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ACC 291 Week 5 Practice Quiz

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ACC 291 Week 5 Practice Quiz

http://issuu.com/lucky269/docs/uoptutorial.docx

 

ACC 291 Week 5 Practice Quiz

 

 

Practice Question 10

Which of the following is an operating activity?

Payment of a cash dividend

 

Sale of equipment

 

Payment of interest

 

Making a loan to another entity

 

 

 

Practice Question 15

 

 

 

 

 

Which is an example of a cash flow from an investing activity?

Payment of cash to repurchase outstanding capital stock

 

Receipt of cash from the sale of equipment

 

Payment of cash to suppliers for inventory

 

Receipt of cash from the issuance of bonds payable

 

 

 

Practice Question 20

 

 

 

 

 

Hanover, Inc. purchased land through the issuance of long-term bonds. How is this reported on the statement of cash flows?

Operating activity

 

Significant noncash investing and financing activity that merits disclosure

 

Investing inflow

 

Financing outflow

 

 

 

Practice Question 25

 

 

 

 

 

 

Under the indirect method of preparing the statement of cash flows, which of the following is added to net income in the operating activities section?

Gain on sale of equipment

 

Depreciation expense

 

Decrease in accounts payable

 

Increase in accounts receivable

 

 

 

Practice Question 30

 

 

 

 

 

In what section of the statement of cash flows will the issuance of bonds payable to acquire a building be reported?

Cash flows from operating activities

 

Cash flows from investing activities

 

Cash flows from financing activities

 

Noncash investing and financing activities

 

 

 

Practice Question 45

 

 

 

 

 

 

Which of the following items is reported in the operating activities section of a statement of cash flows prepared using the direct method?

Cash payments to suppliers

 

Depreciation expense

 

Loss on sale of building

 

Increase in accounts receivable

 

 

 

Practice Question 20

 

 

 

 

 

In horizontal analysis of a balance sheet, of what amount is each item expressed as a percentage?

Current year net income amount

 

Base-year amount

 

Current year stockholders’ equity amount

 

Current year total assets amount

 

 

 

Practice Question 23

 

 

 

 

 

 

The following schedule is a display of what type of analysis?

 

Amount

Percent

Current assets

$200,000

25%

Property, plant, and equipment

600,000

75%

Total assets

$800,000

100%

 

Trend analysis

 

Horizontal analysis

 

Vertical analysis

 

Ratio analysis

 

 

 

Practice Question 25

 

 

 

 

 

Ceradyne, Inc. presented the following data for a company:

Current liabilities

$360

Long-term debt

480

Common stock

640

Retained earnings

520

Total liabilities & stockholders’ equity

$2,000

How would common stock appear on a common size balance sheet using vertical analysis?

32.0%

 

Cannot be determined from the data given

 

75.0%

 

55.1%

 

 

Practice Question 44

Use the following financial statement information as of the end of each year to answer this question.

 

2017

2016

Inventory

$54,000

$48,000

Current assets

81,000

106,000

Total assets

392,000

336,000

Current liabilities

27,000

36,000

Total liabilities

102,000

88,000

Total stockholders’ equity

290,000

248,000

Preferred stock

10,000

10,000

Net sales

784,000

697,000

Cost of goods sold

306,000

277,000

Net income

34,000

90,000

Tax expense

22,000

18,000

Interest expense

12,000

12,000

Dividends paid to preferred stockholders

2,000

2,000

Dividends paid to common shareholders

1,000

1,000

Compute the profit margin for 2017.

4.3%

 

8.9%

 

11.7%

 

8.4%

 

ACC 291 Week 5 Practice Quiz http://issuu.com/lucky269/docs/uoptutorial.docx ACC 291 Week 5 Practice Quiz Practice Question 10 Which of the following is an operating activity? Payment of a cash dividend Sale of equipment Payment
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