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Inventory on hand is consideredOpen Quick Links Quick Links Page Landmarks Content Outline Keyboard Shortcuts Logout Global Menu Danny BarraganActivity Updates Home Help Top Frame Tabs Baker College Courses Tab 2 of Community Tab My Files My Help Library Tab Req'd Equip. & Tab 1 of 7 7 (active tab) 3 of 7 Tab 4 of 7 Tab 5 of 7 6 of 7 Software Tab 7 of 7 Take Test: Final Exam - M/C Content Top of Form 8a2d824b-32fd-4a true _411808_1 _247914_1 _18222157_1 Assistive Technology Tips [opens in new _365401_1 window] Test Information Instructions Description Instructions Multiple Attempts Not allowed. This test can only be taken once. Force Completion This test can be saved and resumed later. qShow Question Completion Status: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Save and Submit Question 1 Inventory on hand is considered a current asset. a current liability. a long-term asset. an expense. 7 points Question 2 Which of the following attributes of internal control would be violated if the purchasing department wrote checks to pay accounts payable? Adequate design of documents Sound personnel procedures Periodic independent verification Separation of duties 7 points Question 3 Which of the following is an appropriate internal control activity for cash? Recordkeeping and custodianship over cash should be performed by the same person. The amount of cash on hand should be kept to a minimum. Banking facilities should be used as little as possible. All payments should be made with currency, not checks. 7 points Question 4 The general ledger account for Accounts Receivable shows a debit balance of $50,000. Allowance for Uncollectible Accounts has a credit balance of $1,000. Net sales for the year were $494,000. In the past, 2 percent of sales have proved uncollectible, and an aging of accounts receivable accounts results in an estimate of $13,500 of uncollectible accounts. Using the percentage of net sales method, the Allowance for Uncollectible Accounts balance (after adjustment) would be: $8,880 $9,880 $10,880 $1,000 7 points Question 5 You have just received notice that Agnes Fisher, a customer of yours with an Accounts Receivable balance of $200, has gone bankrupt and will not be making any future payments. Assuming you use the allowance method, the journal entry you make is to debit Uncollectible Accounts Expense and credit Accounts Receivable. debit Allowance for Uncollectible Accounts and credit Uncollectible Accounts Expense debit Uncollectible Accounts Expense and credit Allowance for Uncollectible Accounts. debit Allowance for Uncollectible Accounts and credit Accounts Receivable. 7 points Question 6 The term used to describe the allocation of the cost of an intangible asset to the periods it benefits is: depletion. apportionment. amortization. depreciation. 7 points Question 7 Which of the following is not classified properly as property, plant, and equipment? Land improvements, such as parking lots and fences Natural resources Land used in ordinary business operations A truck held for resale by an automobile dealership 7 points Question 8 The unexpired cost of a plant asset is referred to as its depreciable cost. carrying value. accumulated depreciation. original cost. 7 points Question 9 The cost of a long-term asset is expensed in the period in which it is sold. in the period in which it is acquired. as the asset benefits the company. when it is paid for. 7 points Question 10 On January 2, 2014, Lionel Company issued $40,000 of notes payable, of which $10,000 is due on January 2 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is Current Liabilities, $40,000. Current Liabilities, $10,000; Long-Term Liabilities, $30,000. Long-Term Liabilities, $40,000. Current Liabilities, $30,000; Long-Term Liabilities, $10,000. 7 points Question 11 Current liabilities are debts that are expected to be satisfied within one year or the normal operating cycle, whichever is shorter. one year or the normal operating cycle, whichever is longer. one year. the normal operating cycle. 7 points Question 12 What would be the adjusting entry for a note payable whose interest is not included in the face amount of the note? Debit Interest Receivable and credit Interest Income. Debit Interest Expense and credit Cash. Debit Interest Expense and credit Interest Payable. Debit Cash and credit Notes Payable. 7 points Question 13 An employee has gross earnings of $1,200 and withholdings of $91.80 for Social Security and Medicare taxes and $120 for income taxes. The employer pays $91.80 for Social Security and Medicare taxes, $9.60 for FUTA, and $64.80 for SUTA. The total cost of this employee to the employer is $1,301.40 $1,200.00 $1,366.20 $1,578.00 7 points Question 14 Jasmine Company has established a petty cash fund for small expenditures. The following transactions occurred in April and May. April 5 Established a $200 petty cash fund by cashing a check at the bank and placing the proceeds in a metal box in the office. 