need all answers except #4

FINAL Accounting 1007 Spring 2020 1. Using a bank account provides the following control advantages: IA. Reduces the amount of cash on-hand B. Provides an independent record of cash transactions C. Provides for reconciling the company's cash balance with the cash balance at the bank D. All of the above 2. Which of the following is NOT a credit to your bank account: A. Interest earned B. Cash deposits C. Deposits made by EFT D. Returned checks for insufficient funds 3. Customer checks returned unpaid are considered... A. EFT B. ACH C. SJU D. NSF 4. Accounts receivable are normally collected within the following number of days: A. 1-30 days B. 30-60 days C. 60-90 days D. 90-120 days B I U ON A A ... EVEE EVA are amounts that customers owe for which a formal written document is issued A. Notes Receivable B. Accounts Receivable C. Investments D. All of the above 6. The following are indications that an account may be uncollectible, except for which one? A. The receivable is past due. YB. The customer files for bankruptcy C. The customer establishes a schedule for repayment D. The customer ignores attempts to collect the debt analysis evaluates the ability of a company to generate future earnings. 7. A. Solvency B. Liquidity C. Cash Flow D. Profitability 8. earned on the amount invested by The return on stockholders' equity measures the rate of the stockholders. A. Liquidity B. Net Income C. Liabilities RJotal assets 9. Which of the following industries would have the highest percentage of fixed assets? A Entertainment B. Social media C. Food retail D. Software ew View Help Open in Desktop App Tell me what you want to do ov AvA ... Ev Ev e rt -B I u 10. 10.An asset that is based on reputation, location and quality is called: A. Goodwill B. Copyright C. Patent D. None of the above 11. Three of the following could account for a difference between the bank balance and the compar balance. Which is NOT a reason? A. A delay by either the company or the bank in recording transactions B. Errors made by either the company or the bank C. Transactions that the company will not know about until the statement is received D. Checks that have already cleared 12.Where is the adjustment to a company's cash balance reported? A. General ledger B. Income Statement C. Cash Flow Statement D. Statement of owner's equity 13.Deposits not received are added to as part of the reconciliation. A. The bank's balance B. The company's balance 14. The ratio of liabilities to stockholders' equity for a company is as follows... 2019 2018 Total liabilities $ 550,000 $400,000 Total Stockholders' equity $ 900,000 $700,000 Ratio of liabilities to Review B View I Help u Open in Desktop App Tell me what you want to do ov Av A ... EVEN EV A A St 14. The ratio of liabilities to stockholders' equity for a company is as follows... 2019 2018 Total liabilities $ 550,000 . $400,000 Total Stockholders' equity $ 900,000 $700,000 Ratio of liabilities to stockholders' equity .56.57 In which year, was the company more solvent? A. 2019 B. 2018 15. Which ratio of common stock measures the prospects for a company's future earnings? A. Dividends per share B. Earnings per share C. Working capital D. Price-Earnings Ratio 16. Which type of Audit Opinion indicates that the financial statements have been fairly presented? A. Qualified Opinion B. Red Flag Opinion C. Unspecified Opinion D. Unqualified Opinion A B I U Or Av Ao ... Ev EVE Eve 17. Comparing dividends per share and earnings per share indicates the extent to which earnings are b retained for use in operations. A. B. True False 18. The Lessor is the party to whom the rights to use an asset are granted. A. True B. False 19. Which of the following is not a benefit of Managerial Accounting? A. Provides the cost of manufacturing a product B. Produces financial statements for external parties C. Analyzes potential efficiencies from automation D. Analyzes how many units need to be sold to cover expenses 20. The type of Managerial Accounting that focuses on social and environmental impacts is known as: A. Profitability B. Sustainability C. Solvency D. Liquidity 21. A business that does not implement effective quality checks, fails in which step of the Management Process: A. Planning B. Directing C. Controlling D. Decision Making of a firm's financial statements. 22. A CPA Firm renders an opinion as to the A. Accuracy AI B I U ov AvA ... EVEVE Ev 22. A CPA Firm renders an opinion as to the __of a firm's financial statements. A. Accuracy B. Completeness C. Fairness D. Internal Control 23. The formula: Dividends per share of Common Stock Market Price per Share of Common Stock represents which measurement: A. Dividend Yield B. Return on Common Stock C. Dividend Turnover D. Market return 24. Which of the following is not a component of Factory Overhead Cost? A. Factory power B. Factory depreciation C. Direct labor D. Indirect materials 25. In the corporate Annual Report, management's analysis and explanation of changes in results, risk exposures, and assessment of liquidity are include in the: A. Financial Statements B. Sarbanes-Oxley Report C. Report on Fairness D. Management's Discussion and Analysis 26. The formula to calculate Earnings Per Share (EPS) on common stock is: Net Innme minas ?? 