Archives: Quiz
Finance Chapter 1 2 The Overall Goal Capital Budgeting Projects
53. The overall goal of capital budgeting projects should be to: AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Gradable: automatic Learning Objective: 01-01 Give examples of the investment and financing decisions that financial managers make. Topic: […]
Finance Chapter 1 1 Which One These Disadvantage The Corporate
Chapter 01 Test Bank – Static Key 1. The liability of sole proprietors is limited to the amount of their investment in the company. AACSB: Communication Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 1 Easy Gradable: automatic Learning Objective: 01-03 Cite […]
Chapter 14 Determine whether the process mean is withinstatistical control
Chapter 13 There Sufficient Evidence Support Claim Correlation Between
Chapter 12 Given Below Are The Analysis Variance Results
Chapter 13 4 Compute The Following Ratios For Ulysses Company
Chapter 13: Financial Statement Analysis 193. The following information is available from the balance sheets at the end of 2016 and 2015 for Kitchen Equipment Company. 2016 2015 Accounts payable $ 120,000 $ 100,000 Accrued liabilities 35,000 30,000 Taxes payable […]
Chapter 13 3 Using The Information Provided Compute The Following
Chapter 13: Financial Statement Analysis 173. Presented below are selected data from the financial statements of Hospital Supply Company for 2016, 2015, and 2014. 2016 2015 2014 Total assets $650,000 $821,000 $800,000 Net credit sales 800,000 650,000 720,000 Accounts receivable […]
Chapter 13 2 Observations From Malteses Common size Statements Although Sales
Chapter 13: Financial Statement Analysis 90. Which of the following statements is true? a. The return on assets ratio indicates whether the company can pay its current debt when it becomes due. b. The causes for an increase or decrease […]
Chapter 12 4 The Statement Cash Flows Obtained Long term Bank
Chapter 12: The Statement of Cash Flows 186. Use the selected data from the consolidated statements of cash flows for College Corporation for the years ended December 31, 2016 and 2015, to answer the questions that follow. (in thousands) 2016 […]
Chapter 12 3 The Statement Cash Flows Selected
Chapter 12: The Statement of Cash Flows 165. Selected data from the financial statements of Ames Corporation for the years ended December 31, 2015 and 2016 are presented below. (In thousands) 2016 2015 Cash and cash equivalents $ ? $ […]
Chapter 12 2 The Following Events Occurred Cute Canines
Chapter 12: The Statement of Cash Flows 85. Pilot Company reported the following information for 2015 and 2016. Prepaid insurance, December 31, 2015 $ 2,400 Prepaid insurance, December 31, 2016 1,500 Insurance expense—2016 14,200 How much cash was paid for […]
Chapter 12 1 Which The Following Statements False a The Method
CHAPTER 12: THE STATEMENT OF CASH FLOWS 1. Which of the following statements is true? a. If a company reports net income on its income statement, it should report an increase in cash on its statement of cash flows. b. […]
Chapter 11 4 Year Preferred Dividends Common Dividends
Chapter 11: Stockholders’ Equity 178. 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 […]
Chapter 15 Prepare The Operating Activities Section The Statement
Net income $ 24,000 The beginning and ending balances for last year are available for the following accounts: Ending Beginning balance balance Accounts receivable $32,000 $40,000 Inventory 60,000 50,000 Prepaid expenses 12,000 8,000 Accumulated depreciation (40,000) (30,000) Accounts payable 30,000 […]
Chapter 11 3 Approved 2for1 Stock Split The Common Stock
Chapter 11: Stockholders’ Equity 160. In the space provided, indicate the effect of the dividend transactions on each account listed by writing the amount and whether the account would be increased or decreased. The company has 10,000 shares of $1 […]
Chapter 15 Common stock was issued to retire bonds payable during
C. Calculate the amount of the net cash flows from financing activities. D. Calculate the net change in cash. 6. Use the following selected data and additional information to answer the questions that follow: Balance Sheet Data 2014 2013 Accounts […]
Chapter 11 2 Calculate The Book Value Per Common Share
Chapter 11: Stockholders’ Equity 88. [APPPENDIX] When an individual wishes to form a sole proprietorship, he or she does so by a. filing a petition with the IRS. b. purchasing stock in the proprietorship. c. filing corporate paperwork with the […]
Chapter 15 Use The Following Information Perform The Calculations
Credit balances: Accumulated Depreciation 23,000 Accounts payable (10,000) Accrued liabilities 7,000 Taxes payable 5,000 Bonds payable 40,000 Based solely on this information, the net cash flows from operating activities under the indirect method on the statement of cash flows would […]
Chapter 11 1 Use the incomplete stockholders’ equity section of Vargas
