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Study Resources (Accounting)

Multiple Choice Questions 1.An expanded version of the accounting equation could be:   A. Assets + Revenues = Liabilities + Stockholders' Equity - Expenses B. Assets - Liabilities = Paid-in Capital - Revenues - Expenses C. Assets = Liabilities + Paid-in Capital + Beginning Retained Earnings + Revenues - Expenses - Dividends D. Assets = Liabilities + Paid-in Capital -.
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31.The balance sheet caption for common stock is:Common stock, $10 par value, 7,000,000 shares authorized, 5,700,000 shares issued, 5,500,000 shares outstanding.(a.) Calculate the dollar amount that will be presented opposite of this caption.(b.) Calculate the total amount of a cash dividend of $1.00 per share.(c.) What accounts for the difference.
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  C.Construction of a ParallelR, L, C Circuit and Measurement of Circuit Characteristics   1.Construct the circuit in Figure 1. 2.Set the function generator voltage to 2.5V RMS and the frequency value to 550 Hz. 3.Turn the circuit on. 4.Record the current reading. IS =_____________ (A) 5. Is this the same as the simulated and calculated value? _______.
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31.A concept or principle that relates to transactions is:   A. materiality. B. full disclosure. C. original cost. D. consistency. 32.Matching revenues and expenses refers to:   A. having revenues equal expenses. B. recording revenues when cash is received. C. accurately reflecting the results of operations for a fiscal period. D. recording revenues when a product is sold or a service is rendered. 33.Accrual accounting:   A. is designed to match revenues and.
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61.Presented below is the income statement for Ackee Food Center for the month of July:  Based on an analysis of cost behavior patterns, it has been determined that the company's contribution margin ratio is 15 percent.(a.) Rearrange the above income statement to the contribution margin format.(b.) If sales increase by 10.
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Multiple Choice Questions 1.A transaction that is likely to cause an increase in a current liability is:   A. payment of accrued wages. B. accrual of interest expense. C. depreciation of equipment. D. accrual of bad debts expense. 2.The payment of a current liability will:   A. decrease net income. B. decrease working capital. C. increase working capital. D. not affect working capital. 3.A working capital loan will generally:   A. not have an.
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21.The principal reason for converting a customer's account receivable to a note receivable is:   A. the note receivable earns interest and the account receivable does not. B. the receivable is less likely to have to be written off as uncollectible. C. working capital is immediately increased. D. the customer is more likely to continue purchasing the company's products. 22.The.
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41.The reason for recording a prepaid expense as a current asset is:   A. that the prepaid item will be returned for a cash refund. B. that the prepaid item has not yet become an expense. C. that the expense has been incurred but not yet paid. D. to avoid recognizing an expense so net income will be higher.
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11.The officer of a corporation responsible for the firm's published financial statements would be most concerned about pronouncements of the:   A. FASB. B. AICPA. C. GASB. D. SEC. E. IRS. 12.Which of the following is not a characteristic or limitation of the kind of information that financial reporting by business enterprises can provide?   A. The information results in approximate, rather than exact, measures. B. The.
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III. A. 3. Low Pass Filter Frequency Response: Frequency, Hz VOut P-P GaindB Frequency, Hz VOut P-P GaindB 100 1.9922 -0.0338 2000 0.9138 -6.8040 200 1.9642 -0.1546 4000 0.4974 -12.0865 400 1.8650 -0.6070 8000 0.2547 -17.9012 800 1.5786 -2.0550 10000 0.2043 -19.8140 1000 1.4335 -2.8924   III. A. 4.  Low Pass Filter Frequency Response: III. A. 5.  Low Pass Filter Simulated Cutoff Frequency: fC =___________________ III. A. 6.  Low Pass Filter Calculated Cutoff Frequency: fC =___________________ III. A. 7.  Low Pass Filter Simulated Versus Calculated Cutoff Frequency: Match:      Yes No .
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Multiple Choice Questions 1.The first caption in most income statements in annual reports is:   A. gross sales. B. net sales. C. earned revenues. D. sales, less sales returns and allowances. 2.Gains differ from revenues because gains:   A. are not a result of the entity's ongoing, central operations. B. do not have to be realized. C. are reported as income from operating activities. D. do not involve any offsetting.
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41.The contribution margin format income statement is organized by:   A. responsibility centers. B. functional classifications. C. sales territories. D. cost behavior classifications. 42.A 10% change in a firm's revenues is likely to result in a change of more than 10% in the firm's operating income because:   A. not all of the firm's costs will change in proportion to the revenue change. B. the.
