ach_test_2
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ach_test_2

Course Number: ACCT 2102, Fall 2009

College/University: Georgia Perimeter

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Achievement Test 2: Chapters 3 and 4 Financial Accounting Kimmel, Weygandt, & Kieso Name _________________________ Instructor ______________________ Section # _______ Date _________ Part Points Score I 33 II 24 III 24 IV 10 V 9 Total 100 PART I MULTIPLE CHOICE (33 points) Instructions Designate the best answer for each of the following questions. ____ 1. The Accumulated Depreciation account is a(n)...

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Test Achievement 2: Chapters 3 and 4 Financial Accounting Kimmel, Weygandt, & Kieso Name _________________________ Instructor ______________________ Section # _______ Date _________ Part Points Score I 33 II 24 III 24 IV 10 V 9 Total 100 PART I MULTIPLE CHOICE (33 points) Instructions Designate the best answer for each of the following questions. ____ 1. The Accumulated Depreciation account is a(n) a. contra asset. b. liability. c. asset. d. operating expense. ____ 2. A post-closing trial balance contains a. real and nominal accounts. b. permanent and temporary accounts. c. balance sheet or permanent accounts. d. balance sheet and retained earnings statement accounts. ____ 3. The procedure of transferring journal entries to ledger accounts is called a. journalizing. b. ledgering. c. recording. d. posting. ____ 4. For which of the following types of adjusting entries are liabilities overstated and revenues understated before the adjusting entry is made? a. Unearned Revenues b. Accrued Revenues c. Prepaid Expenses d. Accrued Expenses ____ 5. Transactions are initially recorded in the a. ledger. b. trial balance. c. journal. d. balance sheet. ____ 6. A credit will reduce ________, but increase ________. a. accounts receivable; accounts payable b. expenses; accounts receivable c. accounts payable; common stock d. common stock; prepaid insurance AT2-2 Test Bank for Financial Accounting: Tools for Business Decision Making, Fourth Edition ____ 7. An accrued expense account represents expenses that have a. been used and paid. b. been paid but not used. c. not been used or paid. d. been used but not paid. ____ 8. What type of relationship exists with an unearned revenue adjusting entry? a. Receivable/revenue b. Liability/revenue c. Asset/revenue d. Expense/liability ____ 9. The book value of a depreciable asset is defined as the asset's a. cost less accumulated depreciation. b. current market value. c. replacement cost. d. cost. ____ 10. A business pays weekly salaries of $15,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Thursday is: a. debit Salaries Payable, $12,000; credit Cash $12,000. b. debit Salaries Expense, $12,000; credit Cash $12,000. c. debit Salaries Expense, $12,000; credit Accounts Payable $12,000. d. debit Salaries Expense, $12,000; credit Salaries Payable $12,000. ____ 11. Kanns Company signed a $3,000 ninety day note payable on November 1 that bears interest at a rate of 7%. The total interest to be accrued on this note at December 31 is a. $17.50. b. $35.00 c. $210. d. $52.50. Achievement Test 2 AT2-3 PART II JOURNAL ENTRIES (24 points) The ledger accounts given below, with an identification number for each, are used by Pender Company. Instructions: Indicate the appropriate entries for the month of July by placing the appropriate identification number(s) in the debit and credit columns provided. Item 0 is given as an example. Write "none" if no entry is appropriate. 1. Cash 7. Salaries Payable 13. Service Revenue 2. Accounts Receivable 8. Accounts Payable 14. Equipment Expense 3. Supplies 9. Unearned Service Revenue 15. Advertising Expense 4. Prepaid Salaries 10. Notes Payable 16. Supplies Expense 5. Prepaid Advertising 11. Common Stock 17. Rent Expense 6. Equipment 12. Dividends 18. Salaries Expense ____________________________________________________________________________ Entry Account(s) Account(s) No. Entry Information Debited Credited 0. July 1 Stockholders invested $20,000 in the business. 1 11 ----------------------------------------------------------------------------------------------------------------------------1. July 4 Paid a supplier $1,500 cash on account. ----------------------------------------------------------------------------------------------------------------------------2. July 5 Equipment was purchased at a cost of $6,000; a three-month, 6% note payable was signed for this amount. ----------------------------------------------------------------------------------------------------------------------------3. July 8 Received $3,000 from customers for services rendered. ----------------------------------------------------------------------------------------------------------------------------4. July 10 Hansen agreed to hire C. Kimler as