The group of users of accounting information charged with achieving the goals of the business, is which of the following?
1. (TCO 1) The group of users of accounting information charged with achieving the goals of the business, is which of the following? (Points : 4)
2. (TCO 1) The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers, is called which of the following? (Points : 4)
3. (TCO 1) If the retained earnings account decreases from the beginning of the year to the end of the year, then which of the following will occur? (Points : 4)
net income is less than dividends
there was a net income and no dividends
additional investments are less than net losses
net income is greater than dividends
4. (TCO 4) For 2010, Fielder Corporation reported net income of $30,000; net sales $400,000; and average shares outstanding of 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? (Points : 4)
5. (TCO 4) Mason Corporation has current assets of $1,500,000 and current liabilities of $750,000. If they pay $250,000 of their accounts payable, what will their new current ratio be? (Points : 4)
6. (TCO 4) Suppose that Morgan Corporation produced and sold 4,800 laptop computers during 2010. It reported $250,000 cash provided by operating activities. In order to maintain production at 4,800 laptops, Morgan invested in $8,600 in equipment. Morgan paid $1,400 in dividends. What is Morgan s free cash flow? (Points : 4)
7. (TCO 2) If a company issues common stock for $25,000, and uses $20,000 of the cash to purchase a truck, which of the following will occur? (Points : 4)
assets will be increased by $5,000
equity will be reduced by $25,000
assets will be increased by $25,000
assets will be unchanged
8. (TCO 2) At September 1, 2010, Kern Enterprises reported a cash balance of $45,000. During the month, Kern collected cash of $15,000 and made disbursements of $25,000. At September 31, 2010, what is the cash balance? (Points : 4)
9. (TCO 3) A consequence of separation of duties is which of the following? (Points : 4)
theft by employees becomes impossible
operations become extremely inefficient because of constant training of employees
more employees will need to be bonded
theft is still possible when several employees are involved
10. (TCO 3) Dekin Company had checks outstanding totaling $6,400 on its May bank reconciliation. In June, Dekin Company issued checks totaling $39,900. The July bank statement shows that $29,700 in checks cleared the bank in July. A check from one of Dekin Company s customers in the amount of $300 was also returned marked NSF. The amount of outstanding checks on Dekin Company s July bank reconciliation should be which of the following? (Points : 4)
11. (TCO 11) Utley Manufacturing Company reported the following year end information: beginning work in process inventory, $180,000; cost of goods manufactured, $516,000; beginning finished goods inventory, $252,000; ending work in process inventory, $220,000; and ending finished goods inventory, $264,000. Utley Manufacturing Company s cost of goods sold for the year is which of the following? (Points : 4)
12. (TCO 11) Hollern Combines, Inc. has $10,000 of ending finished goods inventory as of December 31, 2008. If beginning finished goods inventory was $5,000 and cost of goods sold was $20,000, how much would Hollern report for cost of goods manufactured? (Points : 4)
13. (TCO 5) A fixed cost is a cost that does which of the following? (Points : 4)
varies in total with changes in the level of activity
remains constant per unit with changes in the level of activity
varies inversely in total with changes in the level of activity
remains constant in total with changes in the level of activity
14. (TCO 5) Which of the following is not an underlying assumption of CVP analysis? (Points : 4)
Changes in activity are the only factors that affect costs.
Cost classifications are reasonably accurate.
Beginning inventory is larger than ending inventory.
Sales mix is constant.
15. (TCO 5) Madison Company s variable costs are 25% of sales. Its selling price is $150 per unit. If Weed sells one unit more than break even units, how much will profit increase? (Points : 4)
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