SampleTest3-910Ll.12. Name: Class: Date: ID: A. Multiple Choice Identifi the choice that best completes the statement or answers the question.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "SampleTest3-910Ll.12. Name: Class: Date: ID: A. Multiple Choice Identifi the choice that best completes the statement or answers the question."

Transcription

1 Class: Date: SampleTest3-910Ll.12 Multiple Choice Identifi the choice that best completes the statement or answers the question. 1. On June 8, Alton Co. issued an $80,000, 6%o, 120-day note payable on an overdue account payable to Seller Co. Assume that the fiscal year of Alton Co. ends June 30. Which of the following relationships is true? a. Alton is the creditor and credits Accounts Receivable b. Seller is the creditor and debits Accounts Receivable c. Seller is the borrower and credits Accounts Payable d. Alton is the borrower and debits Accounts Payable 2. Mobile Co. issued a $45,000, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At maturity, the borrower will pay: a. $45,450 b. $42,300 c. $45,000 d. $44, The j ournal entry a company uses to record the issuance of a discounted note for the purpose of borrowing funds for the business is a. debit Cash and Interest Expense; credit Notes Payable b. debit Cash and Interest Payable; credit Notes Payable c. debit Accounts Payable; credit Notes Payable d. debit Notes Payable; credit Cash 4. The total payroll of a business is usually significant for all the reasons below excedt a. employees are sensitive to payroll errors and irregularities b. payroll is subject to various federal and state regulations c. businesses find it difficult to develop and maintain good internal controls on the payroll system d. payroll and related payrolltaxes have a significant effect on the net income of most businesses 5. Which statement below is not a determinate in calculating the amount of federal income taxes withheld from an individuals pay? a. filing status b. types of earnings c. gross pay d. number of exemptions 6. Which of the following would be used to compute the federal income taxes to be withheld from an employee's earnings? a. FICA tax rate b. wage and tax statement c. FUTA tax rate d. wage bracket and withholding table

2 7. For which of the following taxes is there no ceiling on the amount of employee annual earnings subject to the tax? a. only Social Security tax b. only Medicare tax c. only unemployment compensation tax d. none ofthe above 8. An employee receives an hourly rate of $30, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked,46; federal income tax withheld, $300; cumulative earnings for year prior to current week, $90,700; social security tax rate, 6.IYo on maximum of $100,000; and Medicare tax rate,l.5o/o on all earnings. What is the net amount to be paid the employee? a. $1,470 b. $1, c. $1, d. $1, Payrolltaxes levied against employees become liabilities a. the first of the following month b. at the time the payroll is paid c. when earned by the employee d. at the end ofan accounting period 10. Which of the following are included in the employer's payroll taxes? a. SUTA taxes b. FUTA taxes c. FICA taxes d. all ofthe above 11. Each year there is a ceiling for the amount that is subject to all of the following except a. Social security tax b. Federal income tax c. federal unemploymentax d. state unemploymentax 12. Most employers are levied a tax on payrolls for a. sales tax b. medical insurance premiums c. federal unemployment compensation tax d. union dues 13. Payroll entries are made with data from the a. wage and tax statement b. employee's earning record c. employer's quarterly federal tax return d. payroll register

3 14. The employee earnings record would contain which column that the payroll register would probably not contain? a. deductions b. payment c. earnings d. cumulative earnings 15. The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $13,000 Social security and Medicare Taxes withheld 975 Income Taxes withheld 2,600 Retirement Savinss 500 Salaries subject to federal and state unemployment 4,000 taxes of6.2 percent The entry to record the accrual of employer's payrolltaxes would include a a. debit to Payroll Taxes Expense for $1,223 b. credit to Social Security and Medicare Tax Payable for $1,950 c. debit to Payroll Taxes Expense for $248 d. Debit to Payroll Tax Expense for $ The following totals for the month of April were taken from the payroll register of Magnum Company. Salaries $ I 0,000 FICA taxes withheld 850 Income taxes withheld 2,000 Medical insurance deductions 450 Unemployment Taxes 420 The entry to record accrual of employer's payroll taxes would include a a. debit to Payroll Tax Expense for $1,270. b. credit to FICA Taxes Payable for $ 1,700. c. credit to Payroll Tax Expense for $420. d. debit to Payroll Tax Expense for $2, Assume that social security taxes are payable at a 6oh rate on the first $ 100,000 of earnings and medicare taxes are payable at a 1.5Yo rate with no maximum earnings, and that federal and state unemployment compensation taxes total4.6% on the first $7,000 of earnings. If an employee, George Jones, earns $2,500 for the current week and Jones'year-to-datearnings before this week were $6,800, what is the total payroll taxes related to the current week? a. $ b. $ c. $ d. none ofthe above

4 18. A disadvantage ofthe corporate form ofbusiness entity is a. mutual agency for stockholders b. unlimited liability for stockholders c. corporations are subject to more governmental regulations d. the ease of transfer of ownership 19. Which one of the following would no! be considered an advantage of the corporate form of organization? a. Governmentregulation b. Separate legal existence c. Continuous life d. Limited liability of stockholders 20. The ability of a corporation to obtain capital is a. less than a partnership. b. about the same as a partnership. c. restricted because of the limited life of the corporation. d. enhanced because of limited liability and ease of share transferability. 21. Which of the following accounts below is reported in the paid-in capital/stockholders'equity section of the corporate balance sheet? a. Cash b. Stock Dividends c. OrganizationalExpenses d. Preferred Stock 22. Menitt Company acquired a building valued at $190,000 for property tax purposes in exchange for 12,000 shares of its $5 par common stock. The stock is widely traded and selling for $ 15 per share. At what amount should the building be recorded by Menitt Company? a. $60,000 b. $ 180,000 c. $ 190,000 d. $10, The authorized stock ofa corporation a. must be recorded in a formal accounting entry. b. only reflects the initial capital needs of the company. c. is indicated in its by-laws. d. is indicated in its charter. 24. If common stock is issued for an amount greater than par value, the excess should be credited to a. Retained Earninss. b. Cash. c. Legal Capital. d. Paid-in Capital in Excess of Par Value.

