Questions Week 4

Questions Week 4 - 1(TCO1)(Points 4 revenues,liabilities,...

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1. (TCO 1) An income statement shows which of the following? (Points : 4) revenues, liabilities, and stockholders’ equity expenses, dividends, and stockholders’ equity revenues, expenses, and net income assets, liabilities, and stockholders’ equity 2. (TCO 1) Management’s views on the company’s short-term debt paying ability, expansion financing,  and results of operations are found in which of the following? (Points : 4) auditor’s report management discussion and analysis section notes to the financial statements president’s state of the company report 3. (TCO 4) For 2010, Fielder Corporation reported net income of $30,000; net sales $400,000; and  average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings  per share? (Points : 4) $4.66 $0.20 $66.67 $5.00 4. (TCO 4) Which measure would a long-term creditor be least interested in reviewing? (Points : 4) free cash flow debt to total assets ratio current ratio solvency measure 5. (TCO 2) Which of the following accounts follows the rules of debit and credit, in relation to increases  and decreases, in the opposite manner? (Points : 4) Prepaid Insurance and Dividends Dividends and Service Revenues Accounts Payable and Common Stock Advertising Expense and Equipment 6. (TCO 2) The principle purpose of posting is which of the following? (Points : 4) help identify errors made in the journal accumulate the effects of journalized transactions in the individual accounts enter transactions directly into the ledger help determine if the financial statements are ready to be prepared 7. (TCO 3) Two individuals at a retail store work the same cash register. You evaluate this situation as  which of the following? (Points : 4) a violation of establishment of responsibility
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a violation of separation of duties supporting the establishment of responsibility supporting internal independent verification 8. (TCO 3) The following information was taken from Hurlbert Company cash budget for the month of  June: Beginning cash balance $23,000 Cash receipts 31,000 Cash disbursements 39,000 If the company has a policy of maintaining end of the month cash balance of $20,000, the amount the  company would have to borrow is which of the following? (Points : 4) $12,000 $5,000 $15,000 $0 9. (TCO 11) The major reporting standard for presenting managerial accounting information is which of  the following?
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This note was uploaded on 03/23/2012 for the course ACCT 306 taught by Professor Mikewoodard during the Spring '12 term at DeVry Houston.

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Questions Week 4 - 1(TCO1)(Points 4 revenues,liabilities,...

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