Post ACC305 Unit 8 Final Examination latest 2015

| June 13, 2018

Question 11.5 out of 1.5 pointsWhich of the following is not an objective of financial reporting?Question 20 out of 1.5 pointsThe primary current source of generally accepted accounting principles for non government operations is theQuestion 31.5 out of 1.5 pointsWhich of the following indicates how revenue is usually recognized?Question 41.5 out of 1.5 pointsStatement of Financial Accounting Concepts No. 1, “ Objectives of Financial Reporting by Business Enterprises,” includes all of the following objectives, except one. Which objective does it not include?Question 51.5 out of 1.5 pointsIf assets are $ 40,000 and stockholders’ equity is $ 10,000, how much are liabilities?Question 61.5 out of 1.5 pointsFrom the point of view of analysis, which classification of an audit opinion indicates that the financial statements carry the highest degree of reliability?Question 71.5 out of 1.5 pointsWhich of these is not a suggested problem caused by lack of harmonization of international accounting standards?Question 81.5 out of 1.5 pointsWhich party has the primary responsibility for the financial statements?Question 90 out of 1.5 pointsCurrent assets typically include all but which of the following assets?Question 101.5 out of 1.5 pointsWhich of the following accounts would not be classified as an intangible?Question 111.5 out of 1.5 pointsGrowth Company had total assets of $ 100,000 and total liabilities of $ 60,000. What is the balance of the stockholders’ equity?Question 120 out of 1.5 pointsThe Current Assets section of the balance sheet should includeQuestion 131.5 out of 1.5 pointsWhich of the following is not a typical current liability?Question 141.5 out of 1.5 pointsWhich of the following would be classified as an extraordinary item?Question 150 out of 1.5 pointsIf the investor company owns 30% of the stock of the investee company and the investee company reports profits of $ 150,000, then the investor company reports equity income ofQuestion 161.5 out of 1.5 pointsThe following relate to the income statement of Growth Company for the year ended 2008. What is the beginning inventory? Purchases $ 180,000 Purchase returns 5,000 Purchase returns is inventory the company bought (part of purchases, and then returned to their supplier). Sales 240,000 Cost of goods sold 210,000 Ending inventory 30,000Question 171.5 out of 1.5 pointsUsing these results for a given ratio, compute the median, 14%, 13.5%, 13%, 11.8%, 10.5%, 9.5%, 9.3%, 9%, 7%.Question 181.5 out of 1.5 pointsIndustry ratios should not be considered as absolute norms for a given industry because of all but which of the following?Question 191.5 out of 1.5 pointsUse the information below to compute the acid test ratio. (The same company and numbers are used for questions 19 -22)SHARKEY CORPORATION Selected Financial Data As of December 31, ……………….. ……………………………………2007….2006 Cash $ 8,000 $ 60,000 Marketable securities 32,000 8,000 Accounts receivable 40,000 110,000 Inventory 80,000 140,000 Net property, plant, and equipment 240,000 280,000 Accounts payable 60,000 100,000 Short- term notes payable 30,000 50,000 Credit sales 600,000 900,000 Cost of goods sold 1,260,000 1,403,000Question 201.5 out of 1.5 pointsUse the information below to compute the receivables turnover. (The same company and numbers are used for questions 19 -22)SHARKEY CORPORATION Selected Financial Data As of December 31, …. …………………………………………….2007………. 2006Cash $ 8,000 $ 60,000 Marketable securities 32,000 8,000 Accounts receivable 40,000 110,000 Inventory 80,000 140,000 Net property, plant, and equipment 240,000 280,000 Accounts payable 60,000 100,000 Short- term notes payable 30,000 50,000 Credit (AR)sales 600,000 900,000 Cost of goods sold 1,260,000 1,403,000Question 211.5 out of 1.5 pointsUse the information below to compute the inventory turnover. (The same company and numbers are used for questions 19 -22)SHARKEY CORPORATION Selected Financial Data As of December 31, …. …………………………………………….2007………. 2006Cash $ 8,000 $ 60,000 Marketable securities 32,000 8,000 Accounts receivable 40,000 110,000 Inventory 80,000 140,000 Net property, plant, and equipment 240,000 280,000 Accounts payable 60,000 100,000 Short- term notes payable 30,000 50,000Credit sales 600,000 900,000 Cost of goods sold 1,260,000 1,403,000Question 221.5 out of 1.5 pointsUse the information below to compute the current ratio. (The same company and numbers are used for questions 19 -22)SHARKEY CORPORATION Selected Financial Data As of December 31, 2007 2006Cash $ 8,000 $ 60,000 Marketable securities 32,000 8,000 Accounts receivable 40,000 110,000 Inventory 80,000 140,000 Net property, plant, and equipment 240,000 280,000 Accounts payable 60,000 100,000 Short- term notes payable 30,000 50,000 Credit sales 600,000 900,000 Cost of goods sold 1,260,000 1,403,000Question 231.5 out of 1.5 pointsInvestment instruments used to invest temporarily idle cash balances should have which of the following characteristics?Question 241.5 out of 1.5 pointsThe primary objective in the management of accounts receivable isQuestion 251.5 out of 1.5 pointsUnder the Employee Retirement Income Security Act, a company can be liable for its pension plan up toQuestion 261.5 out of 1.5 pointsWhich of the following statements is correct?Question 271.5 out of 1.5 pointsTotal asset turnover measuresQuestion 281.5 out of 1.5 pointsNet profit margin × total asset turnover measuresQuestion 291.5 out of 1.5 pointsPreviously there were 100,000 shares. In 2008, Zello Company declared a 10% stock dividend. In 2007, earnings per share was $ 1.00. When the 2007 earnings per share is disclosed in the 2008 annual report, it will be disclosed atQuestion 301.5 out of 1.5 pointsThe earnings per share ratio is computed forQuestion 311.5 out of 1.5 pointsWhich of the following current asset or current liability accounts is not included in the computation of cash flows from operating activities?Question 321.5 out of 1.5 pointsHow would revenue from services be classifiedQuestion 331.5 out of 1.5 pointsWorking capital is defined as Question 341.5 out of 1.5 pointsIn regards to cash flow what type of account is inventory?Question 351.5 out of 1.5 pointsThe ratio of total cash, trade receivables, and marketable securities to current liabilities isQuestion 361.5 out of 1.5 pointsThe times interest earned ratio is a primary measure ofQuestion 376 out of 6 pointsMatch the ratio with equation.QuestionTotal Asset TurnoverReturn on Operating AssetsReturn on Common EquityGross Profit MarginQuestion 387.5 out of 7.5 pointsMatch the ratio with the equation.QuestionAccounts Receivable TurnoverInventory TurnoverWorking CapitalCurrent RatioSales to Working CapitalQuestion 397.5 out of 7.5 pointsMatch the ratios to the formula.QuestionTimes Interest EarnedDebt RatioDebt/Equity RatioDividend YieldBook Value Per Share

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