Practice Exam 3a

Practice Exam 3a - ACCT 2103 Exam#3 Fall 2010 Name(1 point...

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ACCT 2103 Exam #3 Fall, 2010 Name ____________________________________ (1 point for correctly identifying your M/W seat!) M/W Section (Left, Center, or Right) __________ M/W Row __________ M/W Seat __________ Do not complete your green scantron until you are completely finished with the exam. You only need to record your name, class time (period) and version (test no.) on the scantron. The version number is provided on the last page of the exam. Do not open or turn over your exam until your instructor has handed out all of the exams. It is a violation of the ethical code of conduct to (1) provide any information regarding this exam to a student in a later exam section or receive information from a student in an earlier exam; (2) use a programmable calculator with memory. A violation of this code of conduct may result in an F! for the course.
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of the year, respectively. Sales revenues are $1.5 million ($1.2 million in the previous year), net income is $150,000, and net cash flows from operating activities are $175,000. What is Sound Designs' cash return on assets? A. 21.9% B. 19.4% C. 22.6% D. 18.8% 2. Which of the following is true regarding FICA taxes? A. FICA taxes are paid only by the employee. B. FICA taxes are paid only by the employer. C. FICA taxes are paid in equal amounts by the employee and the employer. D. FICA taxes are paid in different amounts by the employee and the employer. 3. Which of the following is an example of a cash outflow from an investing activity? A. Payment of cash for the purchase of land. B. Payment of cash for treasury stock. C. Payment on a long-term note payable. D. Payment of cash for inventory. 4. The Viper retires a $40 million bond issue when the carrying value of the bonds is $42 million, but the market value of the bonds is $36 million. The entry to record the retirement will include: A. A debit to cash for $42 million. B. A credit of $6 million to a gain account. C. No gain or loss on retirement. D. A debit of $6 million to a loss account. 5. A feature common to both stock splits and stock dividends is A. There is no effect on total stockholders' equity. B. A reduction in the contributed capital of a corporation. C. An increase in total liabilities of a corporation.
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Practice Exam 3a - ACCT 2103 Exam#3 Fall 2010 Name(1 point...

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