5 25. Nexis Corp. issues 1,000 shares of $ 15 par value common stock at $25 per share. When the transaction is recorded, credits are made to: a. Common Stock $15,000 and Paid-in Capital in Excess of Par Value $10,000, b. Common Stock $25,000 and Retained Earnings $15,000. c. Common Stock $15,000 and Paid-in Capital in Excess of Stated Value $10,000. d. Common Stock $25, On January l, 20xx, Swenson Corporation had 40,000 shares of $10 par value common stock issued and outstanding. All 40,000 shares had been issued in a prior period at $20.00 per share. On February l,20xx, Swenson purchased 3,000 shares oftreasury stock for $21 per share and later sold the treasury shares for $24 per share on March l, 20xx. The j ournal entry to record the purchase of the treasury shares on February I, 20xx, would include a a. credit to Treasury Stock for $63,000. b. debit to Treasury Stock for $63,000. c. debit to a loss account for $9,000 d. credit to a gain account for $9, The date on which a cash dividend becomes a binding legal obligation is on the a. declaration date. b. date ofrecord. c. payment date. d. last day ofthe fiscal year end. 28. How is treasury stock shown on the balance sheet? a. as an asset b. as a decrease in stockholders'equity c. as an increase in stockholders'equity d. treasury stock is not shown on the balance sheet 29. The excess ofsales price oftreasury stock over its cost should be credited to a. Treasury Stock Receivable b. Premium on Capital Stock c. Paid-In Capital from Sale of Treasury Stock d. lncome from Sale of Treasury Stock 30. A corporation purchased 1,000 shares of its $5 par common stock at $ 10 and subsequently sold 500 of the shares at $20. What is the amount of revenue realized from the sale? a. $0 b. $5,000 c. $2,500 d. $10, In which section of the balance sheet would Treasury Stock be reported? a. Fixed assets b. Long-termliabilities c. Stockholders'equity d. Intansible assets

6 32. In which section of the financial statements would Paid-In Capital from Sale of Treasury Stock be reported? a. other expense on income statement b. intangible asset on balance sheet c. stockholders'equity on balance sheet d. other income on income statement 33. Which of the following amounts should be disclosed in the stockholders'equity section of the balance sheet? a. the number of shares of common stock outstanding b. the number of shares of common stock issued c. the number of shares of common stock authorized d. all ofthe above 34. Retained earnings a. is the same as contributed capital b. cannot have a debit balance c. changes are summarized in the retained earnings statement d. over time will have a direct relationship with the amount of cash on hand if the corporation is profitable 35. Which of the following would result in a credit to retained earnings? a. a net loss for the period b. an understatement of an expense in a prior period c. a stock split d. an understatement of a revenue in the prior period 36. Investors who are most interested in the dividend yield are those who invest for a. market price appreciation b. current income flow c. both market price appreciation and current income flow d. neither market price appreciation or current income flow 37. Dividend yield is most often computed on a. all common stock b. all preferred stock c. both common and preferred stock d. only common stock sold above par 38. A corporation has 50,000 shares of$28 par value stock outstanding that has a current market value of$150. If the corporation issues a 4-for-l stock split, the market value of the stock will fall to approximately a. $7 b. $112 c. $37.50 d. $600

7 39. Which of the following statements is not true about a 2-for-l split? a. Par value per share is reduced to half of what it was before the split. b. Total contributed capital increases. c. The market price will probably decrease. d. A stockholder with ten shares before the split owns twenty shares after the split. 40. A corporation has 50,000 shares of $25 par value stock outstanding that has a current market value of $150. lf the corporation issues a 5-for-1 stock split, the market value of the stock will fall to approximately: a. $25 b. no chansed c. $) d. $ Which of the following is not one of the four basic financial statements? a. balance sheet b. statement of cash flows c. statement of changes in financial position d. income statement 42. A ten-year bond was issued at par for $250,000 cash. This transaction should be shown on a statement of cash flows under a. investingactivities b. financing activities c. noncash investing and financing activities d. operatingactivities 43. The statement of cash flows may be used by management to a. assess the liquidity of the business b. assess the major policy decisions involving investments and financing c. determine dividend policy d. do all ofthe above 44. Cash dividends of $85,000 were declared during the year. Cash dividends payable were $10,000 and $15,000 at the beginning and end of the year, respectively. The amount of cash for the payment of dividends during the year is a. $90,000 b. $80,000 c. $95,000 d. $75, In calculating cash flows from operating activities using the indirect method, a gain on the sale of equipment is a. added to net income. b. deducted from net income. c. ignored because it does not affect cash. d. not reported on a statement of cash flows.

8 Sample Test ll 12 Answer Section MULTIPLE CHOICE L ANS: D PTS: 1 DIF: Easy OBJ: ANS: C PTS: I DIF: Moderate OBJ: ANS: A PTS: I DIF: Easv OBJ: ll ANS: C PTS: I DIF: Easv OBJ: ANS: B PTS: 1 DIF: Easy OBJ: ll ANS: D PTS: I DIF: Easv OBJ: ll ANS: B PTS: I DIF: Easv OBJ: ANS: B PTS: I DIF: Moderate OBJ: 1l ANS: B PTS: I DIF: Easv OBJ: ll ANS: D PTS: 1 DIF: Easy OBJ: ll-02 ll. ANS: B PTS: I DIF: Easv OBJ: ll ANS: C PTS: I DIF: Easy OBJ: NAT: AACSB Analytic I AICPA BB-Legal 13. ANS: D PTS: I DIF: Easy OBJ: NAT: AACSB Analyic IAICPA FN-Measurement 14. ANS: D PTS: I DIF: Easy OBJ: ANS: A PTS: I DIF: Moderate OBJ: ANS: A PTS: I DIF: Moderate OBJ: ll ANS: B PTS: I DIF: Moderate OBJ: ll ANS: C PTS: I DIF: EasY OBJ: NAT: AACSB Analytic I AICPA BB-Industry 19. ANS: A PTS: I DIF: EasY OBJ: NAT: AACSB Analytic I AICPA BB-Legal 20. ANS: D PTS: I DIF: EasY OBJ: NAT: AACSB Analytic I AICPA BB-Industry