a vice-president. She will be paid at the rate of $4,000 monthly, receiving $2,000 on the 15th and 30th of each month. She will begin work June 16. ----------------------------------------------------------------------------------------------------------------------------5. July 14 Paid $500 cash to the Daily News for advertisements run this past week. ----------------------------------------------------------------------------------------------------------------------------6. July 19 Paid $2,000 in cash to Carson Company for July rent. ----------------------------------------------------------------------------------------------------------------------------7. July 25 Additional office supplies were purchased on account at a cost of $1,000 from Supply Company. These supplies will be used during August. ----------------------------------------------------------------------------------------------------------------------------8. July 26 Paid the Daily News $400 for an advertisement that will run the first week in August. ----------------------------------------------------------------------------------------------------------------------------9. July 27 Received $5,000 from customers for services to be rendered early in August. ----------------------------------------------------------------------------------------------------------------------------10. July 28 Billed customers $6,000 for services rendered but not collected during July. ----------------------------------------------------------------------------------------------------------------------------11. July 31 Paid $800 of dividends to stockholders. ----------------------------------------------------------------------------------------------------------------------------12. July 31 C. Kimler paid was $2,000 cash for her salary. ----------------------------------------------------------------------------------------------------------------------------- AT2-4 Test Bank for Financial Accounting: Tools for Business Decision Making, Fourth Edition PART III ADJUSTING ENTRIES (24 points) The ledger accounts given below, with an identification number for each, are used by Action Company. Instructions: Prepare appropriate adjusting entries for the year ended December 31, 2007, by replacing the appropriate identification number(s) in the debit and credit columns provided and the dollar amount in the adjoining column. Item 0 is given as an example. 1. Notes Receivable 10. Unearned Service Revenue 2. Accounts Receivable 11. Notes Payable 3. Interest Receivable 12. Interest Revenue 4. Supplies 13. Service Revenue 5. Prepaid Insurance 14. Depreciation ExpenseEquipment 6. Equipment 15. Salaries Expense 7. Accumulated DepreciationEquipment 16. Interest Expense 8. Salaries Payable 17. Supplies Expense 9. Interest Payable 18. Insurance Expense ___________________________________________________________________________ Account(s) Account(s) Dollar Entry Information Debited Credited Amount 0. Interest of $300 is accrued on a note 3 12 $300 receivable at December 31, 2007. ----------------------------------------------------------------------------------------------------------------------------1. Action has four employees who earn $120 per $ day per person. At December 31, two days' salaries have been earned but not paid. ----------------------------------------------------------------------------------------------------------------------------2. A customer paid Action $9,000 on December 1, $ 2007 for services to be rendered from December 1 through January 31, 2008. The receipt was credited to a liability account. ----------------------------------------------------------------------------------------------------------------------------3. Action purchased equipment costing $45,000 on $ January 1, 2007. Monthly depreciation is $1,250. ----------------------------------------------------------------------------------------------------------------------------4. Action provided services to a customer in 2007 at a $ fee of $500. This fee has not yet been received or billed. ----------------------------------------------------------------------------------------------------------------------------5. Action started the year with no supplies on hand. $ They purchased $5,000 in supplies during the year and have $1,000 on hand at December 31. Supplies were debited to an asset account when purchased. ----------------------------------------------------------------------------------------------------------------------------6. Action paid $6,000 for a three-year insurance policy $ on July 1, 2007, debiting an asset account at that time. ----------------------------------------------------------------------------------------------------------------------------7. Action borrowed $18,000 by signing a three-month, $ 7% interest, note payable on December 1, 