Archives: Quiz
Accounting Chapter 14 June 30 2017 Interest Payable Each Year
Chapter 14 Bonds and Long-Term Notes a. $252,369,000. b. $256,369,000. c. $256,200,000. d. $257,030,070. Answer: c Level of Learning: 3 Hard Learning Objective: 14-02 Learning Objective: 14-04 Topic Area: Determining interest ‒ Between interest dates Topic Area: Financial statement disclosures […]
Accounting Chapter 14 Increases Decreases Remains The Samed Equal The
Chapter 14 Bonds and Long-Term Notes True/False Questions 1. The specific provisions of a bond issue are described in a document called a bond indenture. Answer: True Level of Learning: 1 Easy Learning Objective: 14-01 Topic Area: Bond indenture Blooms: […]
Accounting Chapter 13 There may be a future sacrifice of economic benefits
Chapter 13 Current Liabilities and Contingencies Answer: Number of coupons issued 2,000,000 Expected participation rate 80% Expected coupon redemptions 1,600,000 Divided by # of coupons per prize 5 Estimated prizes to be awarded 320,000 Number awarded to date (560,000 ÷ […]
Accounting Chapter 13 Longterm Assets Until The Product Service Provided
Chapter 13 Current Liabilities and Contingencies True/False Questions 1. Some liabilities are not contractual obligations and may not be payable in cash. Answer: True Level of Learning: 1 Easy Learning Objective: 13–01 Topic Area: Characteristics of liabilities Blooms: Remember AACSB: […]
Accounting Chapter 12 Investment Short 80000 25 investment Revenue Dec Cash 24000
Chapter 12 Investments ACCUMULATED OTHER COMPREHENSIVE INCOME The components of accumulated other comprehensive income (loss) (“AOCI”) included in the accompanying consolidated balance sheets consist of the following: YEAR ENDED JUNE 30 2016 2015 2014 ($ in millions) Net unrealized investment […]
Accounting Chapter 12 If the fair value of a held-to-maturity
Chapter 12 Investments Intermediate Accounting, Seventh Edition, © The McGraw-Hill Companies, Inc., 2016 12-41 xxx. Espana Corporation purchased $100,000 of Hales Inc. 6% bonds at par and classifies its investment as available for sale. Unfortunately, a combination of problems at […]
Accounting Chapter 12 During 2016 Clor Recognized 80000 Net Income
Chapter 12 Investments 63. Unrealized holding gains and losses on securities available for sale would have the following effects on retained earnings: Gains Losses a. Increase No change b. No change Decrease c. No change No change d. Increase Decrease […]
Accounting Chapter 12 Measurement 36 Ziggy Company Concluded That Investment Originally
Chapter 12 Investments True/False Questions 1. Securities classified as held to maturity could be reported as either current or long-term in a classified balance sheet, depending upon their maturity dates. Answer: True Level of Learning: 1 Easy Learning Objective: 12-01 […]
Accounting Chapter 11 Equipment And Intangible Assets utilization And Impairment book Value
Chapter 11 Property, Plant, and Equipment and Intangible Assets: Utilization and Impairment True/False Questions 1. The three factors in cost allocation of a depreciable asset are service life, allocation base, and allocation method. Answer: True Level of Learning: 1 Easy […]
Accounting Chapter 10 Company recorded Pretax Charge 1789 Million 1193 Million
Chapter 10 Property, Plant, and Equipment and Intangible Assets: Acquisition and Disposition Level of Learning: Medium Learning Objective: 10-04 Topic Area: Noncash acquisitions ‒ Donated assets Blooms: Apply AACSB: Knowledge Application AICPA: FN Measurement 111. On March 15, 2016, Ellis […]
Accounting Chapter 10 Insurance After Equipment Placed Service 1200 Installation
Chapter 10 Property, Plant, and Equipment and Intangible Assets: Acquisition and Disposition Topic Area: Types of assets Topic Area: Costs to be capitalized Topic Area: Noncash acquisitions ‒ Deferred payments Topic Area: Dispositions Topic Area: Exchanges Topic Area: Self-constructed assets […]
Accounting Chapter 10 All Rights Reserved Nore production Distribution Without The
