ACCT 105

Question 1 of 10 0.0/ 10.0 Points An overstated ending inventory leads to understated net income. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points During a period of rising prices, which inventory costing method might be expected to give the lowest valuation for inventory on the balance sheet? A.LIFO B.FIFO C.Weighted-average cost D.Specific identification Answer Key: A Question 3 of 10 0.0/ 10.0 Points When the perpetual inventory method is used, it is ne...

Question 1 of 10 10.0/ 10.0 Points Depreciation provides cash for replacing plant assets; and this is the reason depreciation is shown as an inflow of cash on the statement of cash flows. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points Cash received from the issuance of long-term debt is a financing activity. A. True B. False Answer Key: True Question 3 of 10 10.0/ 10.0 Points When net income is used as a starting point in measuring cash flows from operating...

Question 1 of 10 10.0/ 10.0 Points Any reputable company has a cash flow liquidity ratio of greater than 1.0. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points The amount of depreciation expense in a period is added back to net income under the indirect method. A. True B. False Answer Key: True Question 3 of 10 0.0/ 10.0 Points What is the current ratio for the following data? Cash - $34,000; marketable securities - $16,000; accounts and notes receivable, net...

Question 1 of 10 10.0/ 10.0 Points The most important reason for preparing a statement of cash flows is to compute the change in cash. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points What is the stockholders’ equity to debt ratio for the following data? Total current liabilities (noninterest bearing) - $300,000; bonds payable, 5% (issued in 2007, due in 20 years) - $600,000; preferred 6% stock, $200 par - $240,000; common stock, $20 par - $480,000; premium on ...

Question 1 of 10 10.0/ 10.0 Points Because automobiles differ so much, their manufacture is likely to be accounted for in a job costing system. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points Which of the following would be classified as manufacturing overhead? (1) marketing research; (2) depreciation on president’s office facilities; (3) advertising; (4) factory taxes; (5) indirect materials; (6) machinery maintenance. A.1, 3, 4 are manufacturing overhead co...

Question 1 of 10 0.0/ 10.0 Points The data on a materials requisition are entered as debits to the Materials Inventory account. A. True B. False Answer Key: False Question 2 of 10 0.0/ 10.0 Points Which of the following statements does not apply to managerial accounting? A.Relates to the part of the company that the manager oversees. B.Helps managers make good decisions in financing, resource allocation, marketing, and production. C.Information is intended for internal use. D.Inform...

Question 1 of 10 10.0/ 10.0 Points Section 404 of Sarbanes-Oxley levies duties on both management and outside auditors of public reporting companies. A. True B. False Answer Key: True Question 2 of 10 10.0/ 10.0 Points Which of the following is not one of the four specific responsibilities that PCAOB Auditing Standard No. 2 levies on company management? A.Accept responsibility for the effectiveness of the company’s internal control over financial reporting. B.Evaluate the effectiv...

Question 1 of 10 10.0/ 10.0 Points Section 404 of Sarbanes-Oxley levies duties on both management and outside auditors of public reporting companies. A. True B. False Answer Key: True Question 2 of 10 10.0/ 10.0 Points Internal controls, as defined in Sarbanes-Oxley Section 404, are: A.the processes a company implements to prevent theft by employees. B.the processes a company implements to prevent fraternization within departments. C.the processes a company implements to ensure its ...

Assignment 3: Acct105 2 There is so many things that can impact financial statements when it comes to certain accounting transactions. Expenses and income in the financial statements help any type of company identify what their net worth and their net income is. When we are looking the net worth or income, you are usually looking within a certain time frame. When you record revenues, it shows that companies growing business transactions are done before expenses. When you are recording expe...

Assignment 3: Acct105 2 There is so many things that can impact financial statements when it comes to certain accounting transactions. Expenses and income in the financial statements help any type of company identify what their net worth and their net income is. When we are looking the net worth or income, you are usually looking within a certain time frame. When you record revenues, it shows that companies growing business transactions are done before expenses. When you are recording expe...