9 21. ANS: D PTS: I DIF: Easy OBJ: ANS: B PTS: 1 DIF: Easy OBJ: ANS: D PTS: I DIF: Easy OBJ: ANS: D PTS: I DIF: Easy OBJ: ANS: A PTS: 1 DIF: Easy OBJ: ANS: B PTS: I DIF: Moderate OBJ: ANS: A PTS: I DIF: Easy OBJ: ANS: B PTS: I DIF: Easy OBJ: ANS: C PTS: I DIF: Easy OBJ: ANS: A PTS: I DIF: Easy OBJ: NAT: AACSB Analy'tic I AICPA FN-Measurement 31. ANS: C PTS: 1 DIF: Easy OBJ: ANS: C PTS: 1 DIF: Easy OBJ: ANS: D PTS: I DIF: Easy OBJ: ANS: C PTS: I DIF: Easy OBJ: ANS: D PTS: I DIF: Easy OBJ: ANS: B PTS: I DIF: Easy OBJ: NAT: AACSB Analytic IAICPA BB-Industry 37. ANS: A PTS: I DIF: Easy OBJ: ANS: C PTS: 1 DIF: Easy OBJ: ANS: B PTS: I DIF: Moderate OBJ: ANS: D PTS: I DIF: Moderate OBJ: NAT: AACSB Anallic I AICPA FN-Measurement 41. ANS: C PTS: I DIF: Easy OBJ: NAT: AACSB Analytic IAICPA FN-Reporting 42. ANS: B PTS: I DIF: Easy OBJ: ANS: A PTS: I DIF: Easy OBJ: NAT: AACSB Analvtic IAICPA FN-Measurement

10 44. ANS: B PTS: I DIF: Easy OBJ: ANS: B PTS: 1 DIF: Moderate OBJ: NAT: AACSB Analvtic I AICPA FN-Measurement

6. Depreciation is a process of a. asset devaluation. b. cost accumulation. c. cost allocation. d. asset valuation.

6. Depreciation is a process of a. asset devaluation. b. cost accumulation. c. cost allocation. d. asset valuation. 1. A company purchased land for $72,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start.

More information

Corporations: Organization, Stock Transactions, and Dividends

Corporations: Organization, Stock Transactions, and Dividends C H A P T E R 13 Corporations: Organization, Stock Transactions, and Dividends Financial Accounting 14e Warren Reeve Duchac human/istock/360/getty Images Advantages and Disadvantages of the Corporate Form

More information

Study Guide - Final Exam Accounting I

Study Guide - Final Exam Accounting I Study Guide - Final Exam Accounting I True/False Indicate whether the sentence or statement is true or false. 1. Entries in a sales journal affect account balances in both the accounts receivable ledger

More information

COMPONENTS OF THE STATEMENT OF CASH FLOWS

COMPONENTS OF THE STATEMENT OF CASH FLOWS ILLUSTRATION 24-1 OPERATING, INVESTING, AND FINANCING ACTIVITIES COMPONENTS OF THE STATEMENT OF CASH FLOWS CASH FLOWS FROM OPERATING ACTIVITIES + Sales and Service Revenue Received Cost of Sales Paid Selling

More information

Current liabilities - Obligations that are due within one year. Obligations due beyond that period of time are classified as long-term liabilities.

Current liabilities - Obligations that are due within one year. Obligations due beyond that period of time are classified as long-term liabilities. Accounting Fundamentals Lesson 8 8.0 Liabilities Current liabilities - Obligations that are due within one year. Obligations due beyond that period of time are classified as long-term liabilities. Current

More information

CHAPTER 11 Reporting and Analyzing Stockholders Equity

CHAPTER 11 Reporting and Analyzing Stockholders Equity CHAPTER 11 Reporting and Analyzing Stockholders Equity Major Characteristics of a Corporation Ownership A publicly held corporation is regularly traded on a national securities market and may have thousands

More information

1. A set of procedures for controlling cash payments by preparing and approving vouchers before payments are made is known as a voucher system.

1. A set of procedures for controlling cash payments by preparing and approving vouchers before payments are made is known as a voucher system. Accounting II True/False Indicate whether the sentence or statement is true or false. 1. A set of procedures for controlling cash payments by preparing and approving vouchers before payments are made is

More information

Corporations: Organization, Stock Transactions, and Dividends

Corporations: Organization, Stock Transactions, and Dividends C H A P T E R 11 Corporations: Organization, Stock Transactions, and Dividends Corporate Financial Accounting 13e Warren Reeve Duchac human/istock/360/getty Images Characteristics of a Corporation (slide

More information

CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS

CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS C H 2 3, P a g e 1 CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS (note from Dr. N: I have deleted questions for you to omit, but did not renumber the remaining questions) 1. The primary purpose of

More information

Vol. 1, Chapter 4 Corporate Accounting

Vol. 1, Chapter 4 Corporate Accounting Vol. 1, Chapter 4 Corporate Accounting Problem 1 The high and low prices for McDonald s stock over the last 52 weeks were $35.91 and $27.36 respectively. The annual cash dividend yield is 1.9% of that

More information

Exam 1 chapters 1-4 Needles 10ed

Exam 1 chapters 1-4 Needles 10ed Exam 1 chapters 1-4 Needles 10ed Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Which of the following is the most appropriate definition of accounting?