Chapter 10 Property, Plant, and Equipment and Intangible Assets: Acquisition and Disposition Learning Objective: 10-06 Topic Area: Exchanges Blooms: Apply AACSB: Knowledge Application AICPA: FN Measurement Feedback: Equipment-new ($80,000 – 12,000) 68,000 Cash 12,000 Equipment-old (book value) 75,000 Gain 5,000 […]
Accounting Chapter 10 Costs incurred after discovery of a natural resource
Chapter 10 Property, Plant, and Equipment and Intangible Assets: Acquisition and Disposition True/False Questions 1. Property, plant, and equipment and intangible assets are long-term, revenue producing assets. Answer: True Level of Learning: Easy Learning Objective: 10-01 Topic Area: Types of […]
Accounting Chapter 9 March 2017 answer 1 Market Price Yearend Less Than
Chapter 9 Inventories: Additional Issues 103. Zanesville Pots Co. uses the conventional retail method to estimate ending inventories. The following data has been summarized for the year ended December 31, 2016: Cost Retail Inventory, January 1 $ 88,000 $ 132,000 […]
Accounting Chapter 9 Nore production or distribution without the prior written
Chapter 9 Inventories: Additional Issues 82. Listed below are 10 terms followed by a list of phrases that describe or characterize the terms. Match each phrase with the number for the correct term. TERM PHRASE NUMBER 1. Dollar-value LIFO retail […]
Accounting Chapter 8 January 2016 When The Inventory Value Was 1200000
Chapter 8 Inventories: Measurement 121. Bettencourt Clothing Corporation uses a periodic inventory system and the LIFO cost method. The company began 2016 with the following inventory layers (listed in chronological order of acquisition): 5,000 units @ $10 $50,000 8,000 units […]
Accounting Chapter 8 Periodic inventory system Items sold are those
Chapter 8 Inventories: Measurement 92. Listed below are 10 terms, followed by a list of phrases that describe or characterize the terms. Match each phrase with the number for the correct term. TERM PHRASE NUMBER 1. FIFO Goods are transferred […]
Accounting Chapter 8 In a period when costs are falling and inventory
Chapter 8 Inventories: Measurement c. $5,077. d. $5,005. Answer: a Level of Learning: Hard Learning Objective: 08-04 Topic Area: Cost flow methods – Average cost periodic Blooms: Apply AACSB: Knowledge Application AICPA: FN Measurement Feedback: 1,000 x $7.20 $ 7,200 […]
Accounting Chapter 7 Balance Sheet Approach topic Area Notes Receivable
Chapter 7 Cash and Receivables AICPA: FN Measurement 144. If HP is using the balance sheet approach to determining bad debt expense, what percentage of year-end receivables did it use in 2013 and 2012, respectively? Answer: 2013: $332/$16,208 = 2.05%; […]
Accounting Chapter 7 Outstanding checks totaled $350 and deposits in transit
Chapter 7 Cash and Receivables 110. Alliance Software began 2016 with accounts receivable of $115,000. All sales are made on credit. Sales and cash collections from customers for the year were $780,000 and $700,000, respectively. Cost of goods sold for […]
Accounting Chapter 7 None These Answer Choices Are Correct answer level
Chapter 7 Cash and Receivables What amount should Halloran report for accounts receivable, before allowances, at December 31, 2016? a. $1,040,000. b. $ 970,000. c. $ 760,000. d. None of these answer choices are correct. Answer: b Level of Learning: […]
Accounting Chapter 7 Us Gaap Its 12312016 Balance Sheet Would
Chapter 7 Cash and Receivables True/False Questions 1. Cash equivalents would include investments in marketable equity securities as long as management intends to sell the securities in the next three months. Answer: False Level of Learning: 1 Easy Learning Objective: […]
Accounting Chapter 6 The bonds pay no interest during the period of time
Chapter 6 Time Value of Money Concepts Intermediate Accounting, Eighth Edition, Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 6–39 93. Bison Mfg. is considering two options for […]
Accounting Chapter 6 Present Value Ordinary annuity 2 Effective Yield 3 Monetary Liability4
