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ACCT 504 (Accounting and Finance, Managerial Use and Analysis)

Midterm Exam Set 3

  1. (TCO A, B, C) Which of the following statements concerning users of accounting information is incorrect? (Points : 3)
  2. (TCO C) Issuing shares of stock in exchange for cash is an example of a(n) (Points : 3)
  3. (TCO C) The statement of cash flows would disclose the payment of a dividend (Points : 3)
  4. (TCO A) The cost of assets consumed or services used is also known as (Points : 3)
  5. (TCO C) Finley Company recorded the following cash transactions for the year:….What was Finley’s net cash provided by operating activities? (Points : 3)
  6. (TCO A)A current asset is (Points : 3)
  7. (TCO A) Which of the following is not considered an asset? (Points : 3)
  8. (TCO A) These are selected account balances on December 31, 2007….What is the total NET amount of property, plant, and equipment….? (Points : 3)
  9. (TCO B) For 2007 Landford 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 2007 earnings per share? (Points : 3)
  10. (TCO B) Liondale Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year, they issued common stock totaling $141,000. There were no dividends issued. What was their net income for the year? (Points : 3)
  11. (TCO D) Is the purchase of equipment treated as an expense at the time of purchase? Why or why not? (Points : 3)
  12. (TCO D) Which one of the following is not a part of an account? (Points : 3)
  13. (TCO D) The classification and normal balance of the dividend account is (Points : 3)
  14. (TCO D) A debit is not the normal balance for which account listed below? (Points : 3)
  15. (TCO D) Which of the following accounts follows the rules of debit and credit in relation to increases and decreases in the opposite manner? (Points : 3)

Page Two

  1. (TCO E) One of the accounting concepts upon which adjustments for prepayments and accruals are based is (Points : 3)
  2. (TCO E) In a merchandising business, revenue may be considered earned when (Points : 3)(TCO E) Why do generally accepted accounting principles require the application of the revenue recognition principle? (Points : 3)
  3. The following is selected information from M Corporation for the fiscal year ending October 31, 2007:
  4. (TCO E) The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is (Points : 3)
  5. (TCO B) A merchandiser that sells directly to consumers is a (Points : 3)
  6. (TCO A,B) Detailed records of movements in merchandise (each purchase and sale) are not maintained in the inventory account in a (Points : 3)
  7. (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $12,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period? (Points : 3)
  8. (TCO A) Zach’s Market recorded the following events involving a recent purchase of merchandise. As a result of these events, the company’s merchandise inventory (Points : 3)
  9. (TCO A) The factor which determines whether or not goods should be included in a physical count of inventory is (Points : 3)(TCO A) Which statement is false? (Points : 3)
  10. (TCO A) Which of the following items will increase inventoriable costs for the buyer of goods? (Points : 3)
  11. (TCO A) Which of the following statements is true regarding inventory cost flow assumptions? (Points : 3)
  12. (TCO A) In a period of declining prices, which of the following inventory methods generally results in the lowest balance sheet figure for inventory? (Points : 3)
  13. (TCO B) Which of the following is a true statement about inventory systems? (Points : 3)

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