More information

Sample Test for entrance into Acct 3110 and Acct 3310

Sample Test for entrance into Acct 3110 and Acct 3310 Sample Test for entrance into Acct 3110 and Acct 3310 1. Which of the following financial statements could properly have the following in the date line: For the Year Ended December 31, 2010"? a. Balance

More information

Practice Review. Stockholders Equity Chapter

Practice Review. Stockholders Equity Chapter Practice Review Stockholders Equity Chapter Use the following information to answer questions 1-3. When Sample Corporation was formed on January 1, the corporate charter provided for 50,000 shares of $20

More information

Statement of Cash Flows

Statement of Cash Flows THE CONTENT AND VALUE OF THE STATEMENT OF CASH FLOWS The cash flow statement reconciles beginning and ending cash by presenting the cash receipts and cash disbursements of an enterprise for an accounting

More information

國 立 體 育 大 學 100 學 年 度 學 士 班 轉 學 考 試 試 題 休 閒 產 業 經 營 學 系 二 年 級 會 計 學 ( 本 試 題 共 8 頁 )

國 立 體 育 大 學 100 學 年 度 學 士 班 轉 學 考 試 試 題 休 閒 產 業 經 營 學 系 二 年 級 會 計 學 ( 本 試 題 共 8 頁 ) 國 立 體 育 大 學 100 學 年 度 學 士 班 轉 學 考 試 試 題 休 閒 產 業 經 營 學 系 二 年 級 會 計 學 ( 本 試 題 共 8 頁 ) 注 意 : 1. 答 案 一 律 寫 在 答 案 卷 上, 否 則 不 予 計 分 2. 請 核 對 試 卷 准 考 證 號 碼 與 座 位 號 碼 三 者 是 否 相 符 3. 試 卷 彌 封 處 不 得 汚 損 破 壞 4. 行

More information

Chapter 21 The Statement of Cash Flows Revisited

Chapter 21 The Statement of Cash Flows Revisited Chapter 21 The Statement of Cash Flows Revisited AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments,

More information

Principles of Financial Accounting ACC-101-TE. TECEP Test Description

Principles of Financial Accounting ACC-101-TE. TECEP Test Description Principles of Financial Accounting ACC-101-TE TECEP Test Description This TECEP is an introduction to the field of financial accounting. It covers the accounting cycle, merchandising concerns, and financial

More information

ACCOUNTING 105 CONCEPTS REVIEW

ACCOUNTING 105 CONCEPTS REVIEW ACCOUNTING 105 CONCEPTS REVIEW A note from the tutors: This handout is designed to help you review important information as you study for your cumulative final exam. While it does cover many important

More information

2-8. Identify whether each of the following items increases or decreases cash flow:

2-8. Identify whether each of the following items increases or decreases cash flow: Problems 2-8. Identify whether each of the following items increases or decreases cash flow: Increase in accounts receivable Increase in notes payable Depreciation expense Increase in investments Decrease

More information

PART A: TRUE/FALSE (1 point each):

PART A: TRUE/FALSE (1 point each): CHABOT COLLEGE General Accounting (BUS-7) Dmitriy Kalyagin PART A: TRUE/FALSE (1 point each): EXAM #4 (Chapters 10, 12, 13) 1. Employees who are exempt from the FLSA are entitled for overtime pay for hours

More information

Stock Dividends. Stock Dividends and Stock Splits. Amount of Stock Dividend. Created in 2006 By Michael Worthington Elizabeth City State University

Stock Dividends. Stock Dividends and Stock Splits. Amount of Stock Dividend. Created in 2006 By Michael Worthington Elizabeth City State University Stock Dividends and Stock Splits Created in 2006 By Michael Worthington Elizabeth City State University Stock Dividends Stock Dividends consist of additional shares of issued to current stockholders (instead

More information

Summer 2002 Accounting 2110 Practice Exam 4. Student IDNO PLEASE ENTER YOUR NAME AND IDNO ON THE SCAN TRON SHEET!

Summer 2002 Accounting 2110 Practice Exam 4. Student IDNO PLEASE ENTER YOUR NAME AND IDNO ON THE SCAN TRON SHEET! Summer 2002 Accounting 2110 Practice Exam 4 Student IDNO PLEASE ENTER YOUR NAME AND IDNO ON THE SCAN TRON SHEET! 1. Which of the following most likely would be classified as a current liability? a. Dividends

More information

ACC 255 FINAL EXAM REVIEW PACKET (NEW MATERIAL)

ACC 255 FINAL EXAM REVIEW PACKET (NEW MATERIAL) Page 1 ACC 255 FINAL EXAM REVIEW PACKET (NEW MATERIAL) Complete these sample exam problems/objective questions and check your answers with the solutions at the end of the review file and identify where

More information

CHAPTER 15. Stockholders Equity ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Concepts for Analysis. Brief Exercises Exercises Problems

CHAPTER 15. Stockholders Equity ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Concepts for Analysis. Brief Exercises Exercises Problems CHAPTER 15 Stockholders Equity ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis *1. Stockholders rights; corporate form. 1, 2, 3, 4,

More information

STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION. BALANCE SHEET As of

STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION. BALANCE SHEET As of STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION BALANCE SHEET As of ASSETS CURRENT ASSETS Cash and Cash Equivalents Cash - Restricted Accounts Receivable - Trade Accounts Receivable

More information

CHAPTER 11 Solutions STOCKHOLDERS EQUITY

CHAPTER 11 Solutions STOCKHOLDERS EQUITY CHAPTER 11 Solutions STOCKHOLDERS EQUITY Chapter 11, SE 1. 1. c 4. 2. a 5. 3. b 6. d e a Chapter 11, SE 2. 1. Advantage 4. 2. Disadvantage 5. 3. Advantage 6. Advantage Disadvantage Advantage Chapter 11,

More information

CHAE Review. Capital Leases & Forms of Business

CHAE Review. Capital Leases & Forms of Business CHAE Review Financial Statements, Capital Leases & Forms of Business This is a complete review of the two volume text book, Certified Hospitality Accountant Executive Study Guide, as published by The Educational

More information

Accounting Skills Assessment Practice Exam Page 1 of 10

Accounting Skills Assessment Practice Exam Page 1 of 10 NAU ACCOUNTING SKILLS ASSESSMENT PRACTICE EXAM & KEY 1. A company received cash and issued common stock. What was the effect on the accounting equation? Assets Liabilities Stockholders Equity A. + NE +

More information

CHAPTER 23. Statement of Cash Flows 1, 2, 7, 8, 12 3, 4, 5, 6, 16, 17, 19 9, 20 4, 5, 9, 10, 11 10, 13, 15, 16. 7. Worksheet adjustments.

CHAPTER 23. Statement of Cash Flows 1, 2, 7, 8, 12 3, 4, 5, 6, 16, 17, 19 9, 20 4, 5, 9, 10, 11 10, 13, 15, 16. 7. Worksheet adjustments. CHAPTER 23 Statement of Cash Flows ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis 1. Format, objectives purpose, and source of statement.

