 896 Final A Question Asked By

A question asked by stockholders is, "How much profit did the company make?" What should the stockholder examine to get the most information that will help evaluate the answer to this question? a. The balance sheet, because retained earnings represents current profits b. The statement of cash flows, as cash inflows and

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Appendix A 1 Which Of The Following Is A Commonly Cited Disadvantage

ANSWER: d ANSWER: d ANSWER: d 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or

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Chapter 1 1 Mortons Retained Earnings January

CHAPTER 1: ACCOUNTING AS A FORM OF COMMUNICATION 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted

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Chapter 1 2 Corporation Had Net Income For The Period

Chapter 1: Accounting as a Form of Communication 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted

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Chapter 1 3 Classify The Following Items According The

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Chapter 1 4 Identification Recognize Ethical Dilemma Resolution Select The

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Chapter 10 1 Garage Master Construction Inc Issued 500000 10year

CHAPTER 10: LONG-TERM LIABILITIES 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible

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Chapter 10 2 Total Liabilities For The Two Years Were

Chapter 10: Long-Term Liabilities 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible

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Chapter 10 3 Deferred Income Taxes Answer Long Term Debt Arises From

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Chapter 11 1 Use The Incomplete Stockholders’ Equity Section Of Vargas

CHAPTER 11: STOCKHOLDERS EQUITY 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible

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Chapter 11 2 Calculate The Book Value Per Common Share

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Chapter 11 3 Approved 2for1 Stock Split The Common Stock

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Chapter 11 4 Year Preferred Dividends Common Dividends

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Chapter 12 1 Which The Following Statements False A The Method

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Chapter 12 2 The Following Events Occurred Cute Canines

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Chapter 12 3 The Statement Cash Flows Selected

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Chapter 12 4 The Statement Cash Flows Obtained Long Term Bank

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Chapter 13 2 Observations From Malteses Common Size Statements Although Sales

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Chapter 13 3 Using The Information Provided Compute The Following

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Chapter 13 4 Compute The Following Ratios For Ulysses Company

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Chapter 2 2 The Concept Of Conservatism Is The Capacity Of Information

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Chapter 2 3 Financial Statements And The Annual Report 180 The

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Chapter 2 4 Current Assets Are Realized Cash Sold Consumed

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Chapter 3 1 Inc. Purchased Office Supplies For Cash

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Chapter 3 2 Customers Paid Cash For Parties 2000may 30

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Chapter 4 2 Users The Health Facility Can Pay Cash

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Chapter 4 3 Income Measurement And Accrual Accounting The Diva

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Chapter 4 4 The Adjusting Entry Reduces The Asset And

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Chapter 5 2 Inventories And Cost Goods Sold124 Under The

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Chapter 5 3 January And Giant Mart Received The Shoes February

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Chapter 6 2 Neither Strengthens Nor Violates Internal Control

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Chapter 6 3 Students Answers Will Vary But May Include

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Chapter 7 1 Lasiter’s Accounts Receivable Turnover Rate For

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Chapter 7 2 Prepare The Journal Entry Recognize Bad Debts

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Chapter 7 3 When Bad Debts Expense Estimated Using The

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Chapter 8 1 Operating Assets Property Plant And Equipment And

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Chapter 8 2 Gommert Co Purchased Land And Building For

Chapter 8: Operating Assets: Property, Plant, and Equipment, and Intangibles 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated,

Financial Accounting: The Impact on Decision Makers 9th Edition

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Chapter 8 3 Assume That Alabama Company Purchased Factory Equipment

Financial Accounting: The Impact on Decision Makers 9th Edition

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Chapter 8 4 Why This Treatment Required Answer Research And Development

Financial Accounting: The Impact on Decision Makers 9th Edition

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Chapter 9 1 Current Liabilities Contingencies And The Time Value

CHAPTER 9: CURRENT LIABILITIES, CONTINGENCIES, AND THE TIME VALUE OF MONEY 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or

Financial Accounting: The Impact on Decision Makers 9th Edition

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Chapter 9 2 Below Are Several Independent Items Listed

Chapter 9: Current Liabilities, Contingencies, and the Time Value of Money 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or

Financial Accounting: The Impact on Decision Makers 9th Edition

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Chapter 9 3 Why That Normally Sound Financial Move Answer Memorandum To

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 119 Quiz 3

The accountant for Darden Corp. was preparing a bank reconciliation as of April 30, 2014. The following items were identified: In addition, Darden made an error in recording a customer's check; the amount was recorded in cash receipts as $150; the bank recorded the amount correctly as $510. What amount will

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 128

Which of the following operating activities results in a cash outflow? a. Paying creditors for merchandise b. Collecting accounts receivable c. Making cash sales d. Receiving deposits recorded as unearned revenue Answer: a Answer: a Answer: a An outstanding check is a check that: a. Has been presented to the bank for payment but has not been reported

