. (TCOs A, B, and C) Shareholders want answers to all of the following questions except for? (Points : 3)

How does the company compare in profitability with competitors? Did the company meet its operating expense budget? Will the company be able to pay its liabilities as they come due? Is the company earning a satisfactory return?

Question 2.2. (TCO C) Paying back long-term debt is an example of a(n) (Points : 3)

non-cash investing activity. investing activity. financing activity. operating activity.

Question 3.3. (TCO A) Resources owned by a business are referred to as (Points : 3)

revenues. dividends. liabilities. assets.

Question 4.4. (TCO A) In a classified balance sheet, assets are usually classified as (Points : 3)

current assets, long-term assets, property, plant, and equipment, and tangible assets. current assets, long-term investments, property, plant, and equipment, and intangible assets. current assets, long-term investments, and tangible assets. current assets, long-term investments, property, plant, and equipment, and common stocks.

Question 5.5. (TCO B) For 2012, LBJ Corporation reported net income of $75,000; net sales $750,000; and weighted average shares outstanding of 7,500. There were no preferred stock dividends. What was the 2012 earnings per share? (Points : 3)

$100.00 $50.00 $10.00 $110.00

Question 6.6. (TCO D) Which of the following describes the normal balance and classification of the unearned revenue account? (Points : 3)

Debit, Expense Credit, Liability Credit, Stockholders equity Debit, Liability

Question 7.7. (TCO E) Which of the following statements is correct? (Points : 3)

Cash-basis accounting records revenue when earned. Cash-basis accounting records expenses when incurred. Accrual accounting records expenses when incurred. Accrual accounting records revenue when the payment is received in cash.

Question 8.8. (TCOs A and B) A periodic inventory system would most likely be used by a(n) _____ (Points : 3)

automobile dealership. jewelry store. furniture store. local neighborhood restaurant.

Question 9.9. (TCOs A and B) LBJ Company recorded the following events involving a recent purchase of merchandise. - Received goods for $100,000, terms 2/10, n/30 - Returned $5,000 of the shipment for a credit due to damaged goods - Paid $1,500 for freight in - Paid the invoice within the discount period As a result of these events, the company's merchandise inventory (Points : 3)

increased by $96,500. increased by $95,000. increased by $94,500. increased by $94,600.

Question 10.10. (TCO A) In a period of declining prices, which of the following inventory methods generally results in the lowest gross profit figure? (Points : 3)

FIFO method LIFO method Average cost method None of the above