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ACC291 Exam

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Question 1 The term “receivables” refers to
amounts due from individuals or companies. merchandise to be collected from individuals or companies. cash to be paid to creditors. cash to be paid to debtors. Question 1 Three accounting issues associated with accounts receivable are
accrual, bad debts, and accelerating collections. recognizing, valuing, and accelerating collections. depreciating, returns, and valuing. depreciating, valuing, and collecting. Question 1 When the allowance method is used to account for uncollectible accounts, Bad Debts Expense is debited when
an account becomes bad and is written off. management estimates the amount of uncollectibles. a customer’s account becomes past due. a sale is made. Question 1 Which one of the following is not a principle of sound accounts receivable management?
Monitor collections. Determine to whom to extend credit. Delay cash receipts from receivables if necessary. Determine a payment period. Question 1 The accounts receivable turnover is computed by dividing
total sales by average receivables. total sales by ending receivables. net credit sales by average receivables. net credit sales by ending receivables.
Question 1 The accounts receivable turnover is used to analyze
profitability. long-term solvency. risk. liquidity.
Question 1 The following information is provided for Sheridan Company and Concord Corporation. (in $ millions) Sheridan Company Concord Corporation Net income 2017 $170 $390 Net sales 2017 1625 4550 Total assets 12/31/15 1005 2280 Total assets 12/31/16 1160 3080 Total assets 12/31/17 1160 4000
What is Concord’s return on assets (rounded) for 2017?
14.6% 11.0% 9.8% 12.7%
Question 1 Which of the following is not properly classified as property, plant, and equipment?
A truck held for resale by an automobile dealership. Land used in ordinary business operations. Land improvement, such as parking lots and fences. Building used as a factory.
Question 1 A characteristic of a plant asset is that it is
held for sale in the ordinary course of the business. used in the operations of a business. not currently used in the business but held for future use. intangible.
Question 1 A current liability is a debt that can reasonably be expected to be paid
within one year, or the operating cycle, whichever is longer. out of currently recognized revenues. between 6 months and 18 months. out of cash currently on hand.
Question 1 Which of the following most likely would be classified as a current liability?
Bonds payable in 5 years Dividends payable Mortgage payable as a single payment in 10 years Three-year notes payable
Question 1 The 2017 financial statements of Blossom Company contain the following selected data (in millions). Current assets $76 Total assets 175 Current liabilities 43 Total liabilities 82 Cash 7 Interest expense 5 Income taxes 10 Net income 19 The debt to assets ratio (rounded) is
2.13%. 56.6%. 6.0 times. 46.9%.
Question 1 In a recent year Martinez Corp. had net income of $146000, interest expense of $29500, and income tax expense of $39700. What was Martinez Corp.’s times interest earned (rounded) for the year?
4.95 7.29 6.29 5.95
Question 1 If bonds are issued at a discount, it means that the
market interest rate is lower than the contractual interest rate. bondholder will receive effectively less interest than the contractual rate of interest. financial strength of the issuer is suspect. market interest rate is higher than the contractual interest rate.
Question 1 If bonds are issued at a premium, the stated interest rate is
too low to attract investors. adjusted to a higher rate of interest. lower than the market rate of interest. higher than the market rate of interest.
Question 1 The chief accounting officer in a company is known as the
controller. vice-president. treasurer. president.
Question 1 Which one of the following would not be considered an advantage of the corporate form of organization?
Continuous life. Government regulation. Limited liability of stockholders. Separate legal existence.
Question 1 Which of the following would not be true of a privately held corporation?
It does not offer its shares for sale to the general public. It is usually smaller than a publicly held company. It is sometimes called a closely held corporation. Its shares are regularly traded on the New York Stock Exchange.
Question 1 The following information pertains to Pharoah Company. Assume that all balance sheet amounts represent average balance figures. Total assets $420000 Stockholders’ equity-common 300000 Total stockholders’ equity 255000 Sales revenue 100000 Net income 22400 Number of shares of common stock 7000 Common dividends 6500 Preferred dividends 6900
What is Pharoah’s payout ratio?
42%. 29.02%. 22%. 14%.
Question 1 Sunland Company had net income of $100775 and paid dividends of $39500 to common stockholders and $22500 to preferred stockholders in 2017. Sunland Company common stockholders’ equity at the beginning and end of 2017s was $415000 and $595000, respectively. Sunland Company return on common stockholders’ equity is
11%. 20%. 16%. 15%.
Question 1 Sunland Company had net income of $100775 and paid dividends of $39500 to common stockholders and $22500 to preferred stockholders in 2017. Sunland Company common stockholders’ equity at the beginning and end of 2017s was $415000 and $595000, respectively. Sunland Company return on common stockholders’ equity is
11%. 20%. 16%. 15%.
Which one of the following items is not generally used in preparing a statement of cash flows?
Current income statement. Additional information. Adjusted trial balance. Comparative balance sheets.
The category that is generally considered to be the best measure of a company’s ability to continue as a going concern is
usually different from year to year. cash flows from operating activities. cash flows from investing activities. cash flows from financing activities.
Question 1 Assume that the Fitzgerald Corporation uses the indirect method to depict cash flows. Indicate where, if at all, a stock dividend declared and issued would be classified on the statement of cash flows.
Does not represent a cash flow. Investing activities section. Financing activities section. Operating activities section.
Question 1 Assume that the Fitzgerald Corporation uses the indirect method to depict cash flows. Indicate where, if at all, an inventory increase with cash would be classified on the statement of cash flows.
Financing activities section. Does not represent a cash flow. Operating activities section. Investing activities section.
Question 1 Free cash flow provides an indication of a company’s ability to
generate cash to invest in capital expenditures and to pay dividends. generate cash to pay dividends. generate cash to invest in capital expenditures. generate net income. Question 1 When using the indirect method to compute cash provided by operating activities
amortization expense is added to net income. decreases in inventory are subtracted from net income. income taxes paid may be ignored. increases in accounts receivable are added to net income. Question 1 To determine the net cash provided (used) by operating activities, it is necessary to analyze
the current year’s income statement. a comparative balance sheet. additional information. all of these answer choices are correct.
Question 1 Which of these is not a liquidity ratio?
Accounts receivable turnover
Current ratio
Asset turnover
Inventory turnover
Question 1 The current ratio would be of most interest to
customers.
long-term creditors.
short-term creditors.
stockholders.

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