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ACC 556 WEEK 5 MIDTERM EXAM PART 1

ACC 556 WEEK 5 MIDTERM EXAM PART 1

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Author: Christine Farr
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http://theperfecthomework.com/acc-556-week-5-midterm-exam-part-1/

·       QUESTION 1

2 out of 2 points
 
 
 
Which of the following is not a common way that managers use the balance sheet?

 
 
 
 
 
 
 
·       QUESTION 2

2 out of 2 points
 
 
 
Which of the following is the least likely consideration that management uses when deciding whether to pay a dividend?

 
 
 
 
 
 
 
·       QUESTION 3

2 out of 2 points
 
 
 
Source documents can provide evidence that a transaction has occurred.

 
 
 
 
 
 
 
·       QUESTION 4

2 out of 2 points
 
 
 
Marvin Services Corporation had the following accounts and balances:
Accounts payable

$18,000

Equipment

$21,000

Accounts receivable

3,000

Land

21,000

Buildings

?

Unearned service revenue

6,000

Cash

9,000

Total stockholders' equity

?

 If the balance of the Buildings account was $45,000 and the equipment was sold for $21,000, what would be the total of stockholders' equity?

 
 
 
 
 
 
 
·       QUESTION 5

2 out of 2 points
 
 
 
An advantage of using the periodic inventory system is that it requires less record keeping than the perpetual inventory system.

 
 
 
 
 
 
 
·       QUESTION 6

0 out of 2 points
 
 
 
Bathlinks Corporation has a debt to assets ratio of 73%. This tells the user of Bathlinks’s financial statements that

 
 
 
 
 
 
 
·       QUESTION 7

2 out of 2 points
 
 
 
Solvency ratios measure the short-term ability of the company to pay its maturing obligations.

 
 
 
 
 
 
 
·       QUESTION 8

2 out of 2 points
 
An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the greater the probability that it will eventually be collected.

 
 
 
 

 
 
 
·       QUESTION 9

2 out of 2 points
 
 
 
Which of the following would not be classified as a long-term liability?

 
 
 
 
 
 
 
·       QUESTION 10

2 out of 2 points
 
 
 
Expense recognition is tied to revenue recognition.


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