Archives: Quiz
Chapter 9 4 Describe The Similarities And Differences Between
163. Discuss inventory accounting concepts and issues. INVENTORY Inventory refers to goods and other items that a firm owns and holds for sale or for further processing as part of its operations. Inventory is also called “stock” in some countries; […]
Chapter 9 3 Terrace Inc Uses The Periodic Lifo
149. The following data relates to Rose Industries during Year 8. January 1, Year 8 December 31, Year 8 Raw Materials Inventory $ 47,570 $ 58,640 Work-in-Process Inventory 128,910 117,390 Finished Goods Inventory 36,250 47,220 It incurred factory costs for […]
Chapter 9 2 Which The Following Not Generally Accepted
99. Winner Company Winner Company’s beginning and ending inventories for the fiscal year ended September 30, Year 5, are October 1, Year 4 September 30, Year 5 Raw materials $15,000 $22,000 Work-in-process 40,000 35,000 Finished goods 8,000 12,000 Production data […]
Chapter 9 1 Many Firms Provide Similar Types Airline
Chapter 9: Working Capital Key 1. The current–noncurrent distinction refers to whether a firm will convert an asset to cash, or consume it, or sell it within one operating cycle and whether a firm will pay or otherwise settle a […]
Chapter 8 3 Prepare Entries Record The Following Transactions
126. Prepare entries to record the following transactions using the direct write-off method for uncollectibles. a. The firm assumes that approximately 1% of total sales on account will prove uncollectible. Sales for Year 1 are $1,000,000. All sales are on […]
Chapter 8 2 Recognizing Revenue Before The Seller Collects
75. Recognizing revenue before the seller collects cash requires estimating the amount of uncollectible accounts with reasonable accuracy. Both U.S. GAAP and IFRS require the 76. Allowance for Uncollectibles contra account appears among the _____ on a firm’s balance sheet […]
Chapter 8 1 The Firm Has Received Promise Payment
Chapter 8: Revenue Recognition, Receivables, and Advances from Customers Key 1. If the firm has received a promise of payment but cannot measure this promise with reasonable reliability, and U.S. GAAP would permit revenue to be recognized, but IFRS would […]
Chapter 7 4 Describe The Relationship Between Return Assets
153. Describe the relationship between return on assets and return on common shareholders’ equity. RELATION BETWEEN RETURN ON ASSETS AND RETURN ON COMMON SHAREHOLDERS’ EQUITY For profitable firms, it is common for ROCE to exceed ROA. ROA measures the profitability […]
Chapter 7 3 The Financial Statements The Poston Company
140. Use the following comparative balance sheet to compute ratios as requested. Buff Company COMPARATIVE BALANCE SHEET As of December 31, Year 1 and Year 2 Assets Year 2 Year 1 Current assets Cash $10,000 $ 5,000 Accounts receivable 6,000 […]
Chapter 7 2 Selected Data From Carson Corporations Financial
99. Selected data from Carson Corporation’s financial statements for the year ended December 31, Year 2 are as follows. Current ratio 1.4 Quick ratio 0.86 Current liabilities $450,000 Accounts receivable turnover 6.0 Merchandise inventory turnover 4.0 Rate of return on […]
Chapter 7 1 Practical Matter Most Firms Report Segment
Chapter 7: Introduction to Financial Statement Analysis Key 1. Financial statement ratios alone provide direct indicators of good or poor management. 2. The return from investing in the shares of common stock has two components: cash dividends and the change […]
Chapter 6 3 Different Points Their Existence Companies Will
130. Below is an Income Statement and a Statement of Cash Flows for Morgan Corporation for Year 8. Morgan Corporation Income Statement For the Year Ended December 31, Year 8 Sales Revenue $11,400 Gain on Sale of Equipment 60 Interest […]
Chapter 6 2 While The Indirect Method Prevalent The
97. While the indirect method is prevalent in the construction of cash flow statements in the U.S., why might a firm choose to construct its cash flow statement using the direct method? 98. U.S. GAAP A. permits firms to report […]
