ACCT 504 Week 4 Midterm Set 3A+
- 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) Debt securities sold to investors that must be repaid at a particular date some years in the future are called:
Student Answer:
accounts payable.
notes receivable.
taxes payable.
bonds payable.
Instructor Explanation:
Chapter 1 page 9
Points Received:
3 of 3
Comments:
3.
Question :
(TCO C) Which activities involve putting the resources of the business into action to generate a profit?
Student Answer:
Delivering
Financing
Investing
Operating
Instructor Explanation:
Chapter 1 page 10
Points Received:
3 of 3
Comments:
4.
Question :
(TCO A) The cost of assets consumed or services used is also known as:
Student Answer:
a revenue.
an expense.
a liability.
an asset.
Instructor Explanation:
Chapter 1 page 10
Points Received:
3 of 3
Comments:
5.
Question :
(TCO C) Finley Company recorded the following cash transactions for the year:
Paid $90,000 for salaries.
Paid $40,000 to purchase office equipment.
Paid $10,000 for utilities.
Paid $4,000 in dividends.
Collected $150,000 from customers.
What was Finley's net cash provided by operating activities?
Student Answer:
$50,000
$10,000
$60,000
$46,000
Instructor Explanation:
$150,000 - 90,000 - 10,000 = $50,000
Chapter 1 page 10
Points Received:
3 of 3
Comments: