ACCT300 week 7 quiz Final

ACCT300 week 7 quiz Final

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Question 1 of 40
2.5 Points
Book value is computed as:
A.current market value less residual value.
B.cost less residual value.
C.current market value less accumulated depreciation.
D.cost less accumulated depreciation.

Question 2 of 40
2.5 Points
The first month of operation showed the net cash from operating activities to be $3,760, the net cash from investing activities to be ($5,415), and the ending cash balance to be $3,425. The net cash from financing activities must be:
A.$1,770.
B.$5,080.
C.$5,750.
D.$12,600.

Question 3 of 40
2.5 Points
The percentage analysis of increases and decreases in corresponding items in comparative financial statements is referred as vertical analysis.
A. True
B. False


Question 4 of 40
2.5 Points
Merchandise inventory shrinkage will increase Merchandise Inventory.
A. True
B. False


Question 5 of 40
2.5 Points
If employees accept a wage contract that decreases the unit contribution margin, the break-even point will decrease.
A. True
B. False


Question 6 of 40
2.5 Points
If the total unit cost of manufacturing Product Y is currently $40 and the total unit cost after modifying the style is estimated to be $48, the differential cost for this situation is $48.
A. True
B. False


Question 7 of 40
2.5 Points
East, Inc. had beginning inventory of $10,000, purchases of $25,000, and ending inventory of $5,000. What is East’s cost of merchandise sold?
A.$10,000
B.$25,000
C.$5,000
D.$30,000

Question 8 of 40
2.5 Points
The relationship of $225,000 to $100,000, expressed as a ratio, is:
A.2.0 to 1.
B.1.8 to 1.
C.1.5 to 1.
D.2.25 to 1.

Question 9 of 40
2.5 Points
The accrual basis of accounting requires revenue to be recorded when the service is performed.
A. True
B. False


Question 10 of 40
2.5 Points
The two methods of accounting for uncollectible receivables are the allowance method and the:
A.equity method.
B.direct write-off method.
C.interest method.
D.cost method.

Question 11 of 40
2.5 Points
If merchandise inventory is being valued at cost and the price level is steadily rising, the method of costing that will yield the highest net income is:
A.average cost.
B.LIFO.
C.FIFO.
D.All methods will generate the same net income.

Question 12 of 40
2.5 Points
Under the cash basis of accounting, expenses are recorded when paid.
A. True
B. False


Question 13 of 40
2.5 Points
If fixed costs are $750,000 and variable costs are 60% of sales, what is the break-even point (in dollars)?
A.$1,875,000
B.$1,250,000
C.$1,666,667
D.$1,350,000

Question 14 of 40
2.5 Points
A practical approach that is frequently used by managers when setting normal selling price is the:
A.cost-plus approach.
B.economic theory approach.
C.price graph approach.
D.market price approach.

Question 15 of 40
2.5 Points
For the year that just ended, a company reports net income of $1,500,000. There are 500,000 shares authorized, 300,000 shares issued, and 250,000 shares of common stock outstanding. What is the earnings per share?
A.$5.00
B.$2.50
C.$6.00
D.$3.00

Question 16 of 40
2.5 Points
The percentage analysis of increases and decreases in corresponding items in comparative financial statements is referred as vertical analysis.
A. True
B. False


Question 17 of 40
2.5 Points
Paying expenses affects which financial statement elements?
A.Assets only
B.Stockholders’ equity only
C.Assets and stockholders’ equity
D.Assets and liabilities

Question 18 of 40
2.5 Points
An adjusting entry would adjust revenue so that it is reported when earned and not when cash is received.
A. True
B. False


Question 19 of 40
2.5 Points
Which of the following is a characteristic of the just-in-time philosophy?
A.Increases inventory to protect against process problems
B.Tolerates defects
C.Emphasizes push manufacturing
D.Emphasizes product-oriented layout