CHAPTER 11: STOCKHOLDERS’ EQUITY 1. Use the incomplete stockholders’ equity section of Vargas Company’s balance sheet as of December 31, 2015, to answer the following question. Common stock, $7 par, 100,000 shares authorized $700,000 Additional paid-in capital—common 160,000 Retained earnings […]
Chapter 10 3 Deferred Income Taxes answer Long term Debt Arises From
Chapter 10: Long-Term Liabilities Redemption price: $95,000 × 1.02 = $96,900 Carrying value: $95,000 – $2,750 = 92,250 ANSWER: 1. $(4,650) loss 2. The gain or loss on bond redemption should be presented on the income statement. In most cases, […]
Chapter 14 The After tax Cash Flows Associated With The
72. When investing in automated systems, which of the following intangible or indirect benefits may be important? a. improved customer satisfaction b. improved market share c. reduced support labor cost d. reduced lead time e. All of these. 73. Which […]
Chapter 10 2 Total Liabilities For The Two Years Were
Chapter 10: Long-Term Liabilities 104. When the market rate of interest is less than the face rate, then the bond issue will be sold at a discount. a. True b. False ANSWER: False 105. The excess of the face value […]
Chapter 10 1 Garage Master Construction Inc Issued 500000 10year
CHAPTER 10: LONG-TERM LIABILITIES 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 […]
Appendix A 1 Which of the following is a commonly cited disadvantage
© 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. ANSWER: a ANSWER: a ANSWER: d APPENDIX A: INTERNATIONAL FINANCIAL REPORTING STANDARDS 1. All […]
Chapter 9 3 Why That Normally Sound Financial Move answer Memorandum to
Chapter 9: Current Liabilities, Contingencies, and the Time Value of Money Valance & Company Use the selected data from the balance sheet and cash flow statements for Valance & Company to answer the questions that follow. Valance & Company Balance […]
Chapter 13 The operations of Knickers Corporation are divided into
26. Houston Corporation manufacturers a part for its production cycle. The costs per unit for 5,000 units of this part are as follows: Direct materials $ 32 Direct labor 40 Variable overhead 16 Fixed overhead 32 Total $120 Johnson Company […]
Chapter 9 2 Below Are Several Independent Items Listed
Chapter 9: Current Liabilities, Contingencies, and the Time Value of Money 98. Income taxes payable is a current liability. a. True b. False ANSWER: True 99. A company gives a two-year warranty for its product. The estimated liability for product […]
Chapter 9 1 Current Liabilities Contingencies And The Time value
CHAPTER 9: CURRENT LIABILITIES, CONTINGENCIES, AND THE TIME VALUE OF MONEY 1. Redfearn Company has current assets of $150,000 and current liabilities of $60,000. How much inventory could it purchase on account and achieve its minimum desired current ratio of […]
Chapter 8 4 Why This Treatment Required answer Research And Development
Chapter 8: Operating Assets: Property, Plant, and Equipment, and Intangibles 187. Refer to the information for Hu Corporation. Required: Calculate the following ratios for Hu for 2015. A. Average life of property, plant, and equipment B. Average age of property, […]
Chapter 8 3 Assume that Alabama Company purchased factory equipment
Chapter 8: Operating Assets: Property, Plant, and Equipment, and Intangibles Annual Depreciation Accumulated Depreciation Book Value $13,800* $13,800 $61,200 13,800 27,600 47,400 13,800 41,400 33,600 13,800 55,200 19,800 13,800 69,000 6,000 ANSWER: Depreciation, accumulated depreciation, and book value for the […]
Chapter 8 2 Gommert Co Purchased Land And Building For
Chapter 8: Operating Assets: Property, Plant, and Equipment, and Intangibles Farley River Inc. Use the information presented below for Farley River, Inc. for 2015 and 2014 to answer the questions that follow. Farley River uses the straight-line depreciation method. 2015 […]
Achievement Test 12 depreciation is computed by the straight-line method
Achievement Test 12: Chapters 23–24 Name _________________________ Accounting, 5e Instructor ______________________ Section # _______ Date _________ Part I II III IV V Total Points 30 10 30 20 10 100 Score PART I — MULTIPLE CHOICE (30 points) Instructions: Designate […]
Chapter 8 1 Operating Assets Property Plant And Equipment And
CHAPTER 8: OPERATING ASSETS: PROPERTY, PLANT, AND EQUIPMENT, AND INTANGIBLES 1. Wyoming Real Estate purchased a building for $600,000 in 2002. At the end of 2014, when it had a book value of $450,000, it was appraised for $1,000,000. A […]
Achievement Test 11 office stuff produced 15,000 file cabinets at a cost
Achievement Test 11: Chapters 21–22 Name _________________________ Accounting, 5e Instructor ______________________ Section # _______ Date _________ Part I II III IV Total Points 26 32 22 20 100 Score PART I — MULTIPLE CHOICE (26 points) Instructions: Designate the best […]
Achievement Test 10 what is a relevant cost? a. it is a sunk cost
Achievement Test 10: Chapter 20 Name _________________________ Accounting, 5e Instructor ______________________ Section # _______ Date _________ Part I II III Total Points 20 20 60 100 Score PART I — MULTIPLE CHOICE (20 points) Instructions: Designate the best answer for […]
