Post University ACC305 Final Exam

Post University ACC305 Final Exam $25 only

  1. Which of the following is not an objective of financial reporting?

1.5 points

QUESTION 2

  1. The primary current source of generally accepted accounting principles for non government operations is the

1.5 points

QUESTION 3

  1. Which of the following indicates how revenue is usually recognized?

1.5 points

QUESTION 4

  1. Statement of Financial Accounting Concepts No. 1, “ Objectives of Financial Reporting by Business Enterprises,” includes all of the following objectives, except one. Which objective does it not include?

1.5 points

QUESTION 5

  1. If assets are $ 40,000 and stockholders’ equity is $ 10,000, how much are liabilities?

1.5 points

QUESTION 6

  1. From the point of view of analysis, which classification of an audit opinion indicates that the financial statements carry the highest degree of reliability?

1.5 points

QUESTION 7

  1. Which of these is not a suggested problem caused by lack of harmonization of international accounting standards?

1.5 points

QUESTION 8

  1. Which party has the primary responsibility for the financial statements?

1.5 points

QUESTION 9

  1. Current assets typically include all but which of the following assets?

1.5 points

QUESTION 10

  1. Which of the following accounts would not be classified as an intangible?

1.5 points

QUESTION 11

  1. Growth Company had total assets of $ 100,000 and total liabilities of $ 60,000. What is the balance of the stockholders’ equity?

1.5 points

QUESTION 12

  1. The Current Assets section of the balance sheet should include

1.5 points

QUESTION 13

  1. Which of the following is not a typical current liability?

    Accounts payable
    Bonds Payable
    Interest payable
    Wages payable

1.5 points

QUESTION 14

  1. Which of the following would be classified as an extraordinary item?

1.5 points

QUESTION 15

  1. If the investor company owns 30% of the stock of the investee company and the investee company reports profits of $ 150,000, then the investor company reports equity income of

1.5 points

QUESTION 16

  1. The following relate to the income statement of Growth Company for the year ended 2008. What is the beginning inventory?
    Purchases $ 180,000
    Purchase returns 5,000 Purchase returns is inventory the company bought (part of purchases, and then returned to their supplier).
    Sales 240,000
    Cost of goods sold 210,000
    Ending inventory 30,000

1.5 points

QUESTION 17

  1. Using these results for a given ratio, compute the median, 14%, 13.5%, 13%, 11.8%, 10.5%, 9.5%, 9.3%, 9%, 7%.

1.5 points

QUESTION 18

  1. Industry ratios should not be considered as absolute norms for a given industry because of all but which of the following?

1.5 points

QUESTION 19

  1. Use the information below to compute the acid test ratio. (The same company and numbers are used for questions 19 -22)

    SHARKEY CORPORATION
    Selected Financial Data As of December 31,
    ……………………………………………………..2007….2006
    Cash $ 8,000 $ 60,000
    Marketablesecurities 32,000 8,000
    Accountsreceivable 40,000 110,000
    Inventory 80,000 140,000
    Net property, plant, and equipment 240,000 280,000
    Accountspayable 60,000 100,000
    Short- term notes payable 30,000 50,000
    Creditsales 600,000 900,000
    Cost of goods sold 1,260,000 1,403,000

1.5 points

QUESTION 20

  1. Use the information below to compute the receivables turnover. (The same company and numbers are used for questions 19 -22)

    SHARKEY CORPORATION
    Selected Financial Data As of December 31,
    ………………………………………………..2007……….2006
    Cash $ 8,000 $ 60,000
    Marketablesecurities 32,000 8,000
    Accountsreceivable 40,000 110,000
    Inventory 80,000 140,000
    Net property, plant, and equipment 240,000 280,000
    Accountspayable 60,000 100,000
    Short- term notes payable 30,000 50,000

