ACCT 504 Week 4 Midterm Exam Set 1
- From Business, Accounting
- NUMBER1TUTOR
- Rating : 88
- Grade : A+
- Questions : 0
- Solutions : 0
- Blog : 3
- Earned : $14856.59
1.
Question :
(TCO A, B, C) External users want answers to all of the following questions except:
Student Answer:
Is the company earning satisfactory income?
Will the company be able to pay its debts as they come due?
Did the company use a budget to plan its expenses?
How does the company compare in profitability with competitors?
Instructor Explanation:
Chapter 1 page 6
Points Received:
3 of 3
Comments:
2.
Question :
(TCO C) Borrowing money is an example of a(n):
Student Answer:
delivering activity.
financing activity.
investing activity.
operating activity.
Instructor Explanation:
Chapter 1 page 9
Points Received:
3 of 3
Comments:
3.
Question :
(TCO C) Buying and selling products are examples of:
Student Answer:
operating activities.
investing activities.
financing activities.
delivering activities.
Instructor Explanation:
Chapter 1 page 10
Points Received:
3 of 3
Comments:
4.
Question :
(TCO A) Resources owned by a business are referred to as:
Student Answer:
stockholders' equity.
liabilities.
assets.
revenues.
Instructor Explanation:
Chapter 1 page 9
Points Received:
3 of 3
Comments:
5.
Question :
(TCO C) Jamie Company recorded the following cash transactions for the year:
Paid $70,000 for salaries.
Paid $20,000 to purchase office equipment.
Paid $6,000 for utilities.
Paid $7,000 in dividends.
Collected $130,000 from customers.
What was Jamie's net cash provided by operating activities?
Student Answer:
$47,000
$54,000
$27,000
$33,000
Instructor Explanation:
$130,000 - 70,000 - 6,000 = $54,000
Chapter 1 page 10
Points Received:
3 of 3
Comments:
6.
Question :
(TCO A) In a classified balance sheet, assets are usually classified as:
Student Answer:
current assets; long-term assets; property, plant, and equipment; and tangible assets.
current assets; long-term investments; property, plant, and equipment; and common stocks.
current assets; long-term investments; and tangible assets.
current assets; long-term investments; property, plant, and equipment; and intangible assets.
Instructor Explanation:
Chapter 2 page 49