More information

The Statement of Cash Flows Direct Method

The Statement of Cash Flows Direct Method 23 The Statement of Cash Flows Direct Method DEMONSTRATION PROBLEM The financial statements of Bolero Corporation follow. Copyright Houghton Mifflin Company. All rights reserved. 1 Bolero Corporation Income

More information

EXERCISES. The cash from operating activities detail is provided as follows for class discussion:

EXERCISES. The cash from operating activities detail is provided as follows for class discussion: EXERCISES Ex. 14 1 There were net additions, such as depreciation and amortization of intangible assets of $389 million, to the net loss reported on the income statement to convert the net loss from the

More information

The Statement of Cash Flows

The Statement of Cash Flows CHAPTER The Statement of Cash Flows OBJECTIVES After careful study of this chapter, you will be able to: 1. Define operating, investing, and financing activities. 2. Know the categories of inflows and

More information

Statement of Cash Flows

Statement of Cash Flows PREPARING THE STATEMENT OF CASH FLOWS: THE INDIRECT METHOD OF REPORTING CASH FLOWS FROM OPERATING ACTIVITIES The work sheet method described in the text book is not the recommended approach. We will provide

More information

Cash is King. cash flow is less likely to be affected

Cash is King. cash flow is less likely to be affected Reading 27: Understanding Cash Flow Statements Relevance of Cash Flow The primary purpose of the statement of cash flows (SCF) is to provide: Info about a firm s cash receipts & cash payments during an

More information

B Exercises 4-1. (d) Intangible assets. (i) Paid-in capital in excess of par.

B Exercises 4-1. (d) Intangible assets. (i) Paid-in capital in excess of par. B Exercises E4-1B (Balance Sheet Classifications) Presented below are a number of balance sheet accounts of Castillo Inc. (a) Trading Securities. (h) Warehouse in Process of Construction. (b) Work in Process.

More information

CHAPTER 16. Dilutive Securities and Earnings Per Share ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Concepts for Analysis

CHAPTER 16. Dilutive Securities and Earnings Per Share ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Concepts for Analysis CHAPTER 16 Dilutive Securities and Earnings Per Share ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis 1. Convertible debt and preferred

More information

In the event of a tie, the score on the last ten questions will be used as a tie-breaker.

In the event of a tie, the score on the last ten questions will be used as a tie-breaker. NEW YORK STATE ASSOCIATION FUTURE BUSINESS LEADERS OF AMERICA SPRING DISTRICT MEETING ACCOUNTING II 2010 TEST DIRECTIONS 1. Complete the information requested on the answer sheet. PRINT your name on the

More information

CHAPTER 13 Current Liabilities and Contingencies

CHAPTER 13 Current Liabilities and Contingencies CHAPTER 13 Current Liabilities and Contingencies 13-1 LECTURE OUTLINE This chapter can be covered in two or three class sessions. Students should be familiar with trade and payroll liabilities. Short-term

More information

Accounting for and Presentation of Liabilities

Accounting for and Presentation of Liabilities 7 Accounting for and Presentation of Liabilities Liabilities are obligations of the entity or, as defined by the FASB, probable future sacrifices of economic benefits arising from present obligations of

More information

Century 21 Accounting, 8e General Journal Chapter Outlines

Century 21 Accounting, 8e General Journal Chapter Outlines Century 21 Accounting, 8e General Journal Chapter Outlines PART 1 Chapter 1 ACCOUNTING FOR A SERVICE BUSINESS ORGANIZED AS A PROPRIETORSHIP Starting A Proprietorship: Changes that Affect the Accounting

More information

中 原 大 學 95 學 年 度 轉 學 考 招 生 入 學 考 試

中 原 大 學 95 學 年 度 轉 學 考 招 生 入 學 考 試 中 原 大 學 95 學 年 度 轉 學 考 招 生 入 學 考 試 7 月 12 日 14:00~15:30 商 學 群 組 二 年 級 科 目 : 會 計 學 ( 共 七 頁 第 一 頁 ) 可 使 用 計 算 機, 惟 僅 限 不 具 可 程 式 及 多 重 記 憶 者 一 MULTIPLE CHOICE QUESTIONS: (50%) 誠 實 是 我 們 珍 視 的 美 德, 我 們 喜

More information

Often stock is split to lower the price per share so it is more accessible to investors. The stock split is not taxable.

Often stock is split to lower the price per share so it is more accessible to investors. The stock split is not taxable. Reading: Chapter 8 Chapter 8. Stock: Introduction 1. Rights of stockholders 2. Cash dividends 3. Stock dividends 4. The stock split 5. Stock repurchases and liquidations 6. Preferred stock 7. Analysis

More information

ACCOUNTING DICTIONARY

ACCOUNTING DICTIONARY ACCOUNTING DICTIONARY A Account a record summarizing all the information pertaining to a single item in the accounting equation Account balance the amount in an account Account number the number assigned

More information

1. The primary forms of business organization are the proprietorship, the partnership, and the corporation.

1. The primary forms of business organization are the proprietorship, the partnership, and the corporation. Chapter 15 Stockholders Equity: Contributed Capital LECTURE OUTLINE This material in this chapter is straight-forward and can be covered in one or two class sessions. Treasury stock transactions under

More information

Chapter 9 - Current Liabilities. Accounting For Current Liabilities

Chapter 9 - Current Liabilities. Accounting For Current Liabilities Chapter 9 - Current Liabilities Accounting For Current Liabilities C 1 Defining Liabilities Because of a past event... The company has a present obligation... For future sacrifices Past Present Future

More information

When Tandy (RadioShack) Corporation announced a 2:1 stock split, the company had 97 million shares outstanding, trading at $100 per share.

