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ACC 291 Week 5 Final Exam

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ACC 291 Week 5 Final Exam

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

 

ACC 291 Week 5 Final Exam

 

 

 

Multiple Choice Question 60

Your answer is correct.

 

 

The term “receivables” refers to

 

cash to be paid to debtors.

 

amounts due from individuals or companies.

 

merchandise to be collected from individuals or companies.

 

cash to be paid to creditors.

 

 

Multiple Choice Question 70

Your answer is correct.

 

 

Three accounting issues associated with accounts receivable are

 

accrual, bad debts, and accelerating collections.

 

depreciating, valuing, and collecting.

 

recognizing, valuing, and accelerating collections.

 

depreciating, returns, and valuing.

 

 

Multiple Choice Question 82

Your answer is correct.

 

 

When the allowance method is used to account for uncollectible accounts, Bad Debts Expense is debited when

 

a sale is made.

 

an account becomes bad and is written off.

 

management estimates the amount of uncollectibles.

 

a customer’s account becomes past due.

 

 

Multiple Choice Question 175

Which one of the following is not a principle of sound accounts receivable management?

 

Determine a payment period.

 

Delay cash receipts from receivables if necessary.

 

Determine to whom to extend credit.

 

Monitor collections.

 

 

Multiple Choice Question 176

Your answer is correct.

 

 

The accounts receivable turnover is computed by dividing

 

total sales by average receivables.

 

total sales by ending receivables.

 

net credit sales by average receivables.

 

net credit sales by ending receivables.

 

 

Multiple Choice Question 177

Your answer is correct.

 

 

The accounts receivable turnover is used to analyze

 

profitability.

 

liquidity.

 

risk.

 

long-term solvency.

 

 

Multiple Choice Question 190

Your answer is correct.

 

 

The following information is provided for Sheridan Company and Concord Corporation:

(in $ millions)

Sheridan Company

Concord Corporation

Net income 2017

  $170

  $390

Net sales 2017

1625

4550

Total assets 12/31/15

1005

2280

Total assets 12/31/16

1160

3080

Total assets 12/31/17

1160

4000

What is Concord’s return on assets (rounded) for 2017?

 

11.0%

 

9.8%

 

14.6%

 

12.7%

 

 

Multiple Choice Question 48

Your answer is correct.

 

 

Which of the following is not properly classified as property, plant, and equipment?

 

Building used as a factory.

 

Land used in ordinary business operations.

 

Land improvement, such as parking lots and fences.

 

A truck held for resale by an automobile dealership.

 

 

Multiple Choice Question 49

Your answer is correct.

 

 

A characteristic of a plant asset is that it is

 

held for sale in the ordinary course of the business.

 

not currently used in the business but held for future use.

 

intangible.

 

used in the operations of a business.

 

 

Multiple Choice Question 69

Your answer is correct.

 

 

A current liability is a debt that can reasonably be expected to be paid

 

out of currently recognized revenues.

 

out of cash currently on hand.

 

within one year, or the operating cycle, whichever is longer.

 

between 6 months and 18 months.

 

 

Multiple Choice Question 70

Your answer is correct.

 

 

Which of the following most likely would be classified as a current liability?

 

Dividends payable

 

Bonds payable in 5 years

 

Mortgage payable as a single payment in 10 years

 

Three-year notes payable

 

 

Multiple Choice Question 210

Your answer is correct.

 

 

The 2017 financial statements of Sunland Company contain the following selected data (in millions).

Current assets

$75

Total assets

185

Current liabilities

39

Total liabilities

64

Cash

9

Interest expense

4

Income taxes

11

Net income

13

The debt to assets ratio (rounded) is

 

52.0%.

 

 

ACC 291 Week 5 Final Exam http://issuu.com/lucky269/docs/uoptutorial.docx ACC 291 Week 5 Final Exam Multiple Choice Question 60 Your answer is correct. The term “receivables” refers to cash to be paid to debtor
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