Chapter 6 1 Many Countries Around The World Require
Chapter 6: Statement of Cash Flows Key 1. A profitable firm can never run out of cash. 2. Using the accrual basis of accounting to measure net income creates the need for a separate financial statement that reports the impact […]
Chapter 5 2 which of the following is/are not a component of
89. Comprehensive income as defined by the FASB 90. All of the following is/are components of comprehensive income except A. foreign currency translation adjustment. B. unrealized gains and losses on trading securities. C. deferred gains and losses on derivative financial […]
Chapter 5 1 The Firm Recognizes Expense When The
Chapter 5: Income Statement: Reporting Results of Operating Activities Key 1. Revenues measure the inflow of net assets from operating activities. 2. Expenses provide future benefits, and assets measure the consumption of those benefits. FALSE 3. Expenditures on advertising and […]
Chapter 4 2 For Each The Following Items Indicate
100. For each of the following items, indicate whether the item meets all of the criteria in the definition of a liability [Yes or No]. If so, how does the firm value it? If not, why not? a.. Bonds payable. […]
Chapter 4 1 What Probable Future Economic Benefit That
Chapter 4: Balance Sheet: Presenting and Analyzing Resources and Financing Key 1. Accounting does not normally recognize mutually unexecuted contracts as assets or liabilities. 2. Acquisition cost includes all costs required to prepare an asset for its intended use. TRUE […]
Chapter 3 3 Assume That Firm Uses The Accrual
120. Entries for the following items were either omitted or recorded incorrectly in preparing the financial statements for Year 3. Indicate the amount and nature [understatement (U), overstatement (O), no effect (N)] of the effect of the omission on total […]
Chapter 3 2 The Intermingling Performance One Period With
106. The intermingling of performance of one period with that of preceding or succeeding periods is characteristic of which basis of accounting? Cash basis Accrual basis 107. The net income for a period and the financial position at the end […]
Chapter 3 1 Record The Purchase Equipment That Fully
Chapter 3: The Basics of Record Keeping and Financial Statement Preparation: Income Statement Key 1. The last step in the accounting record-keeping process is preparing the balance sheet from amounts in the balance sheet accounts. 2. Current accounting practice takes […]
Chapter 2 2 European Countries Terminology Financial Statements Sometimes
89. Supplies and More, a firm specializing in building materials, engaged in the following four transactions during 2014: (1) purchased and received inventory costing $18,600 million, of which $12,000 million was on account with the rest paid in cash; (2) […]
Chapter 2 1 Maintain The Balance Sheet Equality Necessary
Chapter 2: The Basics of Record Keeping and Financial Statement Preparation: Balance Sheet Key 1. The T-account looks like the letter T, with a horizontal line bisected by a vertical line. Increases in shareholders’ equity appear on the right side, […]
Chapter 1 3 The FASB is an agency of the federal government
Liabilities and Shareholders’ Equity Current liabilities Accounts payable $ 5,219 $ 7,873 Salaries payable 481 594 Income taxes payable 414 580 Other current liabilities 185 1,115 Total current liabilities 6,299 10,162 Noncurrent liabilities Bonds payable, due Year 20 10,313 4,602 […]
Chapter 1 2 Use The Abbreviations Below Classify The
107. Education Power is a charitable organization that promotes educational opportunities for inner city children and adults. Describe how the four common key activities would differ for this organization as opposed to a for-profit business entity. Setting Goals and Strategies: […]
Chapter 1 1 Which The Following Not Business Activity
