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  • ACCT 504 Week 4 Midterm 1

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    ACCT 504 Week 4 Midterm 1. Get an A++. ACCT 504 Week 4 Midterm 1. Get an A++. 1. Question : (TCO A, B, C) External users want answers to all of the following questions except: Points Received: 3 of 3 2. Question : (TCO C) Borrowing money is an example of a(n): Points Received: 3 of 3 3. Question : (TCO C) Buying and selling products are examples of: Points Received: 3 of 3 4. Question : (TCO A) Resources owned by a business are referred to as: Points Received: 3 of 3 5. Question : (TCO C) Jamie Company recorded the following cash transactions for the year: Paid $70,000 for salaries. Paid $20,000 to purchase office equipment. Paid $6,000 for utilities. Paid $7,000 in dividends. Collected $130,000 from customers. What was Jamie’s net cash provided by operating activities? Points Received: 3 of 3 6. Question : (TCO A) In a classified balance sheet, assets are usually classified as: Points Received: 3 of 3 7. Question : (TCO A) An intangible asset: Points Received: 3 of 3 8. Question : (TCO A) These are selected account balances on December 31, 2010. -Land (location of the corporation’s office building) $50,000 -Land (held for future use) 75,000 -Corporate Office Building 300,000 -Inventory 100,000 -Equipment 225,000 -Office Furniture 50,000 -Accumulated Depreciation 150,000 What is the total NET amount of property, plant, and equipment that will appear on the balance sheet? Points Received: 3 of 3 9. Question : (TCO B) For 2010, Ford Corporation reported net income of $15,000; net sales $200,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? Points Received: 3 of 3 10. Question : (TCO B) Morten Corporation had beginning retained earnings of $764,000 and ending retained earnings of $833,000. During the year they issued common stock totaling $47,000. There were no dividends issued. What was their net income for the year? Points Received: 3 of 3 11. Question : (TCO D) Is the purchase of equipment treated as an expense at the time of purchase? Why or why not? Points Received: 3 of 3 12. Question : (TCO D) The left side of an account is: Points Received: 3 of 3 13. Question : (TCO D) A credit is not the normal balance for which account listed below? Points Received: 3 of 3 14. Question : (TCO D) A debit is not the normal balance for which account listed below? Points Received: 3 of 3 15. Question : (TCO D) Which pair of accounts follows the rules of debit and credit in relation to increases and decreases in the same manner? Points Received: 3 of 3 Page: 1. Question : (TCO E) The time period assumption states that: Points Received: 3 of 3 2. Question : (TCO E) The matching principle matches: Points Received: 3 of 3 3. Question : (TCO E) Expenses sometimes make their contribution to revenue in a different period than when the expense is paid. When wages are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet at the end of the first period? Points Received: 3 of 3 4. Question : (TCO E) The following is selected information from J Corporation for the fiscal year ending October 31, 2010. Cash received from customers $75,000 Revenue earned 87,500 Cash paid for expenses 42,500 Expenses incurred 50,000 Based on the accrual basis of accounting, what is J Corporation’s net income for the year ending October 31, 2007? Points Received: 3 of 3 5. Question : (TCO E) The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is: Points Received: 3 of 3 6. Question : (TCO A, B) Which of the following expressions is incorrect? Points Received: 3 of 3 7. Question : (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $6,000 and credit terms of 2/10, n/30. What is th

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    ACCT 504 Week 4 Midterm 1. Get an A++. ACCT 504 Week 4 Midterm 1. Get an A++. 1. Question : (TCO A, B, C) External users want answers to all of the following questions except: Points Received: 3 of 3 2. Question : (TCO C) Borrowing money is an example of a(n): Points Received: 3 of 3 3. Question : (TCO C) Buying and selling products are examples of: Points Received: 3 of 3 4. Question : (TCO A) Resources owned by a business are referred to as: Points Received: 3 of 3 5. Question : (TCO C) Jamie Company recorded the following cash transactions for the year: Paid $70,000 for salaries. Paid $20,000 to purchase office equipment. Paid $6,000 for utilities. Paid $7,000 in dividends. Collected $130,000 from customers. What was Jamie’s net cash provided by operating activities? Points Received: 3 of 3 6. Question : (TCO A) In a classified balance sheet, assets are usually classified as: Points Received: 3 of 3 7. Question : (TCO A) An intangible asset: Points Received: 3 of 3 8. Question : (TCO A) These are selected account balances on December 31, 2010. -Land (location of the corporation’s office building) $50,000 -Land (held for future use) 75,000 -Corporate Office Building 300,000 -Inventory 100,000 -Equipment 225,000 -Office Furniture 50,000 -Accumulated Depreciation 150,000 What is the total NET amount of property, plant, and equipment that will appear on the balance sheet? Points Received: 3 of 3 9. Question : (TCO B) For 2010, Ford Corporation reported net income of $15,000; net sales $200,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? Points Received: 3 of 3 10. Question : (TCO B) Morten Corporation had beginning retained earnings of $764,000 and ending retained earnings of $833,000. During the year they issued common stock totaling $47,000. There were no dividends issued. What was their net income for the year? Points Received: 3 of 3 11. Question : (TCO D) Is the purchase of equipment treated as an expense at the time of purchase? Why or why not? Points Received: 3 of 3 12. Question : (TCO D) The left side of an account is: Points Received: 3 of 3 13. Question : (TCO D) A credit is not the normal balance for which account listed below? Points Received: 3 of 3 14. Question : (TCO D) A debit is not the normal balance for which account listed below? Points Received: 3 of 3 15. Question : (TCO D) Which pair of accounts follows the rules of debit and credit in relation to increases and decreases in the same manner? Points Received: 3 of 3 Page: 1. Question : (TCO E) The time period assumption states that: Points Received: 3 of 3 2. Question : (TCO E) The matching principle matches: Points Received: 3 of 3 3. Question : (TCO E) Expenses sometimes make their contribution to revenue in a different period than when the expense is paid. When wages are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet at the end of the first period? Points Received: 3 of 3 4. Question : (TCO E) The following is selected information from J Corporation for the fiscal year ending October 31, 2010. Cash received from customers $75,000 Revenue earned 87,500 Cash paid for expenses 42,500 Expenses incurred 50,000 Based on the accrual basis of accounting, what is J Corporation’s net income for the year ending October 31, 2007? Points Received: 3 of 3 5. Question : (TCO E) The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is: Points Received: 3 of 3 6. Question : (TCO A, B) Which of the following expressions is incorrect? Points Received: 3 of 3 7. Question : (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $6,000 and credit terms of 2/10, n/30. What is th

