Archives: Quiz
978-1118582558 Test Bank Chapter 9 Part 3
20. On April 1, Tarpon Co. made the following expenditures on its printing press: Purchase of stapling attachment $8,000 Installation of attachment 2,000 Cleaning and oiling press costs prior to renovation 1,000 Replacement parts for renovation of printing press 1,000 […]
978-1118582558 Test Bank Chapter 9 Part 2
Test Bank – Chapter 9 –Long-Lived Assets 9-21 62. The following items represent common post acquisition expenditures incurred on equipment. A. Replacement of defective parts B. Rewiring costs to increase operating speed C. Painting costs D. Repair of the major […]
978-1118582558 Test Bank Chapter 9 Part 1
1. Which one of the following should be classified as land on the balance sheet? a. A shed that houses the company’s equipment. b. Mineral rights representing gold in the soil c. Two tracts of property that houses the company’s […]
978-1118582558 Test Bank Chapter 8 Part 3
Test Bank – Chapter 8 – Investments in Equity Securities 8-39 14. Before adjusting its current investments in equity securities, Apex Company has total current assets and current liabilities of $23,000 and $12,000, respectively. During the current year, Apex has […]
978-1118582558 Test Bank Chapter 8 Part 2
56. The following information related to the marketable security investments of Solo Company. Securities held on December 31, 2014, as described in the table below. AAA and BBB are classified as trading securities and CCC is classified as an available-for- […]
978-1118582558 Test Bank Chapter 8 Part 1
1. Equity investments are: a. investments in bonds of a corporation. b. investments that pay dividends, not interest. c. classified as long-term liabilities. d. marketed by the SEC to any investor who wishes to buy bonds of a public company. […]
978-1118582558 Test Bank Chapter 7 Part 2
Test Bank – Chapter 7 – Merchandise Inventory 7-21 70. Grey Manufacturing had the following transaction: • Grey received an order to sell inventory with a cost of $50,000, and debited Accounts Receivable and credited Sales. The goods were shipped […]
978-1118582558 Test Bank Chapter 7 Part 1
1. Portland Supplies Co. mistakenly excluded $3,000 of goods from its December 31, 2015 physical inventory count. Its December 31, 2016 inventory amount was correct. As a result of this error, a. 2015 income is overstated by $3,000. b. 2015 […]
978-1118582558 Test Bank Chapter 6 Part 3
6-32 Test Bank – Chapter 6 – The Current Asset Classification, Cash, and Accounts Receivable KP 5 BT: AN Difficulty: Moderate TOT: 6 min. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Measurement Use the information that follows from the […]
978-1118582558 Test Bank Chapter 6 Part 2
58. The following information was taken from the unadjusted trial balance and aging schedule of Diane Company on December 31, 2015. All sales are on account. Accounts and related balances at December 31, 2015 before adjustment: Debit Credit Accounts receivable […]
978-1118582558 Test Bank Chapter 6 Part 1
1. Current assets are assets which a. can be used immediately to retire liabilities. b. are newly acquired. c. have been converted into cash in the previous year. d. are intended to be converted into cash within one year. Ans: […]
978-1118582558 Test Bank Chapter 5 Part 3
10. Washington Company has current assets, current liabilities, and long-term liabilities of $6,000, $2,000, and $5,000, respectively at the end of 2015. How much cash can Washington use to acquire equipment and retain a current ratio of at least 3.0? […]
978-1118582558 Test Bank Chapter 5 Part 2
Test Bank – Chapter 5 – Using Financial Statement Information 5-21 54. Rudy Company has total assets, liabilities, and shareholders’ equity of $28,000, $21,000, and $7,000, respectively. Assume no material change occurred during the year to totals on the balance […]
978-1118582558 Test Bank Chapter 5 Part 1
1. The current ratio is a. current assets divided by current liabilities. b. current liabilities divided by current assets. c. current assets divided by total liabilities. d. total assets divided by total liabilities. Ans: A KP 5 BT: K Difficulty: […]
978-1118582558 Test Bank Chapter 4 Part 3
4-40 Test Bank – Chapter 4 – The Mechanics of Financial Accounting 13. Total assets, liabilities, and shareholders’ equity are $22,000, $5,000, and $17,000 before land costing $10,000 is purchased in exchange for a $1,000 note payable and $9,000 cash. […]
978-1118582558 Test Bank Chapter 4 Part 2
Test Bank – Chapter 4 – The Mechanics of Financial Accounting 4-21 4-22 Test Bank – Chapter 4 – The Mechanics of Financial Accounting 68. On December 31, 2015, immediately after all the adjustments were made to Gilbert Inc.’s accounting […]
978-1118582558 Test Bank Chapter 4 Part 1
1. The accounting period is the time a. the Controller decides to close the books. b. between selling a product to a customer and collecting the cash from the customer. c. that it usually takes to journalize and post events […]