26. The formula to calculate Earnings Per Share (EPS) on common stock is: Net Income minus 77 Shares of Common Stock Outstanding A. Shares of Common Stock B. Preferred Dividends C. Market Price D. Shares of Preferred Stock 27. The components of Work in Process costs do NOT include the following: A. Materials Inventory B. Direct Labor C. Factory Overhead D. Cost of Goods Sold 28. Based on the following information about Kleing's Deli, in which year did Kleine's retain more earnings: 2019 2018 Dividends on Common Stock $40,000 $25,000 Common Shares Outstanding 20,000 10,000 Earnings Per Share 3.0 2.75 Dividends Per Share 2.0 2.50 A. 2019 B. 2018 29. If receivables are expected to be collected beyond one year, they are classified as: B I U Or AvA ... Ev Ev 29. If receivables are expected to be collected beyond one year, they are classified as: A. Current Assets B. Investments C. Uncollectible D. Expenses 30. To a bank, a company's checking account balance is considered a liability. A. True B. False 1 31. Factoring 32. Allowance method 33. Net realizable value 34. Direct write-off method A. The value of receivables expected t collected B. Selling receivables for a fee C. Used by small companies with few rec D. Records bad debt expense by estimatir uncollectible accounts Documentb - Saveu V Tell me what you want to do Review View Help Open in Desktop App A BI U OVA AO ... E Editing Styles A Sports Equipment in a Sports Management Company B. Land acquired for resale C. Tractor used by a peanut farmer 35. Expense 36. Investment 37. Fixed Asset A. The difference between asset's purchase cost and its residual value B. The purchase price of an asset, plus all costs to prepare it for use C. The estimated value of an asset at the end of Its useful life D. The value of an asset, less its accumulated depreciation 38.Capitalized cost 39. Residual Value 40. Depreciable cost 41. Book Value - A Asset that provides the exclusive right to Review B View I Help u Table Open in Desktop App Tell me what you want to do ov AvA ... Ev Eve Ev As Style 42. Intangible asset 43. Goodwill 44. Patent 45. Copyright A Asset that provides the exclusive right to produce and sell a product with unique features B. Asset that confers the exclusive right to sell a literary, artistic or musical composition C. Asset used in the operation of a business that does not exist physically D. Asset value in excess of its fair value An asset has the following cost and usage Cost of $160,000 Useful life of 50,000 hours Was used for 2500 hours during the day . Residual Value of $10,000 Using the following formulas... Depreciation per unit Cost - Residual Value Total Estimated units of activity Depreciation Expense = Depreciation per unit x units of activity What is the units-of-activity depreciation for the year? A. $7,500 B. $2,500 C. $5,000 D. $3,000 FINAL Accounting 1007 Spring 2020 1. Using a bank account provides the following control advantages: IA. Reduces the amount of cash on-hand B. Provides an independent record of cash transactions C. Provides for reconciling the company's cash balance with the cash balance at the bank D. All of the above 2. Which of the following is NOT a credit to your bank account: A. Interest earned B. Cash deposits C. Deposits made by EFT D. Returned checks for insufficient funds 3. Customer checks returned unpaid are considered... A. EFT B. ACH C. SJU D. NSF 4. Accounts receivable are normally collected within the following number of days: A. 1-30 days B. 30-60 days C. 60-90 days D. 90-120 days B I U ON A A ... EVEE EVA are amounts that customers owe for which a formal written document is issued A. Notes Receivable B. Accounts Receivable C. Investments D. All of the above 6. The following are indications that an account may be uncollectible, except for which one? A. The receivable is past due. YB. The customer files for bankruptcy C. The customer establishes a schedule for repayment D. The customer ignores attempts to collect the debt analysis evaluates the ability of a company to generate future earnings. 7. A. Solvency B. Liquidity C. Cash Flow D. Profitability 8. earned on the amount invested by The return on stockholders' equity measures the rate of the stockholders. A. Liquidity B. Net Income C. Liabilities RJotal assets 9. Which of the following industries would have the highest percentage of fixed assets? A Entertainment B. Social media C. Food retail D. Software ew View Help Open in Desktop App Tell me what you want to do ov AvA ... Ev Ev e rt -B I u 10. 10.An asset that is based on reputation, location and quality is called: A. Goodwill B. Copyright C. Patent D. None of the above 11. Three of the following could account for a difference between the bank balance and the compar balance. Which is NOT a reason? A. A delay by either the company or the bank in recording transactions B. Errors made by either the company or the bank C. Transactions that the company will not know about until the statement is received D. Checks that have already cleared 12.Where is the adjustment to a company's cash balance reported? A. General ledger B. Income Statement C. Cash Flow Statement D. Statement of owner's equity 13.Deposits not received are added to as part of the reconciliation. A. The bank's balance B. The company's balance 14. The ratio of liabilities to stockholders' equity for a company is as follows... 2019 2018 Total liabilities $ 550,000 $400,000 Total Stockholders' equity $ 900,000 $700,000 Ratio of liabilities to Review B View I Help u Open in Desktop App Tell me what you want to do ov Av A ... EVEN EV A A St 14. The ratio of liabilities to stockholders' equity for a company is as follows... 