Chapter 6 Notes
Which of the following would be included in the definition of inventory
Photocopy paper held for sale by an office-supply store, Stereo equipment
held for sale by an electronics store
Which of the following would be a line item
Chapter 5 Notes
Which of the following statements about a periodic inventory system is
Companies determine cost of goods sold only at the end of the accounting
Which of the following items does not result in an adjustment in the
Chapter 7 Notes
Harold Company overstated its inventory by $15,000 at December 31,
2012. It did not correct the error in 2012 or 2013. As a result, Harold's
stockholders' equity was:
overstated at December 31, 2012, and properly stated at December 31, 201
Stockholders Equity Notes
What are the three primary classifications of stockholders' equity?
Paid-in capital, retained earnings, and treasury stock.
What is the paid-in capital amount?
The amount stockholders have invested in the company.
What is the ret
Chapter 14 Questions
The interest rate that is printed on the bond certificate is not referred to
D Effective Rate
Most corporate bonds are
B. Debenture Bond
The method used to pay interest depends on whether the bonds are
A. Registered or Coupon
Chapter 8 Notes
A present responsibility to sacrifice assets in the future due to a transaction
or other event that happened in the past.
On balance sheet, listed:
Other current liabilities from largest to smallest
Chapter 15 Questions
When bonds are retired prior to their maturity date
B. The issuing company probably will report an ordinary gain or loss
On June 30, 2011, Blair Industries had outstanding $80 million of 8%,
convertible bonds that matureon June 30, 20
Chapter 9 Notes
A method of depreciation that allocates relatively large amounts of the
depreciable cost of an asset to earlier years and smaller amounts to later
Enlargements to the physical layout of a plant asset.
Receivables turnover ratio
net credit sales / average accts. receivables
average collection period
365 / receivables turnover ratio
inventory turnover ratio
cost of goods sold / average inventory
average days in inventory
365 / inventory
Chapter 14 QUIZ
Which of the following does not describe intangible assets?
a. They lack physical existence.
b. They are financial instruments.
c. They provide long-term benefits.
d. They are classified as long-term assets.
Which of the following char