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21.The accounting concept/principle being applied when an adjustment is made is usually:   A. matching revenue and expense. B. consistency. C. original cost. D. materiality. 22.The Interest Receivable account for February showed transactions totaling $8,500 and an adjustment of $11,200.   A. The transactions probably resulted from accruing interest income earned. B. The transactions were probably entered on the credit side of the account. C. The adjustment.
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Multiple Choice Questions 1.Which of the following is not a transaction to be recorded in the accounting records of an entity?   A. Investment of cash by the owners. B. Sale of product to customers. C. Receipt of a plaque recognizing the firm's encouragement of employee participation in the United Way fund drive. D. Receipt of services from a "quick-print".
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Multiple Choice Questions 1.Financial statement ratios support informed judgments and decision making most effectively:   A. when viewed for a single year. B. whenviewed as a trend of entity data. C. when compared to an industry average for the most recent year. D. when the trend of entity data is compared to the trend of industry data. 2.When comparing entity financial.
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11.The earnings per share of common stock calculation:   A. is made by dividing net income by the number of shares of common stock outstanding at the end of the year. B. is complicated by the declaration of cash dividends during the year. C. includes gains or losses from treasury stock transactions. D. is complicated by the presence of.
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III.              PROCEDURE A.Simulation of RC Low Pass Filter | B. 1.Enter the circuit shown in Figure 1 in MultiSim. 2.   Figure 1 -Low Pass Filter   3.Set the function generator voltage, VIn = 1 VP. 3.Simulate the circuit shown for various frequencies indicated in Table 1 below. Record the output voltage, VOut, for each frequency and calculate the.
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11.The distinction between a current asset and other assets:   A. is based on how long the asset has been owned. B. is based on amounts that will be paid to other entities within a year. C. is based on the ability to determine the current fair value of the asset. D. is based on when the asset is.
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III. C. 3. Band Pass Filter Frequency Response: Frequency, Hz VOut P-P GaindB Frequency, Hz VOut P-P GaindB 200 3.01125 -47.4148 340 788.3 0.94413 250 10.0697 -36.9294 344 952.0065 2.583098 280 27.84125 -28.0959 348 621.11 -1.12633 290 43.61535 -24.1969 355 253.301 -8.9169 300 75.27375 -19.4568 352 356.9025 -5.9387 320 311.2965 -7.12622 356 228.851 -9.79864 324 384.2105 -5.29832 360 160.2745 -12.8924 330 466.784 -3.60738   III. C. 4.  Band Pass Filter Frequency Response: III. C. 5.  Band Pass Filter Simulated Cutoff Frequencies: Upper fC =_____________   Low fC =_____________ III. C. 7.  Band Pass Filter Calculated Cutoff Frequencies: Upper fC =_____________   Low fC =_____________ III. C. 8.  Band Pass Filter.
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41.Claudette, Inc., provides warranties for many of its products. The January 1, 2014, balance of the Estimated Warranty Liability account was $38,500. Based on an analysis of warranty claims during the past several years, this year's warranty provision was estimated to be 0.8 percent of sales. During 2014, the actual.
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Multiple Choice Questions 1.The term "cost" means:   A. the price paid for a raw material. B. the wage paid to a worker. C. the price charged by an entity for its services. D. all of these. 2.Cost accounting is primarily concerned with:   A. accumulation and determination of product or service cost. B. income measurement and inventory valuation. C. generally accepted accounting principles. D. all of these. 3.Which of the.
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Multiple Choice Questions 1.Managerial accounting supports the management process most significantly by:   A. measuring and reporting financial results after the fact. B. determining the goals and objectives of the entity. C. providing estimates of financial results for various plans. D. establishing operating policies to be followed during a period of time. 2.Activities included in a generally accepted definition of management.
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21.As the level of activity decreases:   A. fixed cost per unit decrease. B. variable cost per unit decrease. C. fixed cost remains constant in total. D. variable cost remains constant in total. 22.An example of a cost that is likely to have a variable behavior pattern is:   A. sales force salaries. B. depreciation of production equipment. C. salaries of production supervisors. D. production labor wages. 23.An example of.
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21.The term, "earned," in revenue recognition refers to which of the following?   A. The entity has completed, or substantially completed, the activities it must perform to be entitled to the revenue benefits. B. The product or service has been exchanged for cash, claims to cash, or an asset that is readily convertible to a.
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11.To accrue $3,200 of employee salaries for the last week of February, the employer's journal entry is:     A. Option A B. Option B C. Option C D. Option D 12.Sage, Inc. has 20 employees who work Monday through Friday each week; each employee earns $100 per day and is paid every Friday. The end of the accounting period is.