Chapter 6 Time Value of Money Concepts 59. Zulu Corporation hires a new chief executive officer and promises to pay her a signing bonus of $2 million per year for 10 years, starting five years after she joins the company. […]
Accounting Chapter 6 Objective 0607 topic Area Present Value Annuity Due blooms
Chapter 6 Time Value of Money Concepts True/False Questions 1. Compound interest includes interest earned on interest. Answer: True Level of Learning: 1 Easy Learning Objective: 06-01 Topic Area: Simple versus compound interest Blooms: Remember AACSB: Reflective Thinking AICPA: BB […]
Accounting Chapter 5 Company Vulnerable Risks Associated With Holding Inventory
• V: ROE = ROA x Equity multiplier, so ROA = ROE / Equity multiplier = 0.16/1.9 = 8.4% • W: ROE = 16% = Net income / Avg. equity = 20 / {[w + 130]/2}; w = 120. • […]
Accounting Chapter 5 Pac The Pac Contract Price 150 Million
287. Assume that, on April 1, 2016, a customer visits MicrosoftStore.com and purchases Microsoft Windows 7 Ultimate for $170. Windows 7 Ultimate comes in a DVD format which the customer can use permanently, and Microsoft does not expect that its […]
Accounting Chapter 5 What Sdhs Journal Entry Record Revenue
AACSB: Analytic AICPA: FN Risk Analysis Feedback: Avg. collection period = 365 / (accounts receivable turnover) = 365 / (net sales / {avg A/R}) = 365 / (115 /{20 + 16} /2) = 57.13 days 192. Dowling’s return on equity […]
Accounting Chapter 5 Desert Homes Adh Constructed New Subdivision During
c. $1,850,000 d. $1,800,000 Answer: b Level of Learning: 2 Medium Learning Objective: 05-07 Topic Area: When (or as) performance obligation(s) satisfied – Gift cards Blooms: Apply AACSB: Analytic AICPA: FN Measurement Feedback: Sale of a gift card created deferred […]
Accounting Chapter 5 Recognition of franchise fee revenue is dependent on judgments of
74. When the cost recovery method is used to account for a long-term construction contract under IFRS, an equal amount of cost and revenue is typically recognized during the early life of the contract, such that high initial gross profit […]
Accounting Chapter 5 Sellers should recognize revenue over time for a long term
True/False Questions 1. Companies recognize revenue when goods or services are transferred to customers for the amount the company expects to be entitled to receive in exchange for those goods or services. Answer: True Level of Learning: 1 Easy Learning […]
Accounting Chapter 4 Measurement 101 Net Income Often Referred Quot the Bottom
Chapter 4 The Income Statement, Comprehensive Income, and the Statement of Cash Flows 94. Calstone, Inc., prepares a single, continuous statement of comprehensive income. The following situations occurred during the company’s 2016 fiscal year: 1. Land that had been held […]
Accounting Chapter 4 Nore production or distribution without the prior written
Chapter 4 The Income Statement, Comprehensive Income, and the Statement of Cash Flows c. Loss on the sale of equipment. d. Accounts receivable increase. Answer: c Level of Learning: 2 Medium Learning Objective: 04-08 Topic Area: Topic Area: Statement of […]
Accounting Chapter 4 The Income Statement Comprehensive Income
Chapter 4 The Income Statement, Comprehensive Income, and the Statement of Cash Flows Intermediate Accounting, Eighth Edition, Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 4–41 Use the […]
Accounting Chapter 3 November 20 2016b The Property Plant And
Chapter 3 The Balance Sheet and Financial Disclosures Blooms: Apply AACSB: Analytic AICPA: FN Risk Analysis 87. Compute the debt to equity ratio for Marjoram Company. Round your answer to two decimal places. Answer: ($108,400 + 100,000) / ($70,000 + […]
Accounting Chapter 3 Unqualified Opinion Independent And Professional Report About
Chapter 3 The Balance Sheet and Financial Disclosures a. 0.75. b. 1.13. c. 0.53. d. 1.80. Answer: b Level of Learning: 3 Hard Learning Objective: 03-08 Topic Area: Financing Ratios Blooms: Apply AACSB: Analytic AICPA: FN Risk Analysis Feedback: Debt […]
Accounting Chapter 3 Assets classified as property, plant, and equipment