Chapter 1: Introduction to Business Activities and Overview of Financial Statements and the Reporting Process Key 1. The activities of a business include establishing goals and strategies, obtaining financing, making investments and conducting operations. 2. Goals are the end results […]
Chapter 23 5 the amino acid shown below can be classified as
188) Based on the structure of its side chains, the amino acid shown below can be classified as A) acidic. B) basic. C) neutral, non-polar. D) neutral, polar. 81 Answer: C Diff: 2 Var: 1 Topic: Conceptual Problems Learning Obj: […]
Chapter 23 4 Based on the structure of its side chains
160) Identify the amino acid shown below. A) Methionine (Met) B) Phenylalanine (Phe) C) Proline (Pro) D) Tryptophan (Trp) Answer: B Diff: 2 Var: 1 Topic: Conceptual Problems Learning Obj: LO 23.16 Identify amino acids, show how they join together […]
Chapter 15 2 Tangshan Mining borrowed $10,000 for one year under a line
Copyright © 2015 Pearson Education, Inc. 28) Tangshan Mining borrowed $10,000 for one year under a line of credit with a stated interest rate of 8 percent and a 10 percent compensating balance. Thus, the firm keeps a balance of […]
Chapter 23 3 All Three Are Equal Crystals answer Atopic Section
144) What does the term “essential” mean when referring to amino acids? These are the amino acids which A) are necessary for digestion. B) are necessary for respiration. C) are synthesized in our bodies. D) we must obtain from our […]
Chapter 15 1 Spontaneous unsecured financing has a specific interest cost
Copyright © 2015 Pearson Education, Inc. Principles of Managerial Finance, Brief, 7e (Gitman) Chapter 15 Current Liabilities Management 15.1 Review accounts payable, the key components of credit terms, and the procedures for analyzing those terms. 1) Spontaneous unsecured financing has […]
Chapter 23 2 All Are Branched Hydrocarbons b None Are Branched
80) The C-C=O bond angle in acetic acid, shown below, is closest to O CH3C–OH A) 90°. B) 109.5°. C) 120°. D) 180°. Answer: C Topic: Section 23.8 Carbonyl Compounds 81) The H-C-H bond angles in acetic acid, shown below, […]
Chapter 15 3 The cost of borrowing through the sale of commercial paper
Copyright © 2015 Pearson Education, Inc. 13) The cost of borrowing through the sale of commercial paper is typically ________ the prime bank loan rate. A) lower than B) the same as C) unrelated to D) higher than Answer: A […]
Chapter 23 1 Which one of the structures below is different from the other three
Chemistry, 6e (McMurry/Fay) Chapter 23 Organic and Biological Chemistry 23.1 Multiple-Choice Questions 1) The most important characteristic of carbon atoms for forming organic molecules is A) ability to bond together to form long chains. B) ability to form multiple covalent […]
Chapter 14 6 The yields on negotiable certificates of deposit are typically
Copyright © 2015 Pearson Education, Inc. 29) The yields on negotiable certificates of deposit are typically above those on U.S. Treasury issues and comparable to the yields on commercial paper with similar maturities. Answer: TRUE Diff: 1 Topic: Investing in […]
Chapter 22 1 The most important characteristic of carbon atoms for forming organic
Chemistry, 6e (McMurry/Fay) Chapter 22 Nuclear Chemistry 22.1 Multiple-Choice Questions 1) Mass defect is the mass lost when A) an atom is formed from individual protons, neutrons, and electrons. B) a nucleus is formed from individual protons and neutrons. C) […]
Chapter 14 5 Increased collection expenditures should reduce the investment
Copyright © 2015 Pearson Education, Inc. 5) If a firm’s credit period is decreased, the sales volume, the investment in accounts receivable, and the bad debt expenses can be expected to increase. Answer: FALSE Diff: 1 Topic: Credit Terms Learning […]
Chapter 21 2 Which of these elements is likely to be found in nature as
A) TiCl4 + 4 HOCH2CH3 + 4 NH3 → Ti(OCH2CH3)4 + 4 NH4Cl (in benzene) B) Ti(OCH2CH3)4 + 4 H2O → Ti(OH)4 + 4 HOCH2CH3 C) (HO)3–Ti-OH + HO-Ti-(OH)3 → (HO)3–Ti-O-Ti(OH)3 + H2O D) 4 Ti(OH)4 + heat → 2 […]