978-1118582558 Test Bank Chapter 3 Part 2
c $187,500 = ($100,000 ÷ $800,000) $1,500,000 68. Karr Construction built a levee for the state of Mississippi over a three-year period. The contracted price for the levee was $1,500,000. The costs incurred by Karr and the payments from […]
978-1118582558 Test Bank Chapter 3 Part 1
1. When preparing the financial statements, we assume that the life of the entity will continue beyond the current period. Which assumption are we most likely following? a. Stable dollar theory. b. Going concern assumption. c. Economic entity assumption. d. […]
978-1118582558 Test Bank Chapter 2 Part 2
Test Bank – Chapter 2 – The Financial Statements 2-21 Solution: 1. D 2. E 3. B 4. A 5. G 6. C KP 2 BT: K Difficulty: Easy TOT: 2 min. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: […]
978-1118582558 Test Bank Chapter 2 Part 1
1. Current assets are: a. all assets except inventory. b. all assets that provide benefits extending beyond one year. c. cash, accounts receivable, and buildings. d. all assets that are expected to be converted to cash in the near future. […]
978-1118582558 Test Bank Chapter 14 Part 3
15. During 2015, equipment was sold for $57,000. This equipment cost $90,000 and had a book value of $47,000. Accumulated depreciation for equipment was $184,000 at 12/31/15 and $147,000 at 12/31/14. Show how the results of the three items will […]
978-1118582558 Test Bank Chapter 14 Part 2
60. The following information was taken from the records of Albert’s Fine Coffee: 2015 2014 Machinery $90,000 $40,000 Accumulated depreciation (30,000) (20,000) Depreciation expense 14,000 12,000 Gain on sale of machinery 4,000 1,000 During 2015, machinery with a cost of […]
978-1118582558 Test Bank Chapter 14 Part 1
1. How will a company classify ‘proceeds received from the issuance of long–term bonds’ on its statement of cash flows? a. Cash provided from operations b. Cash used in operations c. Cash provided from investing activities d. Cash provided from […]
978-1118582558 Test Bank Chapter 13 Part 3
13–36 Test Bank – Chapter 13 – The Complete Income Statement 8. Nigel Corporation reported income from continuing operations before taxes and before adjustment of the transactions below in the amount of $1,000,000. A review of the 2015 income statement […]
978-1118582558 Test Bank Chapter 13 Part 2
Test Bank – Chapter 13 – The Complete Income Statement 13-21 55. Gleeson Industries consists of four separate divisions: compressed wood products, chemicals, stone products, and plastics. On March 15, 2015, Gleeson sold the chemicals division for $625,000 cash. Financial […]
978-1118582558 Test Bank Chapter 13 Part 1
1. Which one of the following events is an operating transaction? a. Purchase of equipment b. Payment for equipment rental c. Purchase of land d. Issuing bonds for cash Ans: B KP 2 BT: C Difficulty: Easy TOT: 1 min. […]
978-1118582558 Test Bank Chapter 12 Part 3
Test Bank – Chapter 12 – Shareholders’ Equity 12–37 AICPA BB: Critical Thinking AICPA FN: Reporting 15. On January 23, Bayshore Corporation, for the first time in its short history, purchased 200 shares of its own common stock for $40 […]
978-1118582558 Test Bank Chapter 12 Part 2
55. The shareholders’ equity section of the Jason Company as of December 31, 2015 is as follows: Common stock $180,000 Additional paid-in capital (Common stock) 110,000 Retained earnings 160,000 Total shareholders’ equity $450,000 On January 15, the company repurchased 1,500 […]
978-1118582558 Test Bank Chapter 12 Part 1
1. A corporation issued common stock instead of debt to finance the purchase of non– depreciable property. Which statement is true? a. Ownership by existing shareholders will be diluted. b. The company’s debt/equity ratio will be higher. c. Income tax […]
978-1118582558 Test Bank Chapter 11 Part 3
11–36 Test Bank – Chapter 11 – Long-Term Liabilities: Notes, Bonds, and Leases 21. On January 1, 2014, Parker Company leased equipment under a 3-year lease with payments of $5,000 on each December 31 of the lease term. The present […]
978-1118582558 Test Bank Chapter 11 Part 2
Test Bank – Chapter 11 – Long-Term Liabilities: Notes, Bonds, and Leases 11-21 63. Duncan Industries sold $100,000 of 12 percent bonds on January 1, 2011, when the market interest rate was 10 percent and received $107,732 for them. The […]
978-1118582558 Test Bank Chapter 11 Part 1
1. Which one of the following will result from receiving cash upon issuing long-term debt? a. Increase of the company’s indebtedness b. Decrease of the current ratio c. Increase of retained earnings d. Increase of total shareholders’ equity Ans: A […]
978-1118582558 Test Bank Chapter 10 Part 3
