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ACC 556 Midterm Part 1 (100% Correct Answers)
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ACC 556 Midterm Part 1 (100% Correct Answers)

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ACC 556 - Midterm part 1

 

· Question 1

Source documents can provide evidence that a transaction has occurred

 

· Question 2

Expense recognition is tied to revenue recognition.

 

· Question 3

To obtain maximum benefit from a bank reconciliation, the reconciliation should be prepared by the employee authorized to sign checks.

 

· Question 4

An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the greater the probability that it will 

eventually be collected.

 

· Question 5

A concentration of credit risk is a threat of nonpayment from a single customer or class of customers that could adversely affect the financial health of the company.

 

· Question 6

Which of the following is not a common way that managers use the balance sheet?

 

· Question 7

Financing activities include the purchase or sale of long-lived assets or the purchase or sale of investment securities.

 

· Question 8

Bathlinks Corporation has a debt to assets ratio of 73%. This tells the user of Bathlinks’s financial statements that

 

· Question 9

Owners of business firms are the only people who need accounting information.

 

· Question 10

Marvin Services Corporation had the following accounts and balances:

If the balance of the Buildings account was $45,000 and the equipment was sold for $21,000, what would be the total of stockholders' equity?

 

· Question 11

Consistent use of the same accounting principles and methods is necessary for meaningful analysis of trends within a company.

 

· Question 12

Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational efficiency.

 

· Question 13

Solvency ratios measure the short-term ability of the company to pay its maturing obligations.

 

· Question 14

The best definition of assets is the

 

· Question 15

The partnership form of business organization

 

· Question 16

Goods that have been purchased FOB destination but are in transit, should be excluded from a physical count of goods by the buyer.

 

· Question 17

Management may choose any inventory costing method it desires as long as the cost flow assumption chosen is consistent with the physical movement of goods in the company.

 

· Question 18

Which of the following would not be classified as a long-term liability?

 

· Question 19

The economic resources that are owned by a business are called stockholders’ equity.

 

· Question 20

An advantage of using the periodic inventory system is that it requires less record keeping than the perpetual inventory system.

 

· Question 21

The revenue recognition principle dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied.

 

· Question 22

Lankston Company began the year by issuing $90,000 of common stock for cash. The company recorded revenues of $825,000, expenses of $720,000, and 

paid dividends of $45,000. What was Lankston’s net income for the year?

 

· Question 23

The multiple-step income statement is considered more useful than the single-step income statement because it highlights the components of net income.

 

· Question 24

Use the following data to calculate the current ratio.

Carne Auto Supplies

Balance Sheet

December 31, 2014


 
Cash                                         $    35,000          Accounts payable                          $   65,000
Accounts receivable                         50,000          Salaries and wages payable                10,000
Inventory                                        70,000          Mortgage payable                              90,000
Prepaid insurance                             40,000          Total liabilities                                   $165,000
Stock investments                          80,000            
Land                                               95,000                                                                                 
Buildings                 $100,000                               Common stock                              $120,000
Less: Accumulated                                                Retained earnings                           250,000
      depreciation         (30,000)       85,000               Total stockholders’ equity          $370,000
Trademarks                                    70,000                  Total liabilities and 
Total assets                                 $535,000                    stockholders’ equity                   $535

 

· Question 25

Which of the following is the least likely consideration that management uses when deciding whether to pay a dividend?

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