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21) Operating expenses–other than depreciation–for the year were $335,000. Prepaid expenses decreased by $7,000. Cash payments for operating expenses to be reported on the cash flow statement using the direct method would be: A) $335,000. B) $342,000. C) $328,000. D) $ 7,000. 22) Operating expenses–other than depreciation–for the year were $280,000. Prepaid expenses increased by.
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11) Cost accounting: A) provides information on the efficiency of factory labor B) provides information on the cost of servicing commercial customers C) provides information on the performance of an operating division D) All of these answers are correct. 12) Which of the following types of information are used in.
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21) Management accounting information focuses on external reporting. 22) Cost management is narrowly focused on a continuous reduction of costs. 23) Managers always require the information in an accounting system to be presented in the same format. 24) Modern cost accounting takes the perspective that collecting cost information is a function.
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11) Some investing and financing activities involve no cash flows, so they: A) represent no significant financial change. B) should be included in the three main sections of the statement of cash flows. C) should be reported in a separate section of the cash flow statement. D) must be converted to cash at the.
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1) Place the four business functions in the order they appear along the value chain: Customer service Design Marketing Production A) Customer Service, Design, Production, Marketing B) Customer Service, Marketing, Production, Design C) Design, Production, Marketing, Customer Service D) Design, Customer Service, Production, Marketing 2) R&D, production, and customer service are business functions that are.
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10.6   Questions 1) A company's stock that it reacquires is termed treasury stock. 2) Treasury stock transactions are uncommon among larger corporations. 3) Treasury stock is a contra-equity account and carries a debit balance. 4) Treasury stock decreases the number of outstanding shares of stock. 5) Treasury stock is recorded at par value. 6) Treasury stock.
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121) Which of the following ratios helps to evaluate how well a company is earning profit with the money shareholders have invested? A) Asset turnover ratio B) Return on sales C) Return on assets D) Return on equity 122) National Equipment reported the following for 2012: Net sales: $345,000 Net income: $29,600 Market price per share of common stock: $35.50 Dividends: $18,500 Average.
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71) Allied Industrial has net sales of $1,200,000, net income of $85,000, average current assets of $53,000, average fixed assets of $184,000, and average total assets of $237,000. Allied Industrial's fixed asset turnover ratio is: A) 5.06. B) 0.15. C) 6.52. D) 22.64. 72) Allied Industrial has net sales of $1,200,000, net income of $85,000,.
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7) The Design Works, Inc. Stockholders' Equity section includes the following information: Preferred Stock $22,000 Paid-in Capital in Excess of Par—Preferred 2,980 Common Stock 48,000 Paid-in Capital in Excess of Par—Common 3,400 Retained Earnings 7,350 Total paid-in capital is: A) $70,000. B) $83,730. C) $76,380. D) $77,350. 8) The Coulter Corporation Stockholders' Equity section includes the following information: Preferred Stock $12,000 Paid-in Capital in Excess of Par—Preferred 2,700 Common Stock 15,000 Paid-in Capital.
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18) Describe the major differences between management accounting and financial accounting for the following: 1. Primary users 2. Focus and emphasis 3. Rules of measurement and reporting 19) What is strategy? Briefly describe the two broad types of strategies that companies may choose to pursue. 20) Briefly describe how managers make use of management.
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11) Knowing the dollar amount of change from year-to-year in an account is less relevant than knowing the percentage change. 12) The most recent period in a horizontal analysis is called the base period. 13) Horizontal analysis is only done on the income statement. 14) The formula for determining the percentage change in.
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11.5   Questions 1) Free cash flow is the anticipated amount of cash available from operations after paying for planned financing of stock and paying dividends. 2) The formula for free cash flow is anticipated cash from operations minuscash payments for investments in long-term assets. 3) The cash conversion cycle depends upon the time.
