A) Current Assets
B) Investments
C) Property Plant and Equipment
D) Intangible Assets
E) Current Liabilities
F) Long-Term Liabilities
G) Stockholders’ Equity
H) Does not appear on the Balance Sheet
Rent Expense
H)
A. Current Assets
B. Investments
C. Property Plant and Equipment
D. Intangible Assets
E. Current Liabilities
F. Long-Term Liabilities
G. Stockholders’ Equity
H. Does not appear on the Balance Sheet
Equipment
C
A. Current Assets
B. Investments
C. Property Plant and Equipment
D. Intangible Assets
E. Current Liabilities
F. Long-Term Liabilities
G. Stockholders’ Equity
H. Does not appear on the Balance Sheet
Cash
A
A. Current Assets
B. Investments
C. Property Plant and Equipment
D. Intangible Assets
E. Current Liabilities
F. Long-Term Liabilities
G. Stockholders’ Equity
H. Does not appear on the Balance Sheet
Accounts Payable
E
A. Current Assets
B. Investments
C. Property Plant and Equipment
D. Intangible Assets
E. Current Liabilities
F. Long-Term Liabilities
G. Stockholders’ Equity
H. Does not appear on the Balance Sheet
Inventory
A
A. Current Assets
B. Investments
C. Property Plant and Equipment
D. Intangible Assets
E. Current Liabilities
F. Long-Term Liabilities
G. Stockholders’ Equity
H. Does not appear on the Balance Sheet
Note Payable due in six years
F
A. Current Assets
B. Investments
C. Property Plant and Equipment
D. Intangible Assets
E. Current Liabilities
F. Long-Term Liabilities
G. Stockholders’ Equity
H. Does not appear on the Balance Sheet
Patent
D
A. Current Assets
B. Investments
C. Property Plant and Equipment
D. Intangible Assets
E. Current Liabilities
F. Long-Term Liabilities
G. Stockholders’ Equity
H. Does not appear on the Balance Sheet
Accounts Receivable
A
A. Current Assets
B. Investments
C. Property Plant and Equipment
D. Intangible Assets
E. Current Liabilities
F. Long-Term Liabilities
G. Stockholders’ Equity
H. Does not appear on the Balance Sheet
Common Stock
G
A. Current Assets
B. Investments
C. Property Plant and Equipment
D. Intangible Assets
E. Current Liabilities
F. Long-Term Liabilities
G. Stockholders’ Equity
H. Does not appear on the Balance Sheet
Building
C
A business owned by one person whose personal possessions are at risk if the business fails is
called a:
C)
The Report of the Independent Auditor is the opinion of the CPA firm that examined the
financial statements of a company and states which of the following?
C)
Which of the following creates accounting standards for the United States today?
B)
Unlimited life is a characteristic of which type of business entity?
A)
A business owned by two or more individuals whose personal possessions are at risk
if the business fails is called a:
B)
Which of the following is the ratio for calculating the current ratio?
D)
Which of the following ratios measures the profitability of the money invested in the
firm’s assets?
A)
On a bank reconciliation, which of the following will increase the bank's cash balance?
A) Deposit in transit
B) Failure of the company to record the correct amount of the check on the
company's records.
C) Outstanding check
D) Non-sufficient funds check
A)
Receiving payment from customers is part of the:
B)
Scheduling production of a product is associated with which of the following
processes?
C)
Paying suppliers for a company's goods and services is part of the:
C)
Solo Company currently produces all its product components. Another firm has offered to supply the plastic covers at $9.25 each. Marquette's total cost per casing is as follows:
Direct materials $5.90
Direct Labor $1.20
Variable overhead $2.80
Fixed overhead $2.20
The fixed overhead is based on production of 4,000 casings, and none of it would be eliminated if Marquette accepted the offer. By how much would profit change if Marquette accepts this offer and purchases 4,000 casings?
A)
Motorola has developed a new high tech phone that it is introducing to the market. They set
the introductory price at $299, but plan to lower the price to $199 after two months. This is an
example of which of the following?
B)
Calder Corporation uses the perpetual system and the net method of recording purchase discounts. Assume that Calder purchased $5,000 of inventory that had terms of 2/10 net 30. Which of the following entries reflects the purchase of the inventory?
A) Inventory 4,900
Accounts Payable 4,900
B) Inventory 5,000
Accounts Payable 5,000
C) Inventory 5,000
Accounts Payable 4,900
Purchase Discount 100
D) Purchases 4,900
Accounts Payable 4,900
A)
Which of the following shows the order of cost flows through the manufacturing
inventories?
D)
Palms Enterprises began the year with $130,000 of finished goods inventory. During the year the
company manufactured goods costing $650,000. At the end of the year, $125,100 of finished goods
remained in inventory. Actual manufacturing overhead was $180,000, and manufacturing overhead applied totaled $169,000.
The amount of over- or underapplied manufacturing overhead was:
A)
Palms Enterprises began the year with $130,000 of finished goods inventory. During the year the
company manufactured goods costing $650,000. At the end of the year, $125,100 of finished goods
remained in inventory. Actual manufacturing overhead was $180,000, and manufacturing overhead applied totaled $169,000.
The cost of goods available for sale was:
A)
In times of rising prices, ______ generally result(s) in the ______ cost of goods sold.
C)
Koster Corporation's adjusted trial balance includes Allowance for Doubtful
Accounts at $40,500, Uncollectible Accounts Expense at $11,000, Notes Receivable
at $50,000, and Accounts Receivable at $180,300. The net accounts receivable
amount reported on the balance sheet is?
B)
Which of the following is true about the characteristics of a partnership?
Liability of Owners Mutual Agency
A)
Anderson, Inc., had beginning and ending accounts receivable balances of $50,000 and
20,000, respectively. During the period, $125,000 was sold on credit to customers and $3,000
of accounts were written off as uncollectible. What was the amount of cash collected during
the period?
A)
A firm issued stock for cash. How would this affect the accounting equation? AssetsLiabilitiesOwners’ Equity
C)
The "I Can't Believe It's Yogurt" shop sells only yogurt and only in cups. Which of the
following would be a variable cost if number of customers is the cost driver?
Number of Room Rentals:
1,300
1,560
1,740
1,900
1,180
1,000
The estimated total housekeeping cost for a month with 1,200 room rentals is:
A) TC = 6400 + (10.50 * 1200)
Which of the following is true about financial leverage?
an increase in sales.
D) Financial leverage increases sales by increasing the amount invested in plant and
equipment rather than financial assets such as bonds and stock.
C)
Which of the following is NOT one of the four basic rights of a corporation's common
stockholders?
C)
Which of the following is NOT a true statement about bonds?
bonds if the bonds are converted before the bond's maturity date.
