Archives: Quiz
978-1337398169 Test Bank Chapter 2 Part 5
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 41 BUSPROG: Analytic DATE CREATED: 7/22/2017 5:26 PM DATE MODIFIED: 10/16/2017 4:19 PM 100. Which one of the statements below is not a purpose for the journal? a. […]
978-1337398169 Test Bank Chapter 2 Part 4
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 31 77. The debit side of an account a. depends on whether the account is an asset, liability, or stockholders’ equity b. can be either side of the […]
978-1337398169 Test Bank Chapter 2 Part 3
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 21 POINTS: 1 DIFFICULTY: Moderate Bloom’s: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.02-02 – LO: 02–02 STATE STANDARDS: United States – IN – […]
978-1337398169 Test Bank Chapter 2 Part 2
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 11 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.ACBSP.APC.03 – Business Forms ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 5:26 PM DATE MODIFIED: 10/16/2017 4:19 PM 27. When an […]
978-1337398169 Test Bank Chapter 2 Part 1
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 1 1. Accounts are records of increases and decreases in individual accounting equation elements. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy Bloom’s: Remembering QUESTION TYPE: […]
978-1337398169 Test Bank Chapter 14 Part 10
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 90 Market price per share of common stock ($25) —-—————-——————-—————– = 14.1 Earnings per share of common stock ($1.77) (f) Dividends per share of common stock ($1.46) […]
978-1337398169 Test Bank Chapter 14 Part 9
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 81 Sales on account 950,000 825,000 (a) Assuming that credit terms on all sales are n/45, determine for each year (1) the accounts receivable turnover and (2) […]
978-1337398169 Test Bank Chapter 14 Part 8
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 71 Total liabilities and stockholders’ equity $1,125 $800 (a) Using horizontal analysis, show the percentage change for each balance sheet item using Year 1 as a base […]
978-1337398169 Test Bank Chapter 14 Part 7
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 61 DIFFICULTY: Bloom’s: Remembering Moderate QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.14–06 – LO: 14–06 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.ACBSP.APC.23 – Financial Statement […]
978-1337398169 Test Bank Chapter 14 Part 6
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 51 RATIONALE: Ratio of Sales to Total Assets = Sales / Average Total Assets = $85,000 / $250,000 = 0.34 POINTS: 1 DIFFICULTY: Bloom’s: Remembering Easy QUESTION […]
978-1337398169 Test Bank Chapter 14 Part 5
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 41 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 […]
978-1337398169 Test Bank Chapter 14 Part 4
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 31 ANSWER: c RATIONALE: Quick assets = Accounts receivable + Cash + Marketable securities = $65,000 + $30,000 + $36,000 = $131,000 POINTS: 1 DIFFICULTY: Bloom’s: Remembering […]
978-1337398169 Test Bank Chapter 14 Part 3
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 21 ANSWER: True POINTS: 1 DIFFICULTY: Bloom’s: Remembering Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.14-APP1 – LO: 14–APP1 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – […]
978-1337398169 Test Bank Chapter 14 Part 2
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 11 ACCT.AICPA.BB.07 – Critical Thinking ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:35 PM DATE MODIFIED: 10/16/2017 6:37 PM 29. The number of days’ sales in […]
978-1337398169 Test Bank Chapter 14 Part 1
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 1 1. Comparative financial statements are designed to compare the financial statements of two or more corporations. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Bloom’s: […]
978-1337398169 Test Bank Chapter 13 Part 10
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 90 equipment (45,500)* Free cash flow $379,500 Cash payments for operating expenses $ 77,870 POINTS: 1 DIFFICULTY: Bloom’s: Applying Moderate QUESTION TYPE: Subjective Short Answer HAS […]
978-1337398169 Test Bank Chapter 13 Part 9
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 81 Increase in inventories (16,500) Decrease in accounts payable (1,500) Net cash flow from operating activities $107,000 Cash flows from investing activities: Cash received from sale […]