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    149 views5 pages

    ACCT 504 Week 4 Midterm 1

    Uploaded by

    teacher.theacestud
    ACCT 504 Week 4 Midterm 1. Get an A++. ACCT 504 Week 4 Midterm 1. Get an A++. 1. Question : (TCO A, B, C) External users want answers to all of the following questions except: Points Received: 3 of 3 2. Question : (TCO C) Borrowing money is an example of a(n): Points Received: 3 of 3 3. Question : (TCO C) Buying and selling products are examples of: Points Received: 3 of 3 4. Question : (TCO A) Resources owned by a business are referred to as: Points Received: 3 of 3 5. Question : (TCO C) Jamie Company recorded the following cash transactions for the year: Paid $70,000 for salaries. Paid $20,000 to purchase office equipment. Paid $6,000 for utilities. Paid $7,000 in dividends. Collected $130,000 from customers. What was Jamie’s net cash provided by operating activities? Points Received: 3 of 3 6. Question : (TCO A) In a classified balance sheet, assets are usually classified as: Points Received: 3 of 3 7. Question : (TCO A) An intangible asset: Points Received: 3 of 3 8. Question : (TCO A) These are selected account balances on December 31, 2010. -Land (location of the corporation’s office building) $50,000 -Land (held for future use) 75,000 -Corporate Office Building 300,000 -Inventory 100,000 -Equipment 225,000 -Office Furniture 50,000 -Accumulated Depreciation 150,000 What is the total NET amount of property, plant, and equipment that will appear on the balance sheet? Points Received: 3 of 3 9. Question : (TCO B) For 2010, Ford Corporation reported net income of $15,000; net sales $200,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? Points Received: 3 of 3 10. Question : (TCO B) Morten Corporation had beginning retained earnings of $764,000 and ending retained earnings of $833,000. During the year they issued common stock totaling $47,000. There were no dividends issued. What was their net income for the year? Points Received: 3 of 3 11. Question : (TCO D) Is the purchase of equipment treated as an expense at the time of purchase? Why or why not? Points Received: 3 of 3 12. Question : (TCO D) The left side of an account is: Points Received: 3 of 3 13. Question : (TCO D) A credit is not the normal balance for which account listed below? Points Received: 3 of 3 14. Question : (TCO D) A debit is not the normal balance for which account listed below? Points Received: 3 of 3 15. Question : (TCO D) Which pair of accounts follows the rules of debit and credit in relation to increases and decreases in the same manner? Points Received: 3 of 3 Page: 1. Question : (TCO E) The time period assumption states that: Points Received: 3 of 3 2. Question : (TCO E) The matching principle matches: Points Received: 3 of 3 3. Question : (TCO E) Expenses sometimes make their contribution to revenue in a different period than when the expense is paid. When wages are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet at the end of the first period? Points Received: 3 of 3 4. Question : (TCO E) The following is selected information from J Corporation for the fiscal year ending October 31, 2010. Cash received from customers $75,000 Revenue earned 87,500 Cash paid for expenses 42,500 Expenses incurred 50,000 Based on the accrual basis of accounting, what is J Corporation’s net income for the year ending October 31, 2007? Points Received: 3 of 3 5. Question : (TCO E) The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is: Points Received: 3 of 3 6. Question : (TCO A, B) Which of the following expressions is incorrect? Points Received: 3 of 3 7. Question : (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $6,000 and credit terms of 2/10, n/30. What is th

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