(TCO A) A corporation has which of the following advantages? (Points : 5)
Reduced taxes
Simple to set up
Limited liability for stockholders
Owner maintains control
Question 2.2. (TCO A) Dividends flow through which one of the following statements? (Points : 5)
The Balance Sheet
The Statement of Retained Earnings
The Income Statement
None of the above
Question 3.3. (TCOs A and B) Below is a partial list of account balances for LBJ Company.
Cash
$12,000
Prepaid rent
1,300
Accounts receivable
7,000
Accounts payable
5,000
Notes payable
9,000
Common stock
22,000
Dividends
2,000
Revenues
45,000
Expenses
35,000
What did LBJ Company show as total debits? (Points : 5)
$57,300
$81,000
$55,300
$56,000
Question 4.4. (TCO B and E) Under cash-basis accounting, which of the following transactions would not be recorded? (Points : 5)
Cash sales to customers
Payments to vendors
Sales on account
Payroll payments to employees
Question 5.5. (TCO D) If ending inventory of the current year is understated (Points : 5)
Cost of goods sold for the current year will be understated
Gross profit for the current year will be unaffected
Gross profit for the current year will be understated
Net income for the current year will be overstated
Question 6.6. (TCO A and E) Equipment was purchased for $27,000. Freight charges amounted to $1,000 and there was a cost of $5,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $5,000 salvage value at the end of its 7-year useful life. Depreciation expense each year using the straight-line method will be _____. (Points : 5)
$4,714
$4,000
$3,857
$3,285
Question 7.7. (TCOs D and G) When the market rate of interest exceeds the stated rate of interest on the bond, the bond will require _____. (Points : 5)
a debit to Discount on Bonds Payable
a credit to Premium on Bonds Payable
a debit to Loss on Bonds Payable
a credit to Gain on Bonds Payable
Question 8.8. (TCO C) Which inventory accounting system does not require a physical count of the inventory at the year end? (Points : 5)
Periodic inventory system
Perpetual inventory system
Specific Identification
None of the above
Question 9.9. (TCO F) Horizontal analysis is also known as _____. (Points : 5)
ratio analysis
vertical analysis
common-size analysis
trend analysis
Question 10.10. (TCO F) When performing a common-size balance sheet, the 100% figure is _____. (Points : 5)
net sales
total liabilities
total assets
total equity
Question 11.11. (TCO F) Ratios are most useful in expressing _____. (Points : 5)
cause-and-effect relationships
the relationships between numbers
the delta between numbers
the root cause of the problem
Question 12.12. (TCO F) Creditors are usually most concerned with analyzing _____. (Points : 5)
the company stock price
turnover
liquidity
profitability
Question 13.13. (TCO F) Shareholders are usually most interested in evaluating _____. (Points : 5)
profitability
leverage
turnover
the ability to pay debts as they come due
Question 14.14. (TCO G) To calculate the market value of a bond, we need to _____. (Points : 5)
multiply the stated rate times the bond’s face value
calculate the present value of the principal only
calculate the present value of both the principal and the interest
calculate the present value of the interest only
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