2007. ----------------------------------------------------------------------------------------------------------------------------8. Action purchased marketable securities on October 1, $ 2007. Interest of $300 per month has been earned but not received or recorded prior to December 31. ----------------------------------------------------------------------------------------------------------------------------- Achievement Test 2 AT2-5 PART IV NORMAL BALANCES (10 points) Instructions: Place a "D" (Debit) or "C" (Credit) in the space provided to indicate whether the account has a normal debit balance (D) or normal credit balance (C). ____ ____ ____ ____ ____ 1. Retained Earnings 2. Equipment 3. Depreciation Expense 4. Dividends 5. Service Revenue ____ 6. Common Stock ____ 7. Unearned Service Revenue ____ 8. Accumulated Depreciation ____ 9. Accounts Payable ____ 10. Prepaid Rent PART V MATCHING (9 points) Instructions: Match the items below by entering the appropriate letter in the space. A. B. C. D. E. F. General Journal Trial Balance Time period assumption Accrual Accounting Cash Basis Accounting Matching principle G. H. I. J. K. Permanent Accounts Revenue Recognition Principle Prepayments Accrued Expenses Adjusting Entries ____ 1. Expenses incurred but not yet paid in cash or recorded. ____ 2. An assumption that the economic life of a business can be divided into artificial time period. ____ 3. Accounting basis in which a company records revenues only when it receives cash and an expense only when it pays out cash. ____ 4. The principle that companies recognize revenue in the accounting period in which it is earned. ____ 5. The most basic form of journal. ____ 6. A list of accounts and their balances at a given time. ____ 7. Accounting basis in which companies record in the periods in which the events occur rather than in the periods in which the company receives or pays cash. ____ 8. Balance sheet accounts whose balances are carried forward to the next accounting period. ____ 9. The principle that dictates that companies accomplishments (revenues). match efforts (expenses) with AT2-6 Test Bank for Financial Accounting: Tools for Business Decision Making, Fourth Edition Solutions Achievement Test 2: Chapters 3 and 4 PART I MULTIPLE CHOICE (33 points) 1. a 2. c 3. d 4. a 5. c 6. a 7. d 8. b 9. a 10. d 11. b PART II JOURNAL ENTRIES (24 points) Account(s) Debited 1 8 6 1 None 15 17 Account(s) Credited 11 1 10 13 None 1 1 Account(s) Debited 3 5 1 2 12 18 Account(s) Credited 8 1 9 13 1 1 0. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. PART III ADJUSTING ENTRIES (24 points) Account(s) Debited 3 15 10 14 2 Account(s) Credited 12 8 13 7 13 Dollar Amount $300 $960 $4,500 $15,000 $500 Account(s) Debited 5. 17 6. 18 7. 16 8. 3 Account(s) Credited 4 5 9 12 Dollar Amount $4,000 $1,000 $105 $900 0. 1. 2. 3. 4. PART IV NORMAL BALANCES (10 points) 1. 2. 3. 4. 5. C D D D C 6. 7. 8. 9. 10. C C C C D PART V MATCHING (9 points) 1. 2. 3. 4. 5. J C E H A 6. 7. 8. 9. B D G F

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Georgia Perimeter - ACCT - 2102
Achievement Test 3: Chapters 5 and 6 Financial Accounting Kimmel, Weygandt, & KiesoName _ Instructor _ Section # _ Date _Part Points ScoreI 45II 25III 12IV 10V 8Total 100PART I MULTIPLE CHOICE (45 points) Instructions Designate the best answer fo
Georgia Perimeter - ACCT - 2102
Achievement Test 4: Chapters 7 and 8 Financial Accounting Kimmel, Weygandt, & KiesoName _ Instructor _ Section # _ Date _Part Points ScoreI 30II 12III 20IV 10V 16VI 12Total 100PART I MULTIPLE CHOICE (30 points) Instructions Designate the best an
Georgia Perimeter - ACCT - 2102
Achievement Test 5: Chapters 9 and 10 Financial Accounting Kimmel, Weygandt, & KiesoName _ Instructor _ Section # _ Date _Part Points ScoreI 34II 6III 16IV 16V 10V 18Total 100PART I MULTIPLE CHOICE (32 points) Instructions Designate the best ans
Georgia Perimeter - ACCT - 2102
Achievement Test 6 & 7 Chapters 11-13 Financial Accounting Kimmel, Weygandt, & KiesoName _ Instructor _ Section # _ Date _Part Points ScoreI 36II 6III 6IV 10V 12VI 10VII 20Total 100PART I MULTIPLE CHOICE (32 points) Instructions Designate the b
Georgia Perimeter - ACCT - 2102
APPENDIX CTIME VALUE OF MONEYSUMMARY OF QUESTIONS BY OBJECTIVES AND BLOOMS TAXONOMYItem 1. 2. 3. 4. 21. 22. 23. 24. 25. 26. 27. 28. 29. 65. 66. 67. 78. 79. 86. SO 1 1 1 1 1 2 2 2 2 2 3 3 3 2 2 2,3 1 2 1-6 BT K K K K K K AP K K AP AP K AP AP AP AP K K K
Georgia Perimeter - ACCT - 2102
APPENDIX DREPORTING AND ANALYZING INVESTMENTSSUMMARY OF QUESTIONS BY STUDY OBJECTIVE AND BLOOMS TAXONOMYItem 1. 2. 3. 4. 5. 6. 7. 8. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 155. 156. 161. 162. 163. 17
Georgia Perimeter - ACCT - 2102
C HAPTER 1INTRODUCTION TO FINANCIAL STATEMENTSSUMMARY OF QUESTIONS BY STUDY OBJECTIVE AND BLOOMS TAXONOMYItem 1. 2. 3. 4. 5. 6. 7. 8. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 151. 152. 153. 154. 154. 168.
Georgia Perimeter - ACCT - 2102
C HAPTER 2A FURTHER LOOK AT FINANCIAL STATEMENTSSUMMARY OF QUESTIONS BY STUDY OBJECTIVE AND BLOOMS TAXONOMYItem 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 8
Georgia Perimeter - ACCT - 2102
CHAPTER 3THE ACCOUNTING INFORMATION SYSTEMSUMMARY OF QUESTIONS BY STUDY OBJECTIVE AND BLOOMS TAXONOMYItem 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80.
Georgia Perimeter - ACCT - 2102
CHAPTER 4ACCRUAL ACCOUNTING CONCEPTSSUMMARY OF QUESTIONS BY STUDY OBJECTIVE AND BLOOMS TAXONOMYItem 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 8
Georgia Perimeter - ACCT - 2102
CHAPTER 5MERCHANDISING OPERATIONSSUMMARY OF QUESTIONS BY STUDY OBJECTIVESTrue-False StatementsItem 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. SO 1 1 1 1 1 1 1 1 1 1 1 Item 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. SO 1 1 2 2 2 2 2 2 2 2 2 Item 23. 24. 25. 2
Georgia Perimeter - ACCT - 2102
CHAPTER 5 Test Bank: Study Objective 1 TRUE-FALSE STATEMENTS AND SOLUTIONS1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Retailers and wholesalers are both considered merchandising enterprises. The operating cycle of a merchandising company ordinarily is sho
Georgia Perimeter - ACCT - 2102
CHAPTER 5 Test Bank: Study Objective 2 TRUE-FALSE STATEMENTS AND SOLUTIONS14. 15. 16. 17. 18. 19. 20. 21. 22. 23. Operating expenses are subtracted from Revenue for a service enterprise and from Gross Profit for a merchandising enterprise. Net sales minu
Georgia Perimeter - ACCT - 2102
CHAPTER 5 Test Bank: Study Objective 3 TRUE-FALSE STATEMENTS AND SOLUTIONS24. 25. 26. 27. 28. 29. 30. 31. 32. Cash register tapes provide evidence of credit sales. The Sales Returns and Allowances account and the Sales Discount account are both classifie
Georgia Perimeter - ACCT - 2102
CHAPTER 5 Test Bank: Study Objective 4 TRUE-FALSE STATEMENTS AND SOLUTIONS33. 34. 35. 36. 37. 38. 39. 40. 41. 42. The terms 2/10, n/30 mean that a 2 percent discount is allowed on payments made over 10 but before 30 days after the invoice date. The multi
Georgia Perimeter - ACCT - 2102
CHAPTER 5 Test Bank: Study Objective 5 TRUE-FALSE STATEMENTS AND SOLUTIONS47. 48. With the periodic inventory system, goods` available for sale must be calculated before cost of goods sold. Under the periodic system, the purchases account is used to accu
Georgia Perimeter - ACCT - 2102
CHAPTER 5 Test Bank: Study Objective 6 TRUE-FALSE STATEMENTS AND SOLUTIONS51. 52.The gross profit amount is generally considered to be more informative than the gross profit rate. Gross profit rate is computed by dividing cost of goods sold by net sales
Georgia Perimeter - ACCT - 2102
CHAPTER 5 Test Bank: Study Objective 7 TRUE-FALSE STATEMENTS AND SOLUTIONS49. 50.Under the periodic system, when a customer returns goods, the purchases returns and allowances is debited. Under the periodic inventory system, acquisitions of merchandise
Georgia Perimeter - ACCT - 2102
CHAPTER 6REPORTING AND ANALYZING INVENTORYSUMMARY OF QUESTIONS BY STUDY OBJECTIVE AND BLOOMS TAXONOMYItem 1. 2. 3. 4. 5. 6. 7. 8. 9. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 177. 178. 1
Georgia Perimeter - ACCT - 2102
CHAPTER 7INTERNAL CONTROL AND CASHSUMMARY OF QUESTIONS BY STUDY OBJECTIVE AND BLOOMS TAXONOMYItem 1. 2. 3. 4. 5. 6. 7. 8. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 186. 187.
Georgia Perimeter - ACCT - 2102
CHAPTER 8REPORTING AND ANALYZING RECEIVABLESSUMMARY OF QUESTIONS BY STUDY OBJECTIVE AND BLOOMS TAXONOMYItem 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 8
Georgia Perimeter - ACCT - 2102
CHAPTER 10REPORTING AND ANALYZING LIABILITIESSUMMARY OF QUESTIONS BY STUDY OBJECTIVE AND BLOOMS TAXONOMYItem 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90.
Georgia Perimeter - ACCT - 2102
C HAPTER 11REPORTING AND ANALYZING STOCKHOLDERS EQUITYSUMMARY OF QUESTIONS BY STUDY OBJECTIVE AND BLOOMS TAXONOMYItem 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72.
Georgia Perimeter - ACCT - 2102
CHAPTER 12STATEMENT OF CASH FLOWSSUMMARY OF QUESTIONS BY OBJECTIVES AND BLOOMS TAXONOMYItem 1. 2. 3. 4. 5. 6. 7. 8. 9. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 169. 170. 171. 181. 182. 191.
Georgia Perimeter - ACCT - 2102
CHAPTER 13FINANCIAL ANALYSIS: THE BIG PICTURESUMMARY OF QUESTIONS BY STUDY OBJECTIVE AND BLOOMS TAXONOMYItem 1. 2. 3. 4. 5. 6. 7. 8. 9. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74.
Georgia Perimeter - ACCT - 2102
Comprehensive Examination AA-1COMPREHENSIVE EXAMINATION A(Chapters 1 - 5)ProblemA-I A - II A - III A - IV A-V A - VI A - VIITopicMultiple Choice . Matching . Adjusting Entries . Ratios . Journal Entries. Income Statement for a Merchandising Company
Georgia Perimeter - ACCT - 2102
COMPREHENSIVE EXAMINATION B(Chapters 6 - 8)ProblemB-I B - II B - III B - IV B-V B - VI B - VIITopicMultiple Choice . Ratios . Bank Reconciliation . Periodic Inventories . Journal Entries. Cash Budget . Notes Receivable. Checking Work .Points20 15 1
Georgia Perimeter - ACCT - 2102
COMPREHENSIVE EXAMINATION C(Chapters 9 - 11)ProblemC-I C - II C - III C - IV C-VTopicMultiple Choice . Ratios . Corporation Entries . Bonds Payable. Plant Asset Disposal Entries . Checking Work .Points20 16 28 20 _16 100Approximate Minutes20 15 2
Georgia Perimeter - ACCT - 2102
COMPREHENSIVE EXAMINATION D(Chapters 12 - 13)ProblemD-I D - II D - III D-ITopicMultiple Choice . Comparative analysis. Statement of Cash Flows . Calculation of Ratios . Checking Work .Points24 10 30 36 100Approximate Minutes24 10 30 20 84 6 90D-
Georgia Perimeter - ACCT - 2102
Final Exam: Chapters 1-13 Financial Accounting Kimmel, Weygandt, & KiesoName _ Instructor _ Section # _ Date _Part Points ScoreI 80II 20III 20IV 15V 12VI 12VII 21VIII 20Total 200PART I MULTIPLE CHOICE (80 points) Instructions Designate the bes
Washington - NUTRITION - 300
NUTR 300For Exam 2Review of Metabolic Pathways Carbohydrates Catabolic PathwaysSUBSTRATE FED OR FASTED?Fats (lipids) LipolysisTRIGLYCERIDES FASTEDProteins ProteolysisPROTEINS FASTEDGlycogenolysisGLYCOGEN FASTEDGlycolysisSUBSTRATE FED OR FASTED?
Jacksonville U. - LAW - contr1
30 MC questions | 75 min Short Essay | you pick of 2 | 3,500 characters | 30 min Long Essay | 7,000 characters | 60 minCommon LawA Bargain in which there is manifestation of mutual assent to exchangeCISG(1) This Convention applies to contracts of sale
Rensselaer Polytechnic Institute - ECON - 4160
rro + V,'l:0.l'a NOE COAI'-11 GoP ublic F inance M idterm E xam Answer THREE questions. Answer every bullet, show all work.Fall 20081. Adams Ale C o has drawn crystal clear drinking water from an adjacent stream for use in brewing its premium produc
CSU Dominguez Hills - ACC - ACC 502
1) Sales collection a. sales budget Month Sales b. Total Sales Revenue c. Cash reciepts schedule Cash Collected d. Amount of accounts receivable 2) Month COGS a) Inventory Purchase Budget Month Beg Inventory Ending Inventory desired Inventory Purchases Re
CSU Dominguez Hills - ACC - ACC 502
Chapter 9 Profit PlanningTrue/False Questions 1. The usual starting point in budgeting is to make a forecast of net income. Ans: False AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting LO: 1,9 Level: Easy 2. A budget committee he
CSU Dominguez Hills - ACC - ACC 502
Chapter 10 Standard Costs and the Balanced ScorecardTrue/False Questions 1. Ideal standards do not allow for machine breakdowns and other normal inefficiencies. Ans: True AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting LO: 1 Le
CSU Dominguez Hills - ACC - ACC 502
Chapter 11 Flexible Budgets and Overhead AnalysisTrue/False Questions 1. A key feature of a flexible budget is that actual results can be compared to budgeted costs at the same level of activity. Ans: True AACSB: Reflective Thinking AICPA BB: Critical Th
CSU Dominguez Hills - ACC - ACC 502
Chapter 12 Segment Reporting and DecentralizationTrue/False Questions 1. Allocating common fixed costs to segments on segmented income statements reduces the usefulness of such statements. Ans: True AACSB: Reflective Thinking AICPA BB: Critical Thinking
CSU Dominguez Hills - ACC - ACC 502
Chapter 13 Relevant Costs for Decision MakingTrue/False Questions 1. Sunk costs are costs that have proven to be unproductive. Ans: False AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Decision Making; Reporting LO: 1 Level: Medium 2. A
CSU Dominguez Hills - ACC - ACC 502
Practice Quiz 1 1. Managerial accounting places considerable weight on: A) generally accepted accounting principles. B) the financial history of the entity. C) ensuring that all transactions are properly recorded. D) detailed segment reports about departm
CSU Dominguez Hills - ACC - ACC 502
Practice Quiz 9 1. Which of the following benefits could an organization reasonably expect from an effective budget program? A) Better control of the organization's costs. B) Better coordination of an organization's activities. C) Better communication of
CSU Dominguez Hills - ACC - ACC 502
Practice Quiz 10 1. To measure controllable production inefficiencies, which of the following is the best basis for a company to use in establishing the standard hours allowed for the output of one unit of product? A) Average historical performance for th
CSU Dominguez Hills - ACC - ACC 502
Practice Quiz 11 1. A budget that is based on the actual activity of a period is known as a: A) continuous budget. B) flexible budget. C) static budget. D) master budget. When using a flexible budget, a decrease in activity within the relevant range: A) d
CSU Dominguez Hills - ACC - ACC 502
Practice Quiz 12 1. The impact on net operating income of short-run changes in sales for a segment can be most clearly predicted by analyzing: A) the contribution margin ratio. B) the segment margin. C) the ratio of the segment margin to sales. D) net sal
CSU Dominguez Hills - ACC - ACC 502
Practice Quiz 13 1. Which of the following cash flows is relevant in a decision about accepting Alternative X or Alternative Y? A) a cash inflow for Alternative X that is not a cash inflow for Alternative Y. B) a cash inflow that is lost if Alternative X
CSU Dominguez Hills - ACC - ACC 502
Practice Quiz 14 1. Suture Corporation's discount rate is 12%. If Suture has a 5-year investment project that has a project profitability index of zero, this means that: A) the net present value of the project is equal to zero. B) the internal rate of ret