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11.Moped, Inc. purchased machinery at a cost of $22,000 on January 1, 2014. The expected useful life is 5 years and the asset is expected to have salvage value of $2,000. Moped depreciates its assets using the double-declining balance method.What is the accumulated depreciation for this asset on December 31,.
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21.The Statement of Cash Flows:   A. shows how cash changed during the period. B. is an optional financial statement. C. shows the change in the fair value of the entity's common stock during the period. D. shows the dividends that will be paid in the future. 22.On January 31, an entity's balance sheet showed total assets of $750 and.
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11.The impact of changing price levels on amounts reported in financial statements is:   A. reported as a separate item on the balance sheet. B. accomplished by reporting assets at their replacement cost. C. required to be described in the notes to the financial statements. D. encouraged, but not required to be described in the notes to the financial.
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III. B. 3. High Pass Filter Frequency Response: Frequency, Hz VOut P-P GaindB Frequency, Hz VOut P-P GaindB 100 0.1941 -20.2579 2000 1.7809 -1.0076 200 0.3829 -14.3582 4000 1.9389 -0.2695 400 0.7270 -8.79 8000 1.9854 -0.0636 800 1.2307 -4.2174 10000 1.9912 -0.0382 1000 1.397 -3.1165   III. B. 4.  High Pass Filter Frequency Response: III. B. 5.  High Pass Filter Simulated Cutoff Frequency: fC =___________________ III. B. 6.  High Pass Filter Calculated Cutoff Frequency: fC =___________________ III. B. 7.  High Pass Filter Simulated Versus Calculated Cutoff Frequency: Match:      Yes   No .
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31.Southern Company's accountant failed to accrue as of 12/31/13 some employee fringe benefit program expenses that were incurred in 2013 and that will be paid in 2014. The result of this omission is to:   A. overstate the current ratio at 12/31/13 and overstate ROI and ROE for the year ended 12/31/13. B. overstate the.
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Multiple Choice Questions 1.Corporate governance includes concerns about:   A. business ethics and social responsibility. B. the responsibilities of the board of directors. C. equitable treatment of all stakeholders. D. disclosures and transparency. E. all of these. 2.The most powerful corporate governance legislation to date has been:   A. the Sarbanes-Oxley Act (SOX) of 2002. B. the creation of the American Institute of Certified Public Accountants. C. Corporate Ethics.
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31.Regardless of the inventory cost flow assumption used, inventories on the balance sheet are stated at:   A. original cost. B. realizable value. C. replacement cost. D. the lower of cost or market. 32.Prepaid expenses classified as current assets represent:   A. current year expenses that have been accrued. B. current year cash payments that will be matched against revenues of the next year or.
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11.Current maturities of long-term debt:   A. reflect overdue installments of bonds payable. B. are classified with long-term debt. C. represent cash that has been set aside for debt payments due within a year. D. permit a more accurate determination of working capital. 12.The purpose of reporting Current Maturities of Long-Term debt is to:   A. report any portion of a long-term borrowing.
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21.Balance sheet disclosures for preferred stock include all of the following except:   A. The number of shares issued. B. The number of shares outstanding. C. The liquidating or redemption value. D. The credit or market value. E. The number of shares authorized. 22.The declaration date pertains to:   A. The date used to determine who receives dividends. B. The date on which the board of directors.
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21.When a company issues a bond at a premium:   A. the company is more profitable than most companies in its industry. B. investors perceive the bond to be a very safe investment. C. the company's interest expense will be less than the interest paid each year. D. the company's interest expense will be more than the interest paid.
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11.A firm's net income for the year was $200,000. Average assets totaled $1.5 million, and average liabilities totaled $0.3 million. Return on equity was:   A. 13.3%. B. 16.7%. C. 10%. D. 20%. 12.Which of the following is not usually considered a measure of an entity's liquidity?   A. Current ratio. B. Acid-test ratio. C. Cash ratio. D. Working capital. 13.A current ratio of 6.0 is usually an indication that.
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11.The dividend payout ratio describes:   A. the proportion of earnings paid as dividends. B. the relationship of dividends per share to market price per share. C. the percentage change in dividends this year compared to last year. D. dividends as a percentage of the price/earnings ratio. 12.The price/earnings ratio:   A. is a measure of the relative expensiveness of a firm's common.