978-1337398169 Test Bank Chapter 13 Part 8
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 71 DATE MODIFIED: 10/16/2017 6:30 PM 166. On the basis of the details of the common stock account presented below, calculate the total amount to be […]
978-1337398169 Test Bank Chapter 13 Part 7
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 61 activity on the statement of cash flows under the indirect method. a. Purchased treasury stock b. Sold equipment at book value c. Net income d. […]
978-1337398169 Test Bank Chapter 13 Part 6
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 51 The following selected account balances appeared on the financial statements of the Washington Company. Use these balances to answer the questions that follow. Accounts receivable, […]
978-1337398169 Test Bank Chapter 13 Part 5
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 41 Accounts payable (merchandise creditors) 75,000 89,000 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by […]
978-1337398169 Test Bank Chapter 13 Part 4
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 31 activities related to dividends ANSWER: a POINTS: 1 DIFFICULTY: Bloom’s: Remembering Easy QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.13–02 – LO: 13–02 […]
978-1337398169 Test Bank Chapter 13 Part 3
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 21 b. the cash flows from investing activities section c. a separate schedule d. the cash flows from operating activities section ANSWER: c POINTS: 1 DIFFICULTY: […]
978-1337398169 Test Bank Chapter 13 Part 2
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 11 DIFFICULTY: Easy Bloom’s: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.13–02 – LO: 13–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.24 – Statement of Cash […]
978-1337398169 Test Bank Chapter 13 Part 1
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 1 1. The statement of cash flows is not one of the basic financial statements. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Bloom’s: Remembering […]
978-1337398169 Test Bank Chapter 12 Part 10
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 90 Retained Earnings 200,000 Treasury Stock (cost – $12 per share) 60,000 Answer the following questions: 1. How many shares of treasury stock are […]
978-1337398169 Test Bank Chapter 12 Part 9
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 81 DATE MODIFIED: 10/16/2017 6:21 PM 197. Journalize the following selected transactions completed during the current fiscal year: Jan. 3 The board of directors […]
978-1337398169 Test Bank Chapter 12 Part 8
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 71 Cash 144,000 Common Stock 20,000 Paid-In Capital in Excess of Par—Common Stock 124,000 (b) Land 130,000 Common Stock 25,000 Paid-In Capital in Excess […]
978-1337398169 Test Bank Chapter 12 Part 7
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 61 7 Cash 520,000 Preferred Stock 250,000 Paid-In Capital in Excess of Par —Preferred Stock 270,000 ACCT.AICPA.FN.03 – Measurement ACCT.AICPA.FN.04 – Reporting BUSPROG: Analytic […]
978-1337398169 Test Bank Chapter 12 Part 6
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 51 a. $34,000 b. $37,000 c. $41,000 d. $44,000 ANSWER: a RATIONALE: Year-end retained earnings balance = Beginning retained earnings balance – Depreciation expense […]
978-1337398169 Test Bank Chapter 12 Part 5
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 41 Dividends per share: Preferred stock = $65,000 / 20,000 = $3.25 Common stock = $25,000 / 100,000 = $0.25 POINTS: 1 RATIONALE: Preferred […]
978-1337398169 Test Bank Chapter 12 Part 4
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 31 c. 25,000 d. 30,000 ANSWER: c RATIONALE: Number of shares outstanding = Number of shares originally issued – Number of shares reacquired = […]
978-1337398169 Test Bank Chapter 12 Part 3
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 21 b. False ANSWER: False RATIONALE: Market value of the stock after the split = $150 / 4 = $37.50 POINTS: 1 DIFFICULTY: Bloom’s: […]
978-1337398169 Test Bank Chapter 12 Part 2
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 11 28. When no-par stock is issued, Common Stock is credited for the selling price of the stock issued. a. True b. False ANSWER: […]
978-1337398169 Test Bank Chapter 12 Part 1
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 1 1. Twenty percent of all businesses in the United States are corporations, and they account for 80% of the total business dollars generated. […]
