ACC Mid term part 1 and 2
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• Question
1
2 out of 2 points
Source documents
can provide evidence that a transaction has occurred.
• Question
2
2 out of 2 points
Expense
recognition is tied to revenue recognition.
• Question
3
2 out of 2 points
To
obtain maximum benefit from a bank reconciliation, the reconciliation should be
prepared by the employee authorized to sign checks.
• Question
4
2 out of 2 points
An
aging of accounts receivable schedule is based on the premise that the longer
the period an account remains unpaid, the greater the probability that it will
eventually be collected.
• Question
5
2 out of 2 points
A
concentration of credit risk is a threat of nonpayment from a single customer
or class of customers that could adversely affect the financial health of the
company.
• Question
6
2 out of 2 points
Which
of the following is not a common way that managers use the balance sheet?
• Question
7
0 out of 2 points
Financing
activities include the purchase or sale of long-lived assets or the purchase or
sale of investment securities.
• Question
8
2 out of 2 points
Bathlinks
Corporation has a debt to assets ratio of 73%. This tells the user of
Bathlinks’s financial statements that
• Question
9
2 out of 2 points
Owners
of business firms are the only people who need accounting information.
• Question
10
2 out of 2 points
Marvin
Services Corporation had the following accounts and balances:
Accounts payable $18,000 Equipment $21,000
Accounts receivable 3,000 Land 21,000
Buildings ? Unearned service revenue 6,000
Cash 9,000 Total stockholders' equity ?
If the balance of the Buildings account was $45,000 and the
equipment was sold for $21,000, what would be the total of stockholders'
equity?
• Question
11
2 out of 2 points
Consistent
use of the same accounting principles and methods is necessary for meaningful
analysis of trends within a company.
• Question
12
2 out of 2 points
Requiring
employees to take vacations is a weakness in the system of internal controls
because it does not promote operational efficiency.
• Question
13
2 out of 2 points
Solvency
ratios measure the short-term ability of the company to pay its maturing
obligations.
• Question
14
0 out of 2 points
The
best definition of assets is the
• Question
15
2 out of 2 points
The
partnership form of business organization
• Question
16
2 out of 2 points
Goods
that have been purchased FOB destination but are in transit, should be excluded
from a physical count of goods by the buyer.
• Question
17
2 out of 2 points
Management
may choose any inventory costing method it desires as long as the cost flow
assumption chosen is consistent with the physical movement of goods in the
company.
• Question
18
2 out of 2 points
Which
of the following would not be classified as a long-term liability?
• Question
19
2 out of 2 points
The
economic resources that are owned by a business are called stockholders’
equity.
• Question
20
2 out of 2 points
An
advantage of using the periodic inventory system is that it requires less
record keeping than the perpetual inventory system.
• Question
21
0 out of 2 points
The
revenue recognition principle dictates that revenue be recognized in the
accounting period in which the performance obligation is satisfied.
• Question
22
2 out of 2 points
Lankston
Company began the year by issuing $90,000 of common stock for cash. The company
recorded revenues of $825,000, expenses of $720,000, and paid dividends of
$45,000. What was Lankston’s net income for the year?
• Question
23
2 out of 2 points
The
multiple-step income statement is considered more useful than the single-step
income statement because it highlights the components of net income.
• Question
24
2 out of 2 points
Use the
following data to calculate the current ratio.
Carne Auto Supplies
Balance Sheet
December 31, 2014
Cash $ 35,000 Accounts payable $ 65,000
Accounts receivable 50,000 Salaries and wages payable 10,000
Inventory
70,000 Mortgage
payable
90,000
Prepaid insurance 40,000 Total liabilities $165,000
Stock investments 80,000
Land
95,000
Buildings
$100,000
Common stock
$120,000
Less: Accumulated
Retained earnings 250,000
depreciation (30,000) 85,000 Total stockholders’ equity $370,000
Trademarks 70,000 Total liabilities and
Total assets $535,000 stockholders’ equity $535
• Question
25
2 out of 2 points
Which
of the following is the least likely consideration that management uses when
deciding whether to pay a dividend?