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21) Antiques.com Corporation's outstanding stock is 75 shares of $60-par, 8% non-cumulative preferred stock and 2,000 shares of $10-par common stock. Antiques paid $2,400 in dividends during the year. Common stockholders received: A) $2,400. B) $2,040. C) $ 360. D) $ 0. 22) Brandon Company's outstanding stock is 100 shares of $100, 6% cumulative preferred.
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34) For each report listed below, identify whether the major purpose of the report is for (1) routine 35) Describe management accounting and financial accounting. 36) Is financial accounting or management accounting more useful to an operations manager? Why? 37) Is it possible to have an active cost management program.
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10.5   Questions 1) A stock dividend affects total stockholders' equity. 2) A stock dividend increases the stockholder's percent of stock held. 3) A stock dividend may be given to reduce the market price of the stock. 4) A corporation may declare stock dividends when there is not enough cash to pay a cash dividend. 5).
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101) A company has $56,000 in cash; $12,000 in accounts receivable; $25,000 in short-term investments and $100,000 in merchandise inventory. The company also has $60,000 in current liabilities. The company's quick ratio is: A) 3.217. B) 1.550. C) 1.133. D) 0.933. 102) An acid test (quick ratio) of 0.75 would indicate: A) a ratio that would.
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31) A company has $56,000 in cash; $12,000 in accounts receivable; $25,000 in short-term investments and $100,000 in merchandise inventory. The company also has $60,000 in current liabilities. The company's current ratio is: A) 0.933. B) 1.550. C) 1.133. D) 3.217. 32) The 2011 and 2012 balance sheets for Newport Industrial showed Cash of $8,000.
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10.3   Questions 1) Many companies raise capital by issuing stock directly to stockholders or by using an underwriter. 2) The issue price of the stock usually is equal to the par value of the stock. 3) A company can have a profit or loss when buying or selling its own stock. 4) When stock.
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12.2   Questions 1) The management discussion and analysis is typically located after the financial statements in a company's annual report. 2) A business model describes what a business does, what it sells, and who it sells to. 3) A business model deals with how a business makes customers want to buy their product. 4).
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11.1   Questions 1) The balance sheet reports the ending cash, but does not include cash equivalents. 2) A comparative balance sheet reports at least two consecutive years of information that can be used to compile a statement of cash flows. 3) A comparative balance sheet details why the ending cash balance increased or.
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A) focuses on estimating future revenues, costs, and other measures to forecast activities and their results B) provides information about the company as a whole C) reports information that has occurred in the past that is verifiable and reliable D) provides information that is generally available only on a quarterly.
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81) Advanced Industries, Inc. the following for 2012: Earnings/share of $17.68 Market price per share of common stock: $52 Number of shares of common stock outstanding: 52,000 Net income: $48,000 Dividends/share: $7.14 What is the dividend yield for Advanced Industries, Inc. (to the nearest tenth of a percent)? A) 13.7% B) 40.4% C) 92.3% D) 34.0% 82) Advanced Industries, Inc. the following for 2012: Earnings/share of $17.68 Market.
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11) The date of record is the date that: A) the board of directors announces a dividend will be paid. B) the dividends will be transferred to the shareholders. C) the shareholders purchased the stock. D) will determine which shareholders receive the dividends. 12) On the date of declaration,: A) debit Dividends and credit Retained Earnings. B).
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11.3   Questions 1) Most businesses prefer to use the indirect method of formatting a statement of cash flows. 2) In order to prepare a statement of cash flows using the indirect method, you need the income statement only. 3) The operating section of a statement of cash flows using the indirect method is.
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91) A common-size comparative statement shows: A) dollars and percents. B) dollars only. C) percents only. D) dollar increases and decreases. 92) If total assets are $6,000, what is the common-size figure of Cash, assuming that Cash has a balance of $2,400? A) 120.0% B) 100.0% C)  40.0% D)  60.0% 93) In a common-size income statement, selling expenses are 55%..
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11.4   Questions 1) The FASB recommends use of the direct method, rather than the indirect method, of preparing a cash flow statement. 2) Under the direct method, the only section that differs from the indirect method is the financing activities section. 3) In the direct method, each line of the income statement is.