    Credit(AR)sales 600,000 900,000
    Cost of goods sold 1,260,000 1,403,000

1.5 points

QUESTION 21

  1. Use the information below to compute the inventory turnover. (The same company and numbers are used for questions 19 -22)

    SHARKEY CORPORATION
    Selected Financial Data As of December 31,
    ………………………………………………..2007……….2006
    Cash $ 8,000 $ 60,000
    Marketablesecurities 32,000 8,000
    Accountsreceivable 40,000 110,000
    Inventory 80,000 140,000
    Net property, plant, and equipment 240,000 280,000
    Accountspayable 60,000 100,000
    Short- term notes payable 30,000 50,000
    Creditsales 600,000 900,000
    Cost of goods sold 1,260,000 1,403,000

1.5 points

QUESTION 22

  1. Use the information below to compute the current ratio. (The same company and numbers are used for questions 19 -22)

    SHARKEY CORPORATION
    Selected Financial Data As of December 31,
    2007 2006
    Cash $ 8,000 $ 60,000
    Marketablesecurities 32,000 8,000
    Accountsreceivable 40,000 110,000
    Inventory 80,000 140,000
    Net property, plant, and equipment 240,000 280,000
    Accountspayable 60,000 100,000
    Short- term notes payable 30,000 50,000
    Creditsales 600,000 900,000
    Cost of goods sold 1,260,000 1,403,000

1.5 points

QUESTION 23

  1. Investment instruments used to invest temporarily idle cash balances should have which of the following characteristics?

1.5 points

QUESTION 24

  1. The primary objective in the management of accounts receivable is

1.5 points

QUESTION 25

  1. Under the Employee Retirement Income Security Act, a company can be liable for its pension plan up to

1.5 points

QUESTION 26

  1. Which of the following statements is correct?

1.5 points

QUESTION 27

  1. Total asset turnover measures

1.5 points

QUESTION 28

  1. Net profit margin × total asset turnover measures

1.5 points

QUESTION 29

  1. Previously there were 100,000 shares. In 2008, Zello Company declared a 10% stock dividend. In 2007, earnings per share was $ 1.00. When the 2007 earnings per share is disclosed in the 2008 annual report, it will be disclosed at

1.5 points

QUESTION 30

  1. The earnings per share ratio is computed for

1.5 points

QUESTION 31

  1. Which of the following current asset or current liability accounts is not included in the computation of cash flows from operating activities?

1.5 points

QUESTION 32

  1. How would revenue from services be classified

1.5 points

QUESTION 33

  1. Working capital is defined as

1.5 points

QUESTION 34

  1. In regards to cash flow what type of account is inventory?

1.5 points

QUESTION 35

  1. The ratio of total cash, trade receivables, and marketable securities to current liabilities is

1.5 points

QUESTION 36

  1. The times interest earned ratio is a primary measure of

1.5 points

QUESTION 37

  1. Match the ratio with equation.
    A.Operating Income___
    Average Operating Assets
    B.Net Income Before Nonrecurring Items – Preferred Dividends
    Average Common Equity
    C.Net Sales_____
    Average Total Assets
    D.Gross Profit
    Net Sales

6 points

QUESTION 38

  1. Match the ratio with the equation.
    A.Current Assets
    Current Liabilities
    B.Current Assets – Current Liabilities
    C._______Sales________
    Average Working Capital
    D.Cost of Goods Sold
    Average Inventory
    E._______Net Sales______
    Average Gross Receivables

7.5 points

QUESTION 39

  1. Match the ratios to the formula.
    A.Total Stockholder’s Equity – Preferred Stock Equity
    Number of Common Shares Outstanding
    B.Dividends per Common Share
    Market Price per Common Share
    C.Total Liabilities
    Total Assets
    D.Total Liabilities
    Shareholder’s Equity
    E.Recurring Earnings, Excluding Interest Expense, Tax Expense, Equity Earnings & Minority Earnings__________
    Interest Expense, Including Capitalized Interest

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