When Tandy (RadioShack) Corporation announced a 2:1 stock split, the company had 97 million shares outstanding, trading at $100 per share. BE12-2 When Tandy (RadioShack) Corporation announced a 2:1 stock split, the company had 97 million shares outstanding, trading at $1 per share. (a) Estimate the number of shares outstanding and market

More information

TOPIC LEARNING OBJECTIVE

TOPIC LEARNING OBJECTIVE Topic Mapping 1 Transaction Analysis Understand the effect of various types of transactions on the accounting equation, accounting journal and accounting ledger. Concepts and Skills Accounting Equation

More information

Do it! Chapter 11. Current Liabilities

Do it! Chapter 11. Current Liabilities Chapter 11 Do it! You and several classmates are studying for the next accounting examination. They ask you to answer the following questions. 1. If cash is borrowed on a $50,000, 6-month, 12% note on

More information

SOLUTIONS. Learning Goal 30

SOLUTIONS. Learning Goal 30 S1 Learning Goal 30 Multiple Choice 1. c A corporation wants to reissue treasury stock at a higher price than it paid. In this way, a greater amount of capital can be obtained than was returned to the

More information

This week its Accounting and Beyond

This week its Accounting and Beyond This week its Accounting and Beyond Monday Morning Session Introduction/Accounting Cycle Afternoon Session Tuesday The Balance Sheet Wednesday The Income Statement The Cash Flow Statement Thursday Tools

More information

Chapter 18 Shareholders Equity

Chapter 18 Shareholders Equity PAID-IN CAPITAL Fundamental Share Rights One of the most important features of the corporate form of business is the issuance of capital stock in exchange for capital contributions. Each share of capital

More information

Introduction to Accounting 2 Modul 6 Chapter 14. CORPORATIONS: Organization and Capital Stock Transactions

Introduction to Accounting 2 Modul 6 Chapter 14. CORPORATIONS: Organization and Capital Stock Transactions Introduction to Accounting 2 Modul 6 Chapter 14 CORPORATIONS: Organization and Capital Stock Transactions After studying this chapter, you should be able to: 1. Identify the major characteristics of a

More information

Reporting and Analyzing Cash Flows QUESTIONS

Reporting and Analyzing Cash Flows QUESTIONS Chapter 12 Reporting and Analyzing Cash Flows QUESTIONS 1. The purpose of the cash flow statement is to report all major cash receipts (inflows) and cash payments (outflows) during a period. It helps users

More information

Chapter 6 Statement of Cash Flows

Chapter 6 Statement of Cash Flows Chapter 6 Statement of Cash Flows The Statement of Cash Flows describes the cash inflows and outflows for the firm based upon three categories of activities. Operating Activities: Generally include transactions

More information

a. $ 65,000. b. $ 80,000. c. $130,000. d. $145,000.

a. $ 65,000. b. $ 80,000. c. $130,000. d. $145,000. 注 意 1. 本 試 題 卷 共 50 題, 總 分 100 分 第 01-15 題, 每 題 1.75 分, 合 計 26.25 分 ; 第 16-35 題, 每 題 2 分, 合 計 40 分 ; 第 36-50 題, 每 題 2.25 分, 合 計 33.75 答 錯 不 倒 扣 2. 請 將 答 案 按 試 題 題 號, 依 序 填 入 答 案 卡 1.FastForward had cash

More information

STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS

STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS C H A P T E R 1 0 STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS I N T R O D U C T I O N Historically, profit-oriented businesses have used the accrual basis of accounting in which the income statement,

More information

Chapter 18 Shareholders Equity

Chapter 18 Shareholders Equity RETAINED EARNINGS The balance in retained earnings represents an accumulation of the following common items from the inception date of the business: Add: net income Subtract: net losses Subtract: dividends.

More information

Current liabilities and payroll

Current liabilities and payroll Chapter 12 Current liabilities and payroll Current liabilities are obligations that the business has to discharge within 12 months or its operating cycle if longer than one year. Obligations that are due

More information

ILLUSTRATION 5-1 BALANCE SHEET CLASSIFICATIONS

ILLUSTRATION 5-1 BALANCE SHEET CLASSIFICATIONS ILLUSTRATION 5-1 BALANCE SHEET CLASSIFICATIONS MAJOR BALANCE SHEET CLASSIFICATIONS ASSETS = LIABILITIES + OWNERS' EQUITY Current Assets Long-Term Investments Current Liabilities Long-Term Debt Capital

More information

APPENDIX D: FASB STATEMENT NO. 123, ACCOUNTING FOR STOCK-BASED COMPENSATION

APPENDIX D: FASB STATEMENT NO. 123, ACCOUNTING FOR STOCK-BASED COMPENSATION APPENDIX D: FASB STATEMENT NO. 123, ACCOUNTING FOR STOCK-BASED COMPENSATION App_D_itc_stock_comp_comparative_analysis.doc 73 Summary This Statement establishes financial accounting and reporting standards

More information

Accounting For Your Small Business

Accounting For Your Small Business Accounting For Your Small Business Overview: Overview of accounting topics for small business, including accounting principles, p budgets and payroll. *1.0 CAS Basic Accounting For Small Businesses Renee

More information

Heintz & Parry. 20 th Edition. College Accounting

Heintz & Parry. 20 th Edition. College Accounting Heintz & Parry 20 th Edition College Accounting Chapter 9 Payroll Accounting: Employer Taxes and Reports 1 Describe and calculate employer payroll taxes. Employer Payroll Taxes In addition to the gross

More information

JOHNSON GRADUATE SCHOOL OF MANAGEMENT Cornell University

JOHNSON GRADUATE SCHOOL OF MANAGEMENT Cornell University JOHNSON GRADUATE SCHOOL OF MANAGEMENT Cornell University Sample Accounting Exemption Exam Questions 1. On July 1, 20D, Allen Company signed a $50,000, one-year, 10 percent note payable. At due date, June

More information

Chapter 14. 1 Copyright 2012 Pearson Education, Inc. Publishing as Prentice Hall.