Mid Term Exam part 2
Question 1
2 out of 2 points
A concentration of credit risk is
a threat of nonpayment from a single customer or class of customers that could
adversely affect the financial health of the company.
Expense
recognition is tied to revenue recognition.
Question 3
2 out of 2 points
An aging of accounts receivable schedule
is based on the premise that the longer the period an account remains unpaid,
the greater the probability that it will eventually be collected.
Question 4
2 out of 2 points
Which of the following would not
be classified as a long-term liability?
Question 5
2 out of 2 points
Requiring employees to take
vacations is a weakness in the system of internal controls because it does not
promote operational efficiency.
Question 6
2 out of 2 points
Owners of business firms are the
only people who need accounting information.
Question 7
2 out of 2 points
An advantage of using the
periodic inventory system is that it requires less record keeping than the
perpetual inventory system.
Question 8
2 out of 2 points
The partnership form of business
organization
Question 9
2 out of 2 points
Financing activities include the
purchase or sale of long-lived assets or the purchase or sale of investment
securities.
Question 10
2 out of 2 points
Bathlinks Corporation has a debt
to assets ratio of 73%. This tells the user of Bathlinks’s financial statements
that
Question 11
2 out of 2 points
Management may choose any
inventory costing method it desires as long as the cost flow assumption chosen
is consistent with the physical movement of goods in the company.
Question 12
2 out of 2 points
Use the following data to
calculate the current ratio.
Carne Auto Supplies
Balance Sheet
December 31, 2014
Cash $ 35,000 Accounts payable $ 65,000
Accounts receivable 50,000 Salaries and wages payable 10,000
Inventory
70,000 Mortgage payable 90,000
Prepaid insurance 40,000 Total liabilities $165,000
Stock investments 80,000
Land 95,000
Buildings
$100,000
Common stock
$120,000
Less: Accumulated Retained
earnings
250,000
depreciation (30,000) 85,000 Total stockholders’ equity $370,000
Trademarks 70,000 Total liabilities and
Total assets $535,000 stockholders’ equity $535
Question 13
2 out of 2 points
The multiple-step income
statement is considered more useful than the single-step income statement
because it highlights the components of net income.
Question 14
2 out of 2 points
Goods that have been purchased
FOB destination but are in transit, should be excluded from a physical count of
goods by the buyer.
Question 15
2 out of 2 points
Lankston Company began the year
by issuing $90,000 of common stock for cash. The company recorded revenues of
$825,000, expenses of $720,000, and paid dividends of $45,000. What was
Lankston’s net income for the year?
Question 16
2 out of 2 points
Which of the following is the
least likely consideration that management uses when deciding whether to pay a
dividend?
Question 17
2 out of 2 points
Consistent use of the same
accounting principles and methods is necessary for meaningful analysis of
trends within a company.
Question 18
2 out of 2 points
The economic resources that are
owned by a business are called stockholders’ equity.
Question 19
2 out of 2 points
To obtain maximum benefit from a
bank reconciliation, the reconciliation should be prepared by the employee
authorized to sign checks.
Question 20
2 out of 2 points
Solvency ratios measure the
short-term ability of the company to pay its maturing obligations.
Question 21
2 out of 2 points
The best definition of assets is
the
Question 22
2 out of 2 points
Which of the following is not a
common way that managers use the balance sheet?
Question 23
2 out of 2 points
Source documents can provide
evidence that a transaction has occurred.
Question 24
2 out of 2 points
The revenue recognition principle
dictates that revenue be recognized in the accounting period in which the
performance obligation is satisfied.
Question 25
2 out of 2 points
Marvin Services Corporation had
the following accounts and balances:
Accounts payable $18,000
Equipment $21,000
Accounts receivable 3,000
Land 21,000
Buildings ?
Unearned service revenue 6,000
Cash 9,000 Total stockholders' equity ?
If the balance of the Buildings account was $45,000 and the
equipment was sold for $21,000, what would be the total of stockholders'
equity?
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