Chapter 14 2 A firm has an operating cycle of 170 days
Copyright © 2015 Pearson Education, Inc. 43) Other factors remaining constant, a decrease in the average age of inventory will result in ________. A) a decrease in the average collection period B) a decrease in the cash conversion cycle C) […]
Chapter 21 1 What minerals are important commercial sources of metals
Chemistry, 6e (McMurry/Fay) Chapter 21 Metals and Solid-State Materials 21.1 Multiple-Choice Questions 1) What are the most abundant minerals in the earth’s crust? A) aluminosilicates and silicates B) chlorides and iodides C) nitrates and phosphates D) oxides and sulfides Answer: […]
Chapter 14 4 Taizhou Products uses 800 units of a product per year
Copyright © 2015 Pearson Education, Inc. 40) Taizhou Products uses 800 units of a product per year on a continuous basis. The product has carrying costs of $50 per unit per year and order costs of $300 per order. It […]
Chapter 20 2 Which one of the following complexes is considered
95) Which one of the following complexes is considered to be tetrahedral? A) [FeCl4]– B) [Ni(CN)4]2- C) [PtCl4]2- D) [PdCl2(NH3)2] Answer: A Topic: Section 20.12 Crystal Field Theory 96) How many unpaired electrons will Co have in the complex [CoCl4]2-? […]
Chapter 14 3 A firm has arranged for a lockbox system to reduce collection
Copyright © 2015 Pearson Education, Inc. 100) A firm has arranged for a lockbox system to reduce collection time of accounts receivable. Currently the firm has an average collection period of 43 days, an average age of inventory of 50 […]
Chapter 20 1 In which blocks of the periodic table are the transition
Chemistry, 6e (McMurry/Fay) Chapter 20 Transition Elements and Coordination Chemistry 20.1 Multiple-Choice Questions 1) The number of transition series is A) one B) two C) four D) seven Answer: C Topic: Introduction 2) In which blocks of the periodic table […]
Chapter 14 1 liabilities to achieve a balance between profitability and risk
Copyright © 2015 Pearson Education, Inc. Principles of Managerial Finance, Brief, 7e (Gitman) Chapter 14 Working Capital and Current Assets Management 14.1 Understand working capital management, net working capital, and the related trade-off between profitability and risk. 1) Short-term financial […]
Chapter 19 3 What is the likely formula for the binary compound formed
148) At 25°C the elements indicated by the shaded area in the following periodic table are all A) diatomic molecules. B) gases. C) liquids. D) nonmetals that are solids. Answer: D Topic: Conceptual Problems 149) What is the name for […]
Chapter 13 3 A firm has had the indicated earnings per share over the last
Copyright © 2015 Pearson Education, Inc. 18) An advantage of a ________ is that it avoids giving shareholders false hopes. A) constant-payout-ratio policy B) regular dividend policy C) low-regular-and-extra dividend policy D) target dividend policy Answer: C Diff: 1 Topic: […]
Chapter 19 2 Which group 6A element is naturally radioactive
106) Which group 6A element is naturally radioactive? A) S B) Se C) Te D) Po Answer: D Topic: Section 19.12 Group 6A Elements 107) What statement is not characteristic about group 6A elements? A) Oxygen, sulfur, and selenium are […]
Chapter 13 1 Payout policy refers to the decisions that firms
Copyright © 2015 Pearson Education, Inc. Principles of Managerial Finance, Brief, 7e (Gitman) Chapter 13 Payout Policy 13.1 Understand cash payout procedures, their tax treatment, and the role of dividend reinvestment plans. 1) Payout policy refers to the decisions that […]
Chapter 19 1 What are the three most abundant elements in the Earth’s crust
Chemistry, 6e (McMurry/Fay) Chapter 19 The Main-Group Elements 19.1 Multiple-Choice Questions 1) What are the three most abundant elements in the Earth’s crust? A) H, O, C B) O, Al, Si C) O, Si, Fe D) Al, Si, Fe Answer: […]