Chapter 14. 1 Copyright 2012 Pearson Education, Inc. Publishing as Prentice Hall. Chapter 14 1 Identify the purposes of the statement of cash flows Distinguish among operating, investing, and financing cash flows Prepare the statement of cash flows by the indirect method Identify noncash

More information

Guide to Financial Statements Study Guide

Guide to Financial Statements Study Guide Guide to Financial Statements Study Guide Overview (Topic 1) Three major financial statements: The Income Statement The Balance Sheet The Cash Flow Statement Objectives: Explain the underlying equation

More information

COMPONENTS OF CAPITAL

COMPONENTS OF CAPITAL ILLUSTRATION 15-1 COMPONENTS OF CAPITAL COMPONENTS OF CAPITAL Stockholders' Equity (Total) LESS Treasury Stock (Cost Method) Contributed Capital Retained Earnings Preferred Stock Common Stock LESS Unappropriated

More information

國 立 體 育 學 院 九 十 六 學 年 度 學 士 班 轉 學 考 試 試 題

國 立 體 育 學 院 九 十 六 學 年 度 學 士 班 轉 學 考 試 試 題 國 立 體 育 學 院 九 十 六 學 年 度 學 士 班 轉 學 考 試 試 題 會 計 學 ( 本 試 題 共 8 頁 ) 注 意 :1 答 案 一 律 寫 在 答 案 卷 上, 否 則 不 予 計 分 2 請 核 對 試 卷 准 考 證 號 碼 與 座 位 號 碼 三 者 是 否 相 符 3 試 卷 彌 封 處 不 得 汚 損 破 壞 4 行 動 電 話 或 呼 叫 器 等 通 訊 器 材 不

More information

140 SU 3: Profitability Analysis and Analytical Issues

140 SU 3: Profitability Analysis and Analytical Issues 140 SU 3: Profitability Analysis and Analytical Issues QUESTIONS 3.1 Profitability Ratios Questions 1 and 2 are based on the following information. The financial statements for Dividendosaurus, Inc., for

More information

Dilutive Securities. Convertible Bonds and Convertible Preferred Stock. Chapter 18 Dilutive Securities and EPS. Learning Objectives

Dilutive Securities. Convertible Bonds and Convertible Preferred Stock. Chapter 18 Dilutive Securities and EPS. Learning Objectives Chapter 18 Dilutive Securities and EPS Learning Objectives Understand and account for dilutive securities Understand how to account for stock options Understand the difference between a simple and complex

More information

Statement of Financial Accounting Standards No. 7. Consolidated Financial Statements

Statement of Financial Accounting Standards No. 7. Consolidated Financial Statements Statement of Financial Accounting Standards No. 7 Statement of Financial Accounting Standards No. 7 Consolidated Financial Statements 30 November 2004 Translated by Wei-heng Lin, Associate Professor (Chung

More information

Accounting. Charles T. Horngren. Stanford University. Walter Harrison Jr. Baylor University. IVL Suzanne Oliver. Northwest Florida State College

Accounting. Charles T. Horngren. Stanford University. Walter Harrison Jr. Baylor University. IVL Suzanne Oliver. Northwest Florida State College Accounting EIGHTH EDITION Charles T. Horngren Stanford University Walter Harrison Jr. Baylor University IVL Suzanne Oliver Northwest Florida State College Pearson Education International Contents CHAPTER

More information

Most economic transactions involve two unrelated entities, although

Most economic transactions involve two unrelated entities, although 139-210.ch04rev.qxd 12/2/03 2:57 PM Page 139 CHAPTER4 INTERCOMPANY TRANSACTIONS LEARNING OBJECTIVES After reading this chapter, you should be able to: Understand the different types of intercompany transactions

More information

In this chapter, we build on the basic knowledge of how businesses

In this chapter, we build on the basic knowledge of how businesses 03-Seidman.qxd 5/15/04 11:52 AM Page 41 3 An Introduction to Business Financial Statements In this chapter, we build on the basic knowledge of how businesses are financed by looking at how firms organize

More information

3,000 3,000 2,910 2,910 3,000 3,000 2,940 2,940

3,000 3,000 2,910 2,910 3,000 3,000 2,940 2,940 1. David Company uses the gross method to record its credit purchases, and it uses the periodic inventory system. On July 21, 20D, the company purchased goods that had an invoice price of $ with terms

More information

Test 3 Review. Student:

Test 3 Review. Student: Test 3 Review Student: 1. A credit sale of $2,500 to a customer would result in: A. A debit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts

More information

The Basics Behind the Beans: An Intro to Equity Comp Tax and Accounting

The Basics Behind the Beans: An Intro to Equity Comp Tax and Accounting The Basics Behind the Beans: An Intro to Equity Comp Tax and Accounting Barbara Baksa, CEP, NASPP Carrie Kovac, CEP, E*TRADE Financial Corporate Services, Inc. Andrew Schwartz, CEP, Computershare Disclosure

More information

07:58. Think about it STOCKHOLDERS EQUITY. Stockholders Equity Components. Chapter 15. Three Buckets:

07:58. Think about it STOCKHOLDERS EQUITY. Stockholders Equity Components. Chapter 15. Three Buckets: STOCKHOLDERS EQUITY Chapter 15 Think about it Who owns a Company? The Stockholders Who controls a Company? The Stockholders Who runs the Company? Executive Management (called C level, as in C EO, CFO,

More information

Chapter 8 Accounting for Receivables

Chapter 8 Accounting for Receivables Chapter 8 Accounting for Receivables Accounts Receivable Accounts Receivables are current assets. They are usually expected to be collected within 30 days. Allowance Method and Bad Debt Expense 2 methods:

More information

ANSWERS TO MULTIPLE CHOICE. 1. c) 2. d) 3. b) 4. a) 5. c) 6. b) 7. c) 8. c) 9. d) 10. a) E11 3.

ANSWERS TO MULTIPLE CHOICE. 1. c) 2. d) 3. b) 4. a) 5. c) 6. b) 7. c) 8. c) 9. d) 10. a) E11 3. 4. Common stock the usual or normal stock of the corporation. It is the voting stock and generally ranks after the preferred stock for dividends and assets distributed upon dissolution. Often it is called

More information

The McGraw-Hill Companies, Inc., 2013 Solutions Manual, Vol.2, Chapter 19 19 1

The McGraw-Hill Companies, Inc., 2013 Solutions Manual, Vol.2, Chapter 19 19 1 AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments, and faculty may approach assessment and its documentation

More information

E15-1. Understanding Shareholders Equity

E15-1. Understanding Shareholders Equity E15-1. Understanding Shareholders Equity Preferred stock is a class of capital stock that pays dividends at a specified rate and that has preference over common stock in the payment of dividends and the

More information

PAYCHEX, INC. REPORTS THIRD QUARTER RESULTS

PAYCHEX, INC. REPORTS THIRD QUARTER RESULTS PAYCHEX, INC. REPORTS THIRD QUARTER RESULTS March 25, 2015 THIRD QUARTER FISCAL 2015 HIGHLIGHTS Total service revenue increased 8% to $693.6 million for the third quarter; 9% for the nine months. Payroll

More information

THEME: C CORPORATIONS

THEME: C CORPORATIONS ACCOUNTING TERM: Corporation THEME: C CORPORATIONS By John W. Day A corporation is a person or persons granted a charter from a state that legally recognizes it as a separate entity having its own rights,

More information

About Us. Services PAYROLL SOLUTIONS UNLIMITED, INC.

