accounting_midterm

accounting_midterm - Grade for Linh Duong Phi: Week 4...

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Grade for Linh Duong Phi: Week 4 Midterm Numeric grade: 125/135 Letter grade: A Comments: (none) < Close Window Autograde Summary These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Question Type: # Questions: # Correct: Multiple choice 30 27 Essay 2 N/A Grade Details There are 3 pages in this exam: Page:   1 2 3 1. Question: (TCO A, B, C) Which of the following statements concerning users of accounting information is incorrect ? Your Answer: Management is considered an internal user. Present and prospective creditors are considered external users. Regulatory authorities such as the SEC are considered internal users. CORRECT Taxing authorities are considered external users. Instructor Explanation: chapter 1 page 6 Points Received: 3 of 3 2. Question: (TCO C) Debt securities sold to investors that must be repaid at a particular date some years in the future are called Your Answer: accounts payable. notes receivable. taxes payable. bonds payable. CORRECT Instructor Explanation: chapter 1 page 10 Points Received: 3 of 3 3. Question: (TCO C) Which activities involve putting the resources of the business into action to generate a profit? Your Answer: Delivering Financing Investing INCORRECT Operating CORRECT ANSWER Instructor Explanation: chapter 1 page 15 Points Received: 0 of 3 4. Question: (TCO A) The best definition of assets is, the Your Answer: cash owned by the company. collections of resources belonging to the company and the claims on these resources. Owners' investment in the business. resources belonging to a company that offer future benefits to the company. CORRECT Instructor Explanation: chapter 1 page 10 Points 3 of 3 Date Taken: 1/29/2011 9:17:13 PM Time Spent: 1:50:17 (3:00 allowed) Points Received: 125 / 135 (92.6%)
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Received: 5. Question: (TCO C) Finley Company recorded the following cash transactions for the year: Paid $90,000 for salaries. Paid $40,000 to purchase office equipment. Paid $10,000 for utilities. Paid $4,000 in dividends. Collected $150,000 from customers. What was Finley's net cash provided by operating activities ? Your Answer: $50,000 CORRECT $10,000 $60,000 $46,000 Instructor Explanation: $150,000 - 90,000 - 10,000 = $50,000 Points Received: 3 of 3 6. Question: (TCO A) In a classified balance sheet, assets are usually classified as: Your Answer: current assets; long-term assets; property, plant, and equipment; and intangible assets. current assets; long-term investments; property, plant, and equipment; and common stocks. current assets; long-term investments; and tangible assets. current assets; long-term investments; property, plant, and equipment; and intangible assets. CORRECT
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accounting_midterm - Grade for Linh Duong Phi: Week 4...

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