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Multiple Choice Questions 1.Which of the following entities would not require accounting information pertaining to their economic activities?   A. Social clubs. B. Not-for-profit entities. C. State governments. D. All of these require accounting information. E. None of these requires accounting information. 2.The authoritative financial accounting standards-setting body in the United States is presently the:   A. Securities and Exchange Commission (SEC). B. International Accounting Standards Board (IASB). C. Public.
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C.Simulation of LC Band Pass Filter   1.Enter the circuit shown in Figure 3 in MultiSim. Figure  3 -LC Band Pass Filter       2.Setup the function generator voltage, VIn = 1 VP. 3.Simulate the circuit shown for various frequencies indicated in Table 3 and record the output voltage and gain. Frequency, Hz VOut P-P GaindB Frequency, Hz VOut P-P GaindB 200 3.01125 -47.4148 340 788.3 0.94413 250 10.0697 -36.9294 344 952.0065 2.583098 280 27.84125 -28.0959 348 621.11 -1.12633 290 43.61535 -24.1969 355 253.301 -8.9169 300 75.27375 -19.4568 352 356.9025 -5.9387 320 311.2965 -7.12622 356 228.851 -9.79864 324 384.2105 -5.29832 360 160.2745 -12.8924 330 466.784 -3.60738 Table 3 –.
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11.The relevant range concept refers to:   A. a firm's range of profitability. B. a firm's range of sales. C. a firm's range of rates of return. D. a firm's range of activity. 12.Which of the following is another term for mixed costs?   A. Semifixed costs. B. Semivariable costs. C. Component costs. D. None of these. 13.As the total volume of activity changes:   A. the total of variable costs changes. B. the total.
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21.  The present value of $3,000 to be received every year for 9 years, at 10%, is:   A. $7,073.80. B. $12,273.00. C. $17,277.00. D. $27,000.00. 22.  The present value of an obligation of $4,000 payable in 7 years at 8% is:   A. $1,760. B. $2,334. C. $3,206. D. $3,680. 23.  A particular common stock has an annual cash dividend of $2.00 per share and is predicted to have a market value.
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11.Bad debt expense is recognized in the same accounting period as the revenue that is related to the receivable because:   A. the accounts receivable asset should be stated at original cost. B. the exact amount of the losses from bad debts is known. C. revenues should be stated at realizable value. D. all costs incurred in the current.
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Multiple Choice Questions 1.The current assets of most companies are usually made up of:   A. assets that are currently used in the operations of the company. B. cash and assets expected to be converted to cash within a year. C. a very small proportion (less than 10%) of the total assets of the entity. D. cash, marketable securities, and.
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Multiple Choice Questions 1.Which of the following is not a right or attribute of common stock ownership?   A. Electing directors. B. Liability limited to amount invested. C. Approving changes in corporate charter. D. Determining dividend policy. 2.Which of the terms is not used to identify owners' equity or stockholders' equity?   A. Partner's capital. B. Proprietor's capital. C. Paid-in-capital and retained earnings. D. Additional-paid-in-retained earnings. 3.Which of the following.
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31.To which function of management is CVP analysis most applicable?   A. Planning. B. Organizing. C. Directing. D. Controlling. 32.The scattergram allows cost-volume relationships to be visually scanned for outlier observations that should be:   A. included in the calculation of the cost formula of a mixed cost. B. ignored in the calculation of the cost formula of a mixed cost. C. included in the calculation of.
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11.Retained earnings represents:   A. cash that is available for dividends. B. the total net income of the firm since its beginning. C. cumulative net income of the firm since its beginning that has not been distributed to its stockholders in the form of dividends. D. net income plus gains (or minus losses) on treasury stock transactions. 12.Preferred stock is.
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B.Simulation of RC High Pass Filter   1.Enter the circuit shown in Figure 2 in MultiSim.     Figure 2 - High Pass Filter 2.Set the function generator voltage, VIn = 1 VP 3.Simulate the circuit shown for various frequencies indicated in Table 2 and record the output voltage and gain. Frequency, Hz VOut P-P GaindB Frequency, Hz VOut P-P GaindB 100 0.1941 -20.2579 2000 1.7809 -1.0076 200 0.3829 -14.3582 4000 1.9389 -0.2695 400 0.7270 -8.79 8000 1.9854 -0.0636 800 1.2307 -4.2174 10000 1.9912 -0.0382 1000 1.397 -3.1165 Table 2 -Low.
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51.The contribution margin ratio always decreases when the:   A. break-even point decreases. B. fixed expenses increase. C. selling price increases and the variable costs remain constant. D. variable cost increase and the selling price remains constant. 52.If fixed costs were increased by $9,000 and the contribution margin ratio remained at 30 percent, then sales must increase by _________ in.
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