About Us. Services PAYROLL SOLUTIONS UNLIMITED, INC. About Us Payroll Solutions Unlimited, Inc. 5201 Blue Lagoon Drive, Suite 800 Miami, FL 33126 Tel: (305) 259 3175 Fax: (305) 233 3527 info@payrollsolutionsunlimited.com www.payrollsolutionsunlimited.com

More information

Long Island University C.W. Post GBA 521. Final Exam - review

Long Island University C.W. Post GBA 521. Final Exam - review Long Island University C.W. Post GBA 521 Name: _ (Last name) (First name) Date: _ Final Exam - review Multiple Choice Following are 14 multiple choice questions, worth 3 points each. Clearly identify the

More information

Illinois Corporate Franchise Tax. Department of Revenue 3-21-2014 House Joint Committee of Revenue and Finance and State Government

Illinois Corporate Franchise Tax. Department of Revenue 3-21-2014 House Joint Committee of Revenue and Finance and State Government Illinois Corporate Franchise Tax Department of Revenue 3-21-2014 House Joint Committee of Revenue and Finance and State Government Objectives Provide committee members with some basic accounting framework

More information

A. Retained Earnings the basic source of retained earnings is income from operations.

A. Retained Earnings the basic source of retained earnings is income from operations. Chapter 16 Stockholders Equity: Retained Earnings LECTURE OUTLINE The material in this chapter is straight-forward and can be covered in two class periods. Students are often not familiar with dividend

More information

FICA WITHHOLDING & TAXATION OF DISABILITY BENEFITS. Information for Policyholders

FICA WITHHOLDING & TAXATION OF DISABILITY BENEFITS. Information for Policyholders FICA WITHHOLDING & TAXATION OF DISABILITY BENEFITS Information for Policyholders Step One As claim payments are made: Calculates and withholds the EMPLOYEE S portion of FICA liability based on information

More information

Vol. 1, Chapter 7 The Statement of Cash Flows

Vol. 1, Chapter 7 The Statement of Cash Flows Vol. 1, Chapter 7 The Statement of Cash Flows Problem 1: Solution Transaction # Identification 1 Operating 2 Investing 3 Noncash transaction 4 Financing 5 Noncash transaction 6 Operating 7 Investing 8

More information

Advanced Accounting (02)

Advanced Accounting (02) 10 Pages Contestant Number Time Rank Advanced Accounting (02) Regional 2009 Multiple Choice (15 @ 3 points each) Short Answer (10 @ 3 points each) Matching (10 @ 2 points each) Production Portion Problem

More information

CARDIOME PHARMA CORP.

CARDIOME PHARMA CORP. Consolidated Financial Statements (Expressed in thousands of United States (U.S.) dollars) (Prepared in accordance with generally accepted accounting principles used in the United States of America (U.S.

More information

CHAPTER 13. Current Liabilities and Contingencies 1, 2, 3, 4, 5, 6, 8. 5. Compensated absences. 13, 14, 15 8 5, 6, 16

CHAPTER 13. Current Liabilities and Contingencies 1, 2, 3, 4, 5, 6, 8. 5. Compensated absences. 13, 14, 15 8 5, 6, 16 CHAPTER 13 Current Liabilities and Contingencies ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis 1. Concept of liabilities; definition

More information

中 原 大 學 97 學 年 度 碩 士 班 入 學 考 試

中 原 大 學 97 學 年 度 碩 士 班 入 學 考 試 中 原 大 學 97 學 年 度 碩 士 班 入 學 考 試 4 月 13 日 11:00~12:30 會 計 學 系 甲 組 誠 實 是 我 們 珍 視 的 美 德, 我 們 喜 愛 拒 絕 作 弊, 堅 守 正 直 的 你! 科 目 : 中 級 會 計 學 ( 共 4 頁 第 1 頁 ) 可 使 用 計 算 機, 惟 僅 限 不 具 可 程 式 及 多 重 記 憶 者 不 可 使 用 計 算 機

More information

ACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET J.M. TULL SCHOOL OF ACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET

ACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET J.M. TULL SCHOOL OF ACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET ACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET J.M. TULL SCHOOL OF ACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET Important: PRINT your response (A,B,C,D or E) that best completes the statement

More information

TIME WARNER CABLE INC. CONSOLIDATED BALANCE SHEET (Unaudited)

TIME WARNER CABLE INC. CONSOLIDATED BALANCE SHEET (Unaudited) CONSOLIDATED BALANCE SHEET June 30, December 31, 2011 2010 (in millions) ASSETS Current assets: Cash and equivalents...$ 3,510 $ 3,047 Receivables, less allowances of $86 million and $74 million as of

More information

02.Murray Company debited Prepaid Insurance for $960 on July 1, 1998 for a one-year

02.Murray Company debited Prepaid Insurance for $960 on July 1, 1998 for a one-year 八 十 八 學 年 度 會 計 學 考 古 題 題 目 難 易 的 順 序 ( 難 易 ) 為 : I III II I Multiple Choice (74%) 01.The purchase of office equipment for $15,000 cash a. is a cash outflow from financing activities. b. is a cash outflow

More information

Bonds, in the most generic sense, are issued with three essential components.

Bonds, in the most generic sense, are issued with three essential components. Page 1 of 5 Bond Basics Often considered to be one of the most conservative of all investments, bonds actually provide benefits to both conservative and more aggressive investors alike. The variety of

More information