CH2FL.docx
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CH2FL.docx
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CH2FL
Question1
0.17outof0.17points
Whichofthefollowingjournalentriesiscorrectwhenabusinessentityusescashtopayanaccountpayable?
Answer
SelectedAnswer:
Accountspayable
cash
Acountpayable
Cash
CorrectAnswer:
ResponseFeedback:
Boththeaccountspayableandcashaccountsneedtobedecreasedasaresultofthistransaction.Thisisdonewithadebittoaccountspayableandacredittocash.
Question2
0.17outof0.17points
Whichofthefollowingdescribestheimpactofpurchasingsuppliesforcashonthebalancesheet?