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 131 Midterm 1

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 176 Test 2

When a liability is accrued, the account debited in the transaction is a stockholders' equity account. a. True b. False Answer: False Answer: False Answer: False Which one of the following is the last step in the accounting cycle? a. Journalizing business transactions b. Recording and posting adjustments c. Closing the accounts d. Preparing financial statements Answer: c Answer: c Answer:

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 201

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 283

There is a standard format in various countries for the statement of financial position. a. True b. False Answer: False Answer: False Answer: False Match the costs that might be included as part of the cost of inventory to the listed accounting treatment. a. Add to inventory cost b. Subtract from inventory cost c. Not an inventory

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 288 Test 2

Given below is a list of items that may be reported on a statement of cash flows. Identify each as one of the following using the indirect method : a. Operating b. Investing c. Financing d. Not separately reported on a statement of cash flows Amortization of a copyright Answer: a Answer: a Answer: a On January 1, 2014,

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 330

Identify each of the following items as operating (O), investing (I), or financing (F) activities on the statement of cash flows(assuming the indirect method). If an item is not on the statement, please mark it as none of these (N). If the item is an inflow, please indicate by a (+),

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 388

The amount of interest accrued is added to the note payable account and reported in the liabilities section of the balance sheet. a. True b. False Answer: False Answer: False Answer: False A note discounted with recourse means that if the original customer fails to pay the bank the total amount due on the maturity

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 441 Quiz

Which of the following generally indicates a positive change? a. Earnings per share decreases b. The debt service coverage decreases c. The acid-test ratio decreases d. The number of days' sales in inventory decreases Answer: d Answer: d Answer: d If a company purchases equipment by issuing a note payable, its total assets will not change. a. True b.

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 485

Gross margin as a percentage of sales is a common analytical tool for service companies. a. True b. False Answer: False Answer: False Answer: False Which one of the following is not a recognized method of recognizing assets as expenses in a particular accounting period? a. Customers' account balances in accounts receivable are assigned to expense

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 499

Match the following bond and long-term liability related terms to the appropriate definition. a. Long-term liability b. Face value c. Debenture bonds d. Serial bonds e. Callable bonds f. Face rate of interest g. Market rate of interest h. Bond issue price i. Premium j. Discount k. Effective interest method of amortization l. Carrying value m. Gain or loss on redemption The total of

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 593 Test 2

The solution to this problem requires time value of money calculations. Reference to Tables 9-1 through 9-4 in the text is necessary to complete the calculations. Cory and Ginger want to buy an airplane. They find one that will cost $200,000. They must pay 10% down, and can get the

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 600 Quiz 2 Hsu Company

Hsu Company purchased a truck on May 31, 2012 for $70,000. The equipment has an estimated useful life of five years. What amount will appear on Hsu Company's balance sheet for total accumulated depreciation at May 31, 2015? a. $14,000 b. $35,000 c. $42,000 d. $28,000 Answer: c Answer: c Answer: c The primary objective of external auditors is

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 676 Final

Given below is information for Xu Corporation and Yang Computers, Inc. at the end of 2016. 1) Using the information provided above, compute the following for each company at December 31, 2016: A. Current ratio B. Acid-test ratio 2) Comment briefly on the liquidity of each of these two companies. Which appears to

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 723 Quiz 3

Stockholders' equity is composed of three parts: contributed capital, earnings retained in the business, and dividends paid. a. True b. False Answer: False Answer: False Answer: False The correct term for an entry made to the left side of an account is a. Double-entry system b. Debit c. Credit d. Journalizing Answer: b Answer: b Answer: b The issue price of a bond

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 758 Quiz

The income statement tells the reader about the actual cash inflows during a period of time. a. True b. False Answer: False Answer: False Answer: False Harvest Catering is a local catering service. Conceptually, when should Harvest recognize revenue from its catering service? a. At the date the customer places the order b. At the date the

Financial Accounting: The Impact on Decision Makers 9th Edition

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MET MG 845 Midterm 2

Depreciation does not describe the increase or decrease in the market value of the asset. a. True b. False Answer: True Answer: True Answer: True Floors, Inc. offers terms of 2/10, n/30 to credit customers. Tile Magic Corp. purchased 100 tile cutters with a list price of $20 each on August 5, 2015, on account.

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 110

Paulson Transport Company On January 1, 2015, Paulson Transport Company purchased a ship for $2,000,000. It has a ten-year useful life and a residual value of $50,000. The company uses the double-declining-balance method. What was the book value of the ship for Paulson Transport at the end of the useful life?

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 157 Quiz 2

Readers.com uses a perpetual inventory system. If Readers.com uses the moving average method, how much is cost of goods sold for the units sold on February 15? a. $245 b. $255 c. $260 d. $270 Answer: c Answer: c Answer: c Convertible bonds are attractive to investors because a. they usually carry a higher rate of interest than non-convertible bonds. b.

