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Account Final Essay

1801 words - 8 pages

(TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) |
       Reduced legal liability for investors
       Harder to transfer ownership
       Lower taxes
       Most common form of organization
Question 2. 2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5) |
       the most common form of distribution is a cash dividend
       the Dividends account will be increased with a credit
       the Retained Earnings account will be directly increased with a debit
       the Dividends account will be decreased with a debit
Question 3. 3. (TCOs A, B) Below is a partial list of ...view middle of the document...

If the price of goods has increased during the period, then the company using _____. (Points : 5) |
       LIFO will have the highest ending inventory
       FIFO will have the highest cost of goods sold
       All three companies will have the same value for ending inventory.
       average cost will have an ending inventory value that falls between FIFO and LIFO
Question 6. 6. (TCO A, E) Equipment was purchased for $17,000 on January 1, 2006. Freight charges amounted to $700 and there was a cost of $2,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $3,000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2007, if the straight-line method of depreciation is used? (Points : 5) |
Question 7. 7. (TCOs D, G) Lopez Corporation issues 500 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a _____. (Points : 5) |
       debit to Cash of $500,000
       credit to Discount on Bonds Payable for $20,000
       credit to Bonds Payable for $480,000
       debit to Cash for $480,000
Question 8. 8. (TCO C) Accounts receivable arising from sales to customers amounted to $80,000 and $70,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $240,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5) |
Question 9. 9. (TCO F) If you are comparing the 2010 income statement numbers with the income statement numbers from 2009 and 2008, you are conducting a _____. (Points : 5) |
       common-size analysis
       horizontal analysis
       vertical analysis
       ratio analysis
Question 10. 10. (TCO F) Comparisons of data within a company are an example of the following comparative basis. (Points : 5) |
       Industry averages
Question 11. 11. (TCO F) Ratios are most useful in identifying _____. (Points : 5) |
       relationships among different numbers
Question 12. 12. (TCO F) A common measure of liquidity is _____. (Points : 5) |
       return on assets
       current ratio
       profit margin
       debt to equity
Question 13. 13. (TCO F) Return-on-assets ratio is most closely related to _____. (Points : 5) |
       profit margin and debt-to-total-assets ratio
       profit margin and asset-turnover ratio
       times interest earned and debt-to-stockholders equity ratio
       profit margin and free cash flow
Question 14. 14. (TCO G) To calculate the market value of a bond, we need to use...

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