30 Expenditures for April were $60 for supplies, $50 for meals, $65 for postage, and $20 for freight-in. Cash in the amount of $180 was added to the cask box. May 31 Expenditures for May were $55 for postage, $40 for charitable contributions, $56 for supplies, and $25 for freight-in. Another $180 was added to the box. What amount would appear in the Petty Cash account at May 31: $200.00 $560.00 $180.00 None of the above 7 points Question 15 Assuming Green Company uses the allowance method and the following transactions occur. Mar. 15 Sold merchandise to Foster for $12,000 on account. Apr. 15 Received $6,000 from Foster. Aug. 15 Wrote off Foster's account as uncollectible. What account would be used to write off Foster's account? Bad Debt Allowance for Uncollectible Accounts Sales None of the above 7 points Question 16 On November 1, 2013, Rob's Auto Repair purchased diagnostic equipment for $18,000. The equipment had an estimated residual value of $3,000 and a five-year life and was sold on May 1, 2015. Assuming that the company depreciates the asset on a straight-line basis and reports on a calendar-year basis, did the Asset disposition result in Gain or a Loss? Gain Loss Neither Cannot be determined 7 points Question 17 What was the accumulated depreciation amount from Question 16? $1,500 $15,000 $4,500 None of the above 7 points Question 18 Homer Company in its fiscal year ending June 30, arranged to settle an open account of $60,000 with one of its vendors with a written obligation. What accounts would be involved in the journal entry to record this event? Notes Payable and Accounts Payable Notes Receivable and Accounts Receivable Notes Payable, Interest Expense and Accounts Payable None of the above 7 points Question 19 When a company prepares a bond indenture, certain provisions of the bonds are included. Which of the following is/are not specified in the indenture? Dates of each interest payment. The stated interest rate. The maturity date. The market rate of interest. 7 points Question 20 Which of the following is not a reason that a corporation would want to issue bonds instead of stock? Interest payments can be deducted for income tax purposes. Stockholders maintain control. The impact on earnings may be positive. There is less risk associated with a bond issue. 7 points Question 21 The annual interest rate specified within a bond indenture is called which of the following? The stated rate of interest. The market rate of interest. The effective rate of interest. The actual rate of interest. 7 points Question 22 Gammell Company issued $50,000 of 9% bonds with annual interest payments. The bonds mature in ten years. The bonds were issued at $48,000. Gammel Company uses the straight-line method of amortization. How much is the annual interest expense? $4,700 $4,300 $4,500 $4,680 7 points Question 23 If a bond is issued at 101, the stated rate of interest was higher than the market rate of interest. lower than the market rate of interest. equal to the market rate of interest. not related to the market rate of interest. 7 points Question 24 Which of the following represents the maximum number of shares of stock issuable to the public? Authorized shares Issued shares Outstanding shares Treasury shares 7 points Question 25 Irish Corporation issued (sold) 10,000 shares of its no par common stock for $70 per share. The bylaws established a stated value of $10 per share. The transaction would increase the common stock account on the balance sheet by how much? $0 $600,000 $100,000 $700,000 7 points Question 26 On December 15, 2009, the board of directors of Cross Corporation declared a cash dividend, payable on January 8, 2010 of $.80 per share on the 2,000,000 common shares outstanding. On December 15, 2009, Cross Corporation should not prepare a journal entry because the event had no effect on the corporation's financial position until 2010. decrease retained earnings $1.6 million and increase expenses $1.6 million. decrease retained earnings $1.6 million and increase liabilities by $1.6 million. decrease cash $1.6 million and decrease retained earnings $1.6 million. 7 points Question 27 Which of the following statements doesn't correctly describe preferred stock? Preferred shareholders have a preference with respect to dividend payments. Preferred shareholders have a preference with respect to assets in the event of liquidation. Preferred shareholders have voting rights on a per share basis. Preferred stock typically has a fixed dividend rate. 7 points Question 28 CBA Company reported total stockholders' equity of $85,000 on its balance sheet dated December 31, 2010. During the year ended December 31, 2011, CBA reported net income of $10,000, declared and paid a cash dividend of $2,000, and issued additional common stock for $20,000. What is total stockholders' equity as of December 31, 2011? $117,000 $113,000 $109,000 $101,000 7 points Question 29 A corporation has $80,000 in total assets, $36,000 in total liabilities, and a $12,000 debit balance in retained earnings. What is the balance in the contributed capital account? $ 56,000 $ 44,000 $ 48,000 $31,500 7 points Question 30 The Pioneer Company has provided the following account balances: Cash $38,000; Short-term investments $4,000; Accounts receivable $6,000; Inventory $48,000; Long-term notes receivable $2,000; Equipment $96,000; Factory Building $180,000; Intangible assets $6,000; Accounts payable $30,000; Accrued liabilities payable $4,000; Short-term notes payable $14,000; Long-term notes payable $92,000; Contributed capital $180,000; Retained earnings $60,000. What are Pioneer's total current liabilities? $44,000 $34,000 $48,000 $140,000 7 points Save and Submit Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save and Submit 1 Bottom of Form _100882486_1 _100882486_1 true