Question 1

10 out of 10 points

	A firm's cash flows from investing activities include:

Question 2

10 out of 10 points

	Which of the following is one measure of liquidity?

Question 3

10 out of 10 points

	Kroger's 2012 financial statements show interest expense of $435 million, net income of $602 million, sales of $90,374 million, and average total assets of $23,491 million. Assume that the statutory tax rate is 35%. How much is Kroger's profit margin for the year?

Question 4

10 out of 10 points

Use the following selected balance sheet and income statement information for Caroline Supply Co. (in millions) to compute asset turnover (AT) to the nearest hundredth of a percent.

Operating profit before tax	Earnings without interest expense (EWI)	Average total assets	Sales	Tax rate on operating profit
$58,300	$93,400	$360,600	$1,135,420	35%

Question 5

10 out of 10 points

	To qualify as a cash equivalent, an investment must:

Question 6

10 out of 10 points

	The direct method of presenting net cash flow from operating activities:

Question 7

0 out of 10 points

	Which of the following is not disclosed in a statement of cash flows using the direct method?

Question 8

0 out of 10 points

	Which one of the following is removed from net income when determining NOPAT?

Question 9

0 out of 10 points

	A company reported cost of goods sold of $880,000 for the year. During the year, inventory increased from a $46,000 beginning balance to a $70,000 ending balance, and accounts payable increased from a $24,000 beginning balance to a $28,000 ending balance. How much is the cash paid for merchandise purchased during the year?

Question 10

0 out of 10 points

Samantha Modeling School has an accrual basis net income of $64,000 and the following related items:

Amortization expense	$26,000
Accounts receivable decrease	14,000
Inventory decrease	10,000
Interest payable increase	12,000
Dividends paid	2,000

What is Samantha Modeling School's net cash flow from operating activities?

QUIZ 2:

Question 1

0 out of 10 points

Texas Curtain Works is in the process of preparing its budget for next year. Cost of goods sold has been estimated at 70 percent of sales. Fabric purchases and payments are to be made during the month preceding the month of sale. Wages are estimated at 20 percent of sales and are paid during the month of sale. Other operating costs amounting to 25 percent of sales are to be paid in the month following the month of sales. Sales revenue is forecasted as follows:

Month	Sales
February	$440,000
March	$450,000
April	$480,000
May	$500,000
June	$510,000

What is the amount of fabric purchases during the month of March?

Question 2

10 out of 10 points

	Which of the following statements about budgeted financial statements is not true?

Question 3

10 out of 10 points

	A value-added approach focuses an organization's perspective on

Question 4

10 out of 10 points

	______________ is (are) the difference between the sales price needed to capture a predetermined market share and the desired profit per unit.

Question 5

10 out of 10 points

	Which of the following statements describes a legitimate disadvantage of cost-based pricing?

Question 6

10 out of 10 points

Boundas Company has predicted the following costs for this year for 200,000 units:

	Manufacturing	Selling and Administrative
Variable	$200,000	$ 50,000
Fixed	600,000	300,000
Total	$800,000	$350,000

What is the markup on variable costs needed to achieve a target profit of $175,000?

Question 7

10 out of 10 points

Seemore Company manufactures binoculars. The actual costs for 2013 and 2014 were as follows:

	2013		2014
Direct materials:

	Plastic case	$ 8.00		$ 7.60
	Lens set	34.00		34.40

Direct labor	64.00	(1.6 hours)	60.00	(1.5 hours)
Indirect manufacturing costs:

	Variable	16.00		14.20
	Fixed	4.00	(100,000 units)	3.80	(120,000 units)

Beginning in 2014, Seemore implemented a continuous improvement program that required a first-year cost reduction target of a 7 percent reduction of the 2013 base. Seemore's continuous improvement target for indirect variable manufacturing costs in 2014 was:

Question 8

10 out of 10 points

	Which of the following product costing methods produces the most precise product costing information?

Question 9

10 out of 10 points

	______________ is a period of time when sales increase at an increasing rate.

Question 10