2019 2018 Total liabilities $ 550,000 . $400,000 Total Stockholders' equity $ 900,000 $700,000 Ratio of liabilities to stockholders' equity .56.57 In which year, was the company more solvent? A. 2019 B. 2018 15. Which ratio of common stock measures the prospects for a company's future earnings? A. Dividends per share B. Earnings per share C. Working capital D. Price-Earnings Ratio 16. Which type of Audit Opinion indicates that the financial statements have been fairly presented? A. Qualified Opinion B. Red Flag Opinion C. Unspecified Opinion D. Unqualified Opinion A B I U Or Av Ao ... Ev EVE Eve 17. Comparing dividends per share and earnings per share indicates the extent to which earnings are b retained for use in operations. A. B. True False 18. The Lessor is the party to whom the rights to use an asset are granted. A. True B. False 19. Which of the following is not a benefit of Managerial Accounting? A. Provides the cost of manufacturing a product B. Produces financial statements for external parties C. Analyzes potential efficiencies from automation D. Analyzes how many units need to be sold to cover expenses 20. The type of Managerial Accounting that focuses on social and environmental impacts is known as: A. Profitability B. Sustainability C. Solvency D. Liquidity 21. A business that does not implement effective quality checks, fails in which step of the Management Process: A. Planning B. Directing C. Controlling D. Decision Making of a firm's financial statements. 22. A CPA Firm renders an opinion as to the A. Accuracy AI B I U ov AvA ... EVEVE Ev 22. A CPA Firm renders an opinion as to the __of a firm's financial statements. A. Accuracy B. Completeness C. Fairness D. Internal Control 23. The formula: Dividends per share of Common Stock Market Price per Share of Common Stock represents which measurement: A. Dividend Yield B. Return on Common Stock C. Dividend Turnover D. Market return 24. Which of the following is not a component of Factory Overhead Cost? A. Factory power B. Factory depreciation C. Direct labor D. Indirect materials 25. In the corporate Annual Report, management's analysis and explanation of changes in results, risk exposures, and assessment of liquidity are include in the: A. Financial Statements B. Sarbanes-Oxley Report C. Report on Fairness D. Management's Discussion and Analysis 26. The formula to calculate Earnings Per Share (EPS) on common stock is: Net Innme minas ?? 26. The formula to calculate Earnings Per Share (EPS) on common stock is: Net Income minus 77 Shares of Common Stock Outstanding A. Shares of Common Stock B. Preferred Dividends C. Market Price D. Shares of Preferred Stock 27. The components of Work in Process costs do NOT include the following: A. Materials Inventory B. Direct Labor C. Factory Overhead D. Cost of Goods Sold 28. Based on the following information about Kleing's Deli, in which year did Kleine's retain more earnings: 2019 2018 Dividends on Common Stock $40,000 $25,000 Common Shares Outstanding 20,000 10,000 Earnings Per Share 3.0 2.75 Dividends Per Share 2.0 2.50 A. 2019 B. 2018 29. If receivables are expected to be collected beyond one year, they are classified as: B I U Or AvA ... Ev Ev 29. If receivables are expected to be collected beyond one year, they are classified as: A. Current Assets B. Investments C. Uncollectible D. Expenses 30. To a bank, a company's checking account balance is considered a liability. A. True B. False 1 31. Factoring 32. Allowance method 33. Net realizable value 34. Direct write-off method A. The value of receivables expected t collected B. Selling receivables for a fee C. Used by small companies with few rec D. Records bad debt expense by estimatir uncollectible accounts Documentb - Saveu V Tell me what you want to do Review View Help Open in Desktop App A BI U OVA AO ... E Editing Styles A Sports Equipment in a Sports Management Company B. Land acquired for resale C. Tractor used by a peanut farmer 35. Expense 36. Investment 37. Fixed Asset A. The difference between asset's purchase cost and its residual value B. The purchase price of an asset, plus all costs to prepare it for use C. The estimated value of an asset at the end of Its useful life D. The value of an asset, less its accumulated depreciation 38.Capitalized cost 39. Residual Value 40. Depreciable cost 41. Book Value - A Asset that provides the exclusive right to Review B View I Help u Table Open in Desktop App Tell me what you want to do ov AvA ... Ev Eve Ev As Style 42. Intangible asset 43. Goodwill 44. Patent 45. Copyright A Asset that provides the exclusive right to produce and sell a product with unique features B. Asset that confers the exclusive right to sell a literary, artistic or musical composition C. Asset used in the operation of a business that does not exist physically D. Asset value in excess of its fair value An asset has the following cost and usage Cost of $160,000 Useful life of 50,000 hours Was used for 2500 hours during the day . Residual Value of $10,000 Using the following formulas... Depreciation per unit Cost - Residual Value Total Estimated units of activity Depreciation Expense = Depreciation per unit x units of activity What is the units-of-activity depreciation for the year? A. $7,500 B. $2,500 C. $5,000 D. $3,000