Chapter 3 The Balance Sheet and Financial Disclosures True/False Questions 1. The balance sheet reports a company’s financial position at a point in time. Answer: True Level of Learning: 1 Easy Learning Objective: 03-01 Topic Area: The Balance Sheet Blooms: […]
Accounting Chapter 2 Interest Receivable 12 Year 3000 1500 Prepaid
Chapter 2 Review of the Accounting Process Use the following to answer questions 125–127: The adjusted trial balance for China Tea Company at December 31, 2016, is presented below: Debit Credit Cash 10,500 Accounts receivable 150,000 Prepaid rent 5,000 Inventory […]
Accounting Chapter 2 Critical Thinking intermediate Accounting Eighth Edition Copyright 2015
Chapter 2 Review of the Accounting Process 60. Permanent accounts would not include: a. Interest expense. b. Salaries and wages payable. c. Prepaid rent. d. Deferred revenues. Answer: a Level of Learning: 2 Medium Learning Objective: 02-01 Learning Objective: 02-07 […]
Accounting Chapter 2 December 31 2016 The End Larrys Used
Chapter 2 Review of the Accounting Process True/False Questions 1. Owners’ equity can be expressed as assets minus liabilities. Answer: True Level of Learning: 1 Easy Learning Objective: 02-01 Topic Area: The basic model – Accounting equation Blooms: Remember AACSB: […]
Accounting Chapter 1 Objective 0101 topic Area Cash Versus Accrual Accounting blooms
Chapter 1 Environment and Theoretical Structure of Financial Accounting 114. Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct number code for the term. […]
Economics Chapter 15 United States Try Become Totally Self reliant The
Copyright © 2016 Pearson Education, Inc. 46) Trade barriers are politically popular because A) they are a way to avoid trade wars and still protect domestic producers. B) people recognize their use as a negotiating tool in international relations. C) […]
Economics Chapter 15 An import quota specifies the
Copyright © 2016 Pearson Education, Inc. 43) The current U.S. average tariff rate A) less than 5 percent. B) greater than 10 percent. C) approximately 20 percent. D) over 50 percent. Answer: A Topic: The History of Tariffs Skill: Recognition […]
Accounting Chapter 12 Profit Margin profitability Analysis Asset Turnover learning Objective 1203
97 Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill […]
Economics Chapter 15 Us Demand Curve Shifts Leftward Us Supply
Copyright © 2016 Pearson Education, Inc. Macroeconomics, 12e (Parkin) Chapter 15 International Trade Policy 1 How Global Markets Work 1) The fundamental force that drives international trade is A) absolute advantage. B) comparative advantage. C) law of diminishing returns. D) […]
Accounting Chapter 12 LeBron’s Kids Camps has a current ratio of 0.75 to 1
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 189) Perform a horizontal analysis on the following information providing both the dollar amount and percentage change: 2021 2020 Cash […]
Economics Chapter 14 Fed Needs Raise The Federal Funds Rate
Copyright © 2016 Pearson Education, Inc. 16) In an effort to address the troubled economy, …”For the ninth time in just over a year, the Federal Reserve is expected to cut interest rates, quite possibly its last reduction in this […]
Accounting Chapter 12 Use Ratios Analyze Companys Profitability 1205 Distinguish Persistent
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 133) Which of the following statements is not true? A) We report any profits or losses on discontinued operations in […]
Economics Chapter 14 Chinese Economy This Rate The Chinese Equivalent The
Copyright © 2016 Pearson Education, Inc. 86) In the above figure, the economy experiences a decrease in aggregate demand so that the aggregate demand curve shifts from AD0 to AD1. If the Fed wants to offset this change, it would […]
Accounting Chapter 12 No reproduction or distribution without the prior written consent
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 100) Excerpts from TPX Company’s December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $ […]