Quiz 2 - are presented below: 6. (20 points) Assuming BCC...

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Quiz 2 Chapter 5 Name_____________________________ This quiz consists of 8 questions. It is two pages; make sure you get both pages. Listed below are ten terms followed by a list of phrases that describe or characterize five of the terms. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase. (8 points each) 1. Receivables turnover Profit Margin x Asset Turnover x Equity Multiplier ____ 2. Asset turnover Cost of goods sold divided by average inventory ____ 3. DuPont framework Net sales divided by average assets. ____ 4. Ratio analysis Net sales divided by average receivables. ____ 5. Inventory turnover Adjusts for size when comparing between firms. ____ Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2011,
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Unformatted text preview: are presented below: 6. (20 points) Assuming BCC uses the percentage-of-completion method of revenue recognition, the gross profit recognized in 2010 would be (rounded to the nearest thousand): A. $33,000. B. $36,000. C. $69,000. D. $30,000. 7. (20 points) Assuming BCC uses the percentage-of-completion method of recognition the gross profit recognized in 2011 would be (rounded to the nearest thousand): A. $6,000. B. $39,000. C. $42,000. D. $45,000. 8. Assuming BCC used the cost recovery method to recognize revenue under IFRS, what would gross profit have been in 2010 and 2011 (rounded to the nearest thousand)? A. Option A B. Option B C. Option C D. Option D...
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This note was uploaded on 02/15/2011 for the course ACC 550 taught by Professor Lin during the Spring '11 term at Prince George's Community College, Largo.

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Quiz 2 - are presented below: 6. (20 points) Assuming BCC...

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