Chapter 7 3 When Bad Debts Expense Estimated Using The
Chapter 7: Receivables and Investments 172. Stream Media Inc. and Techtronics are competitors in the same industry. The following information was summarized from a recent annual report of Stream Media Inc.: (In millions) Receivables: December 31, 2015 $ 1,968 December […]
Achievement Test 9 unit selling price ÷ $40 contribution margin per unit
Achievement Test 9: Chapters 18–19 Name _________________________ Accounting, 5e Instructor ______________________ Section # _______ Date _________ Part I II III IV V VI Total Points 28 10 12 14 24 12 100 Score PART I — MULTIPLE CHOICE (28 points) […]
Chapter 11 A static budget compares actual cost with budgeted costs
Chapter 11 – Flexible Budgets and Overhead Analysis 1. A static budget compares actual cost with budgeted costs. a. True b. False ANSWER: False RATIONALE: A performance report compares actual cost with budgeted costs. 2. Static budgets are the best […]
Chapter 7 2 Prepare The Journal Entry Recognize Bad Debts
Chapter 7: Receivables and Investments 86. The reason the allowance method of recognizing bad debts is used is primarily because it recognizes the maximum amount of write-off in each period. a. True b. False ANSWER: False 87. Carson Enterprises’ comparative […]
Achievement Test 8 the primary benefit of activity-based costing is that it leads
Achievement Test 8: Chapters 16–17 Name _________________________ Accounting, 5e Instructor ______________________ Section # _______ Date _________ Part I II III IV V Total Points 30 10 25 20 15 100 Score PART I — MULTIPLE CHOICE (30 points) Instructions: Designate […]
Chapter 7 1 Lasiter’s Accounts Receivable Turnover Rate For
CHAPTER 7: RECEIVABLES AND INVESTMENTS 1. Which one of the following is not an accurate description of Allowance for Doubtful Accounts? a. Contra account b. Balance sheet account c. Income statement account d. Current asset account ANSWER: c 2. The […]
Achievement Test 7 a debit balance in the manufacturing overhead account
Achievement Test 7: Chapters 14-15 Name _________________________ Accounting, 5e Instructor ______________________ Section # _______ Date _________ Part I II III IV Total Points 30 20 22 28 100 Score PART I — MULTIPLE CHOICE (30 points) Instructions: Designate the best […]
Chapter 6 3 Students Answers Will Vary But May Include
Chapter 6: Cash and Internal Control 172. Sarcon Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement for October, 2014, indicated the following: Balance, October 31, 2014 $7,920 Service charge for October 20 Interest earned during […]
Chapter 6 2 Neither strengthens nor violates internal control
Chapter 6: Cash and Internal Control 90. The following set of items describes activities completed by a company in purchasing and paying for merchandise. For each activity, identify whether or not the activity adheres to or violates sound internal control […]
Achievement Test 6 which of the following is a disadvantage of the corporate form of business
Achievement Test 6: Chapters 11-13 Name _________________________ Accounting Instructor ______________________ Kimmel, Weygandt, & Kieso Section # _______ Date _________ Part I II III IV V VI VII Total Points 36 6 6 10 12 10 20 100 Score PART I […]
Chapter 10 Managers develop quantity standards when they decide
Chapter 10—Standard Costing: A Managerial Control Tool TRUE/FALSE 1. Managers develop quantity standards when they decide what amount of input should be used per unit of output. 2. Managers develop price standards when they determine what amount should be paid […]
Achievement Test 4 which of the following represent the three classifications of receivables
Achievement Test 4: Chapters 7 and 8 Name _________________________ Accounting Instructor ______________________ Kimmel, Weygandt, & Kieso Section # _______ Date _________ Part I II III IV V VI Total Points 30 12 18 11 20 9 100 Score PART I […]
Chapter 9 Fredder Company usually sells about 20% of its merchandise
+ Desired ending inventory 0 0 Bottles needed 12 68 − Beginning inventory − 6 − 14 Bottles to purchase 6 54 PTS: 1 DIF: Difficulty: Easy OBJ: LO: 9-2 NAT: BUSPROG: Analytic STA: AICPA: FN-Decision Modeling | IMA: Budget […]
Achievement Test 3 a company returned goods for credit to the supplier
Achievement Test 3: Chapters 5 and 6 Name _________________________ Accounting Instructor ______________________ Kimmel, Weygandt, and Kieso Section # _______ Date _________ Part I II III IV V Total Points 30 30 18 12 10 100 Score PART I — MULTIPLE […]
Chapter 5 3 January And Giant mart Received The Shoes February
Chapter 5: Inventories and Cost of Goods Sold 184. The cost of goods sold for Johnnie, Inc. totaled $1,305,000. Sales returns and purchase returns were $3,000 and $4,000, respectively. Purchases totaled $1,300,000. Discounts taken by Johnnie totaled $7,000, while discounts […]