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Week 8 Final Exam Set 1

1. Question: (TCO A) An advantage of the corporate form of business is that _____. (Points : 5)

2. Question: (TCO A) When a corporation distributes a dividend, _____. (Points : 5)

3. Question: (TCOs A, B) Below is a partial list of account balances for Denton Company:

4. Question: (TCOs B, E) A small and private company may be able to justify using a cash basis of accounting if it has _____. (Points : 5)

5. Question: (TCO D) In a period of increasing prices, which inventory cost flow assumption will result in the lowest amount of income tax expense? (Points : 5)

6. Question: (TCOs A, E) Equipment was purchased for $60,000. Freight charges amounted to $2,800 and there was a cost of $8,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be _____. (Points : 5)

7. Question: (TCOs D, G) Lopez Corporation issues 500 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a _____. (Points : 5)

8. Question: (TCO C) Accounts receivable arising from sales to customers amounted to $35,000 and $40,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $120,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5)

9. Question: (TCO F) Which one of the following is not a tool in financial statement analysis? (Points : 5)

10. Question: (TCO F) In vertical analysis, the base amount for studying salary and wages expense is generally _____. (Points : 5)

11. Question: (TCO F) Ratios are most useful in identifying _____. (Points : 5)

12. Question: (TCO F) A common measure of liquidity is _____. (Points : 5)

13. Question: (TCO F) Return-on-assets ratio is most closely related to _____. (Points : 5)

14. Question: (TCO G) To calculate the market value of a bond, we need to _____. (Points : 5)

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