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 159 Test

The set of items below was identified in preparing a bank reconciliation for Heath Corp. as of August 31, 2014. Bank statement balance $18,500 Heath's book balance (before adjustments) ? Outstanding checks 2,700 Customer's NSF checks 350 Service Charges 100 Deposits in transit 1,000 Interest earned on checking account 60 Heath Corp.'s balance per books before the reconciliation

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 191

Three organizations important to accounting are listed below. Select the organization th at most closely achieves the role described. a. American Institute of Certified Public Accountants (AICPA) b. Financial Accounting Standards Board (FASB) c. Securities and Exchange Commission (SEC) Issues financial accounting concepts that are used as a guide to accounting standard setting. Answer: b Answer:

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 280 Test 2

Information taken from the accounting records of Airways, Inc., for the year ended December 31, 2015, appears in the table below. In the space provided, indicate in which section of the statement of cash flows (investing or financing) each item would be reported, and whether the item is a cash inflow

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 293

On January 2, 2015, Hi-Tech Master Construction, Inc. issued $500,000, 10-year bonds for $574,540. The bonds pay interest on June 30 and December 31. The face rate is 8% and the market rate is 6%. The annual cash payment (paid in semiannual payments) on the bonds is a. $40,000. b. $30,000. c. $20,000. d.

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 314 Midterm 2

Presented below are selected data from the financial statements of Carnival Corp. for 2016 and 2015. Answer: a Answer: a Answer: a The acid-test ratio is a stricter test of a company's ability to pay its current debts as they are due than the current ratio is. a. True b. False Answer: True Answer: True Answer: True The return

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 366

When plant assets are reported, the current period's depreciation expense is subtracted from the original cost on the balance sheet. a. True b. False Answer: False Answer: False Answer: False United Airlines is an example of a a. producer b. supplier c. retailer d. service provider Answer: d Answer: d Answer: d Maxim Company sells auto parts. The company employs a periodic

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 366 Test 1

Discount on Bonds Payable is a balance sheet item for Covington Products Company. How would it most likely be classified on the balance sheet? a. Current liability b. Long-term liability c. Current asset d. Contra-liability Answer: d Answer: d Answer: d The system of accounting in which there are at least two accounts affected in every transaction

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 515 Test 2

Identify whether the following investor questions are associated with (a) primary or sec ondary financial reporting objectives. a. primary financial reporting objective b. secondary financial reporting objective How much revenue will Apple generate during the time period in which I own the shares? Answer: b Answer: b Answer: b Mellon Corporation The data presented below is for

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 535

Each account has a normal balance. For the following list of accounts, indicate whether the normal balance of each is a debit or a credit. a. Debit b. Credit Dividends Answer: a Answer: a Answer: a Assets may be used to satisfy business obligations and to carry on business operations. a. True b. False Answer: True Answer: True Answer: True Garner, Inc.

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 594 Quiz 1

You are comparing three companies that use different depreciation methods. Which of the following would help you the most in making a comparison of the companies? a. The average earnings per share for the quarter. b. Prospective cash receipts. c. Claims to resources. d. Disclosure of accounting policies. Answer: d Answer: d Answer: d If a company

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 595 Midterm 2

Mellon Corporation The data presented below is for Mellon Corporation for the year ended December 31, 2015: Refer to information for Mellon Corporation. If Mellon uses 2% of net credit sales to estimate its bad debts, what will be the balance in the Allowance for Doubtful Accounts account after the adjustment for

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 642

The Financial Accounting Standards Board created the objectives of financial reporting. a. True b. False Answer: True Answer: True Answer: True Identify where each of the following accounts would be reported on CocaCola's financial statements. a. Balance Sheet-Property, Plant, and Equipment b. Balance Sheet-Intangible Assets c. Balance Sheet-Current Assets d. Balance Sheet-Other Assets e. Income Statement-Operating Section f. Income Statement-Other Revenue

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 685

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 715 Test 1

The alternate term for a credit card draft is an invoice. a. True b. False Answer: True Answer: True Answer: True In a vertical analysis of the balance sheet, the 100% amount is a. Current assets b. Working capital c. Total assets d. Total stockholders' equity Answer: c Answer: c Answer: c Parachute Country Club Use the selected accounts for Parachute Country

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 718 Homework

Significant differences exist in terms on financial statements around the world. For example, another name for what we know as Additional Paid-In Capital in the U.S. is: a. Share Capital b. Capital Reserves c. Provisions for Other Risks d. Deferred Income Answer: b Answer: b Answer: b A convertible bond is one where a. the issuer can convert

Financial Accounting: The Impact on Decision Makers 9th Edition

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SMG AC 725 Test

Which of the following statements is false regarding U.S. GAAP versus IFRS financial statement presentation? a. U.S. GAAP does not require the presentation of a classified balance sheet. b. IFRS requires the classification of assets and liabilities as current and noncurrent. c. If a range of values is available for reporting an outcome

Financial Accounting: The Impact on Decision Makers 9th Edition

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