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tco a the dividends account points 5 501255

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2.

(TCO A) The Dividends account _____. (Points : 5)

appears on the income statement along with the expenses of the business
must show transactions every accounting period
is increased with debits and decreased with credits
is considered a long-term asset of the firm

3.

(TCOs A, B) Below is a partial list of account balances for Cerner Company:

Cash $5,000
Prepaid insurance 500
Accounts receivable 2,500
Accounts payable 2,000
Notes payable 3,000
Common stock 1,000
Dividends 500
Revenues 15,000
Expenses 12,500

What did Cerner Company show as total credits? (Points : 5)

$21,500
$21,000
$20,500
$22,000

4.

(TCOs B, E) Using accrual accounting, expenses are recorded and reported only _____. (Points : 5)

when they are incurred, whether or not cash is paid
when they are incurred and paid at the same time
if they are paid before they are incurred
if they are paid after they are incurred

5.

(TCO D) Two companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5)

LIFO will have the highest ending inventory
FIFO will have the highest cost of goods sold
FIFO will have the highest ending inventory
LIFO will have the lowest cost of goods sold

6.

(TCOs A, E) Equipment with a cost of $192,000 has an estimated salvage value of $18,000 and an estimated life of 4 years or 12,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 3,300 hours? (Points : 5)

$48,000
$52,500
$49,500
$43,500

7.

(TCOs D, G) Lopez Corporation issues 500 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a _____. (Points : 5)

debit to Cash of $500,000
credit to Discount on Bonds Payable for $20,000
credit to Bonds Payable for $480,000
debit to Cash for $480,000

8.

(TCO C) Accounts receivable arising from sales to customers amounted to $35,000 and $40,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $120,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5)

$120,000
$125,000
$155,000
$115,000

9.

(TCO F) One variation of the horizontal analysis is known as _____. (Points : 5)

nonlinear analysis
vertical analysis
trend analysis
common-size analysis

10.

(TCO F) Vertical analysis is also known as _____. (Points : 5)

perpendicular analysis
common-size analysis
trend analysis
straight-line analysis

11.

(TCO F) Which one of the following is not a characteristic generally evaluated in ratio analysis? (Points : 5)

Liquidity
Profitability
Marketability of the product
Solvency

12.

(TCO F) Short-term creditors are usually most interested in assessing _____. (Points : 5)

solvency
liquidity
marketability
profitability

13.

(TCO F) Return-on-assets ratio is most closely related to _____. (Points : 5)

profit margin and debt-to-total-assets ratio
profit margin and asset-turnover ratio
times interest earned and debt-to-stockholders equity ratio
profit margin and free cash flow

14.

(TCO G) To calculate the market value of a bond, we need to use the time-value-of-money concept called _____. (Points : 5)

compounding
extrapolation
discounting
None of the above
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