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11.2   Questions 1) The three types of business activities on a statement of cash flows are operating, investing, and management activities. 2) Operating activities reflect such things as purchasing fixed assets. 3) Cash received from issuing stock would be included in financing activities. 4) Current assets on the balance sheet would be affected by.
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11) Customer relationship management initiatives use technology to coordinate all: A) production activities B) research activities C) customer-facing activities D) inventory management activities 12) ________ describe(s) the flow of goods, services, and information from the purchase of materials to the delivery of products to consumers, regardless of whether those activities occur in the same organization.
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11) Which of the following is NOT a part of financing activities? A) Paying dividends B) Issuing stock C) Paying off loans D) Buying land 12) Operating cash flows affect: A) current assets and current liabilities. B) long-term asset accounts. C) equity accounts. D) long-term liability accounts. 13) Investing cash flows affect: A) current assets and current liabilities. B) long-term asset accounts. C).
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10.2   Questions 1) Stockholders' equity consists of contributed capital and paid-in capital. 2) Retained earnings represent internally generated capital. 3) A stockholder may have three basic rights. 4) For most companies, preemptive rights are the exception, rather than the rule. 5) Preferred stock is considered a voting "class" of stock. 6) Preferred stockholders generally have the.
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41) Morgan Company's Accounts Receivable decreased by $25,000 and its Accounts Payable increased by $12,000. What is the net effect on cash from operations under the indirect method? A) +$37,000 B) -$13,000 C) -$37,000 D) +$13,000 42) Haskins, Inc.'s Accounts Receivable decreased by $30,000 and its Accounts Payable decreased by $16,000. What is the net.
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61) Liberty Auto reported Net Sales of $258,000, Cost of Goods Sold of $110,500, Operating Expenses of $62,400, and Income Tax Expense of 21,600. Liberty Auto's gross profit margin percentage was: A) 32.98. B) 42.83. C) 57.17. D) 24.61. 62) Hallett Industries, Inc. reported Net Sales of $306,000, Cost of Goods Sold of $192,600, Operating.
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10.4   Questions 1) Paying dividends causes a decrease in total assets, but an increase in total stockholders' equity. 2) Corporations declare cash dividends from retained earnings. 3) The portion of stockholders' equity that can be used for dividends is referred to as legal capital. 4) Preferred stock may have its dividend rate listed as.
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11) Knutson Company has a $2,400 credit balance in Paid-In Capital–Treasury Stock. It sells 500 shares of treasury stock, which the company reacquired at $21/share, for $18/share. After the transaction, what will the balance be in the Paid-In Capital in Excess of Par–Treasury account? A) $3,900 credit B) $1,500 debit C) $ 900.
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1) Which of the following statements concerning an organization's strategy is NOT true? A) Strategy specifies how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its objectives. B) Management accountants provide input to help managers formulate strategy. C) A good strategy will always overcome.
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111) A company with an accounts receivable turnover of four means that the company collects its receivables approximately every ________ days. A)  30 B)  60 C)  90 D) 120 112) If accounts receivable turnover is 10.4, this means that from the date of: A) purchase to the date of payment is approximately 35 days. B) sale to.
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41) Gains and losses on plant, property, and equipment are reported: A) as a retrospective application. B) in the discontinued operations section. C) in the continuing operations section. D) in the extraordinary items section. 42) A(n) ________ is a distinguishable part of a business that is subject to a different set of risks and returns.
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21) Comparing your company with a competing company in the same category of business is called benchmarking. 22) Common-size statements are useful when comparing a company's performance against that of a company of a different size. 23) Common-size statements use the same percentages that are computed during a vertical analysis, but no.
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12.3   Questions 1) The three ways to analyze financial statements are by using horizontal, vertical and ratio analysis. 2) The interest coverage ratio is an indicator of a company's ability to repay interest on its debt. 3) The formula for the debt ratio is total liabilities divided by Long-term assets. 4) Operating profit (EBIT).
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