978-1337398169 Test Bank Chapter 11 Part 8
Chapter 11 – Liabilities: Bonds Payable Copyright Cengage Learning. Powered by Cognero. Page 71 Cash 2,060,000 c. Bonds Payable 2,060,000 Cash 2,060,000 d. Bonds Payable 2,060,000 Cash 2,000,000 Loss on Redemption of Bonds 60,000 ANSWER: a POINTS: 1 DIFFICULTY: Bloom’s: […]
978-1337398169 Test Bank Chapter 11 Part 7
Chapter 11 – Liabilities: Bonds Payable Copyright Cengage Learning. Powered by Cognero. Page 61 Year 3 Oct. 1 Bonds Payable 1,000,000 Loss on Redemption of Bonds 40,000 Cash 1,040,000 POINTS: 1 DIFFICULTY: Bloom’s: Applying Moderate (c) Called bonds at 98. […]
978-1337398169 Test Bank Chapter 11 Part 6
Chapter 11 – Liabilities: Bonds Payable Copyright Cengage Learning. Powered by Cognero. Page 51 ACCREDITING STANDARDS: ACCT.ACBSP.APC.22 – Long-Term Liabilities Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:29 PM DATE MODIFIED: 10/16/2017 6:10 PM 117. The Merchant Company […]
978-1337398169 Test Bank Chapter 11 Part 5
Chapter 11 – Liabilities: Bonds Payable Copyright Cengage Learning. Powered by Cognero. Page 41 LEARNING OBJECTIVES: FNMN.WAJO.19.11-02 – LO: 11–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.22 – Long-Term Liabilities Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:29 PM DATE MODIFIED: 10/16/2017 […]
978-1337398169 Test Bank Chapter 11 Part 4
Chapter 11 – Liabilities: Bonds Payable Copyright Cengage Learning. Powered by Cognero. Page 31 HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.11-02 – LO: 11–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 – Recording Transactions ACCT.ACBSP.APC.22 – Long-Term Liabilities Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE […]
978-1337398169 Test Bank Chapter 11 Part 3
Chapter 11 – Liabilities: Bonds Payable Copyright Cengage Learning. Powered by Cognero. Page 21 POINTS: 1 DIFFICULTY: Bloom’s: Remembering Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.11-APP1 – LO: 11–APP1 ACCREDITING STANDARDS: ACCT.ACBSP.APC.22 – Long-Term Liabilities […]
978-1337398169 Test Bank Chapter 11 Part 2
Chapter 11 – Liabilities: Bonds Payable Copyright Cengage Learning. Powered by Cognero. Page 11 ANSWER: True POINTS: 1 DIFFICULTY: Bloom’s: Remembering Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.11-02 – LO: 11–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.22 – […]
978-1337398169 Test Bank Chapter 11 Part 1
Chapter 11 – Liabilities: Bonds Payable Copyright Cengage Learning. Powered by Cognero. Page 1 1. A bond is simply a form of an interest-bearing note. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy Bloom’s: Remembering QUESTION TYPE: True […]
978-1337398169 Test Bank Chapter 10 Part 10
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 88 Inventory 20,000 Equipment 50,000 LIABILITIES Current portion of long-term debt 20,000 Accounts payable 12,000 Long-term debt 25,000 *These represent prepaid expenses and other […]
978-1337398169 Test Bank Chapter 10 Part 9
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 81 ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:27 PM DATE MODIFIED: 10/16/2017 5:43 PM 181. Kelly Howard has the following transactions. Prepare […]
978-1337398169 Test Bank Chapter 10 Part 8
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 71 166. The summary of the payroll for the monthly pay period ending July 15 indicated the following: Sales salaries $125,000 Federal income tax […]
978-1337398169 Test Bank Chapter 10 Part 7
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 61 LEARNING OBJECTIVES: FNMN.WAJO.19.10-05 – LO: 10–05 FNMN.WAJO.19.10-07 – LO: 10–07 ACCREDITING STANDARDS: ACCT.ACBSP.APC.16 – Current Liabilities Reporting ACCT.ACBSP.APC.23 – Financial Statement Analysis ACCT.AICPA.FN.03 […]
978-1337398169 Test Bank Chapter 10 Part 6
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 51 Determine the quick ratio (rounded to one decimal point). a. 5.3 b. 3.6 c. 3.3 d. 2.3 ANSWER: b RATIONALE: Quick Ratio = […]
978-1337398169 Test Bank Chapter 10 Part 5
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 41 ACCT.AICPA.FN.03 – Measurement DATE CREATED: 7/22/2017 6:27 PM DATE MODIFIED: 10/16/2017 5:43 PM 96. According to a summary of the payroll of Scotland […]
978-1337398169 Test Bank Chapter 10 Part 4
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 31 ACCREDITING STANDARDS: ACCT.ACBSP.APC.14 – Payroll/Other Compensation ACCT.AICPA.BB.03 – Legal ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:27 PM DATE MODIFIED: 10/16/2017 5:43 […]