Test Bank – Chapter 10 – Introduction to Liabilities: Economic Consequences, Current Liabilities, & Contingencies 10-35 13. Porter Products recognizes expenses for wages, interest and rent when cash payments are made. The following related cash payments were made during December […]
978-1118582558 Test Bank Chapter 10 Part 2
Test Bank – Chapter 10 – Introduction to Liabilities: Economic Consequences, Current Liabilities, & Contingencies 10-21 62. The following information was taken from the annual report of Jones Inc. 2015 2014 BALANCE SHEET Deferred income tax liability $29,700 $28,300 INCOME […]
978-1118582558 Test Bank Chapter 10 Part 1
1. The recognition of a deferred tax liability that results from the use of straight-line depreciation on financial statements and double-declining balance on tax returns will a. increase the current ratio. b. increase the debt/equity ratio. c. increase the quick […]
978-1118582558 Test Bank Chapter 1 Part 2
Test Bank – Chapter 1 – Financial Accounting and Its Economic Context 1-19 64. Which of the following groups make up a company’s audit committee? a. Auditors. b. Outside directors from the Board. c. Company officers. d. All of the […]
978-1118582558 Test Bank Chapter 1 Part 1
1. The balance sheet communicates a. proof to the investor that the company is profitable. b. assets, liabilities, and shareholders’ equity with all transactions reflected through the year. c. assets, liabilities, and shareholders’ equity as of a certain date. d. […]
978-1285052076 Part 4
49 6. According to Elisabeth Noelle-Neumann, what three characteristics of the news media restrict the breadth and depth of perspectives on an issue available to citizens? 7. What are the three Bs of television? What do they say about the […]
978-1285052076 Part 3
38 Discussion Aids Have the students discuss what life in America might have been like in the years prior to World War II and in those immediately after the war up to the 1960 publication of Klapper’s book. What was […]
978-1285052076 Part 2
18 CHAPTER 2 ESTABLISHING THE TERMS OF THE DEBATE OVER MEDIA: THE FIRST TREND IN MEDIA THEORY – MASS SOCIETY AND PROPAGANDA THEORIES Multiple Choice c) most people learn attitudes that control their actions d) most people have their own […]
978-1285052076 Part 1
MASS COMMUNICATION THEORY: Foundations, Ferment, and Future Seventh Edition by STANLEY J. BARAN and DENNIS K. DAVIS INSTRUCTOR’S MANUAL for CONTENTS Introduction 1 Assignment Ideas 3 Thought Pieces Case Studies Literature Reviews Field Research Abstracts of Books, Journal Articles, Material […]
978-1259917059 Test Bank Chapter 9 Part 3
54) On the statement of revenues, expenditures, and changes in fund balance for governmental funds, how are capital outlays reported? A) As a separate line item in the expenditures section of the statement. B) Capital outlays are allocated to the […]
978-1259917059 Test Bank Chapter 9 Part 2
30) Combining financial statements for nonmajor funds of a government should be included: A) In the basic financial statements. B) In the notes to the financial statements. C) As a part of the financial section of the comprehensive annual financial […]
978-1259917059 Test Bank Chapter 9 Part 1
Accounting for Governmental and Nonprofit Entities, 18e (Reck) Chapter 9 Financial Reporting of State and Local Governments 1) In accordance with GASB standards, both a general purpose government and a special purpose government can be considered primary governments if certain […]
978-1259917059 Test Bank Chapter 8 Part 3
60) In financial reporting for proprietary funds and at the government-wide level, the employer’s pension expense for the period is equal to: A) The employer’s contribution. B) Annual required contribution. C) The change in the net pension liability adjusted for […]
978-1259917059 Test Bank Chapter 8 Part 2
35) The GASB provides three criteria for determining if a fiduciary relationship exists. Which of the following four is not one of the three criterion listed by the GASB? A) The assets are controlled by the government. B) The government […]
978-1259917059 Test Bank Chapter 8 Part 1
Accounting for Governmental and Nonprofit Entities, 18e (Reck) Chapter 8 Accounting for Fiduciary Activities—Custodial and Trust Funds 1) According to the GASB, control of an asset means the government must have the asset in its possession. Answer: FALSE Difficulty: 1 […]
978-1259917059 Test Bank Chapter 7 Part 4
70) “Enterprise funds should not be permitted to accumulate unrestricted net position, since to do so would indicate overpricing of its services.” Do you agree? Why or why not? Answer: No. It is in the best interest of taxpayers that […]
978-1259917059 Test Bank Chapter 7 Part 3
61) How should financial information for internal service funds be reported in the government-wide financial statements? A) As part of governmental activities. B) As part of business-type activities. C) Amounts allocated proportionately between governmental and business-type activities. D) Usually as […]