15. Assets that are expected to be converted to cash, sold, or used up during the next 12 months, or within a normal operating cycle if the cycle is longer than a year, are called A) intangible B) plant C) long-term assets. D) current 16. An account that is not closed at the end of the period is called a(n): B) temporary account 9 permanent account. D) revenue entry. 17.A properly designed internal control system: iowers the company's risk of loss. A B. Insures profitable operations. C Eliminates the need for an audit. D. Requires the use of non-computerized systems. E. Is not necessary if the company uses a computerized system. 18. The entry necessary to establish a petty cash fund on K.O'Brien Company should include: AA debit to Cash and a credit to Petty Cash ADeit to Cash and a credit to Cash Over and Short. D.A debit to Petty Cash and a credit to Accounts Receivable. E.A debit to Cash and a credit to Petty Cash Over and Short. 19. The maximum number of shares of stock that the corporate charter of T.Nguyen, Inc. allows the ** corporation to issue is known as B. capital stock Cauthorized stock D.outstanding stock 20. According to the the amount actually paid rather than at the estimated market value A) going concern assumption a) economic entity concept cost principle ) monetary unit assumption the books of J.Nichols, Inc. should be recorded at acquired assets CALCULATION: [8 pts 21. J.Mullholand, Inc. has 10,000 shares of $50 par, 4 % , cumulative preferred stock and 15,000 shares of $10 par common stock outstanding. Last year, the company did not declare any dividends. This year, the company decided to declare dividends at 5% of the retained earnings at December 31. The of dividends available for the amour common stockholders this year a) $75,000 b) $40.000 c) $25,000 d) $35,000