CSU Dominguez Hills - ACC - ACC 502
d c b b a b c b c b b c b c c
CSU Dominguez Hills - FIN - Fin 595
CAPSTONE CASE 2: SPATIAL TECHNOLOGY, INC. Suggested Case Discussions and Analyses A. Describe Spatial Technologys business model in terms of revenues, profits, and cash flows. Spatial is the originator of a 3D modeling file format (SAT) and object manipul
CSU Dominguez Hills - FIN - Fin 595
CHAPTER 1 INTRODUCTION AND OVERVIEW FOCUS The purpose of this first chapter is to present an overview of what entrepreneurial finance is about. In doing so we hope to convey to you the importance of understanding and applying entrepreneurial finance metho
CSU Dominguez Hills - FIN - Fin 595
Chapter 2 FROM THE IDEA TO THE BUSINESS PLAN FOCUS In this chapter we examine how one can move from an idea to a determination of the feasibility of the related business opportunity. We present an opportunity screening system to aid in determining whether
CSU Dominguez Hills - FIN - Fin 595
Chapter 3 ORGANIZING AND FINANCING A NEW VENTUREFOCUSIn this chapter, we focus on organizing the venture, obtaining and protecting intellectual property, and early stage financing. Although an entrepreneur can change the legal form of the venture in the
CSU Dominguez Hills - FIN - Fin 595
Chapter 4 MEASURING FINANCIAL PERFORMANCE FOCUSIn this chapter, we introduce basic accounting and financial statements designed to help ventures monitor their progress. We stress the need to understand how cash is built and burned both in terms of financ
CSU Dominguez Hills - FIN - Fin 595
Chapter 5 EVALUATING FINANCIAL PERFORMANCE FOCUSIn this chapter, we focus on identifying and understanding the financial ratios used to evaluate the ventures financial performance over time. Venture performance and efficiency is important to a variety of
CSU Dominguez Hills - FIN - Fin 595
Chapter 6 FINANCIAL PLANNING: SHORT TERM AND LONG TERM FOCUS In this chapter, we focus on projecting financial statements into the future both short-term and long-term. The availability of cash is what drives the entrepreneurial venture. Inadequate cash o
CSU Dominguez Hills - FIN - Fin 595
Chapter 7 TYPES AND COSTS OF FINANCIAL CAPITAL FOCUS In this chapter, we characterize financial markets and focus on developing an understanding of the how one obtains and pays for financial capital. Without adequate capital, even the best ideas and ventu
CSU Dominguez Hills - FIN - Fin 595
Chapter 8SECURITIES LAW CONSIDERATIONS WHEN OBTAINING VENTURE FINANCING FOCUSIn this chapter we introduce several major legal aspects of fundraising for the new venture. We discuss the central role of the Securities Act of 1933 and the exemptions availa
CSU Dominguez Hills - FIN - Fin 595
Chapter 9 VALUING EARLY-STAGE VENTURES FOCUS In this chapter, we introduce basic concepts of valuation, the process of estimating values. We consider the owner of a growing business who is beginning negotiations with a potential investor. We introduce the
CSU Dominguez Hills - FIN - Fin 595
Chapter 10 VENTURE CAPITAL VALUATION METHODS FOCUSIn this chapter, we present several variations on the simplified valuation procedures and rules of thumb frequently grouped under the designation venture capital methods. We introduce a threescenario appr
CSU Dominguez Hills - FIN - Fin 595
Chapter 11 PROFESSIONAL VENTURE CAPITALFOCUS In this chapter, we consider the highest profile segment of the venture investing markets: professional venture capital. We discuss the origins of venture capital and the periodic fluctuations accompanying maj
CSU Dominguez Hills - FIN - Fin 595
Chapter 12 OTHER FINANCING ALTERNATIVES FOCUS In this chapter, we consider a variety of government and private sources of new venture funding. We also consider financing traditionally available only to more mature ventures including commercial banking loa
CSU Dominguez Hills - FIN - Fin 595
Chapter 13 SECURITY STRUCTURES AND DETERMINING ENTERPRISE VALUES FOCUS In this chapter, we discuss important concepts in structuring securities a venture uses to raise funds. We introduce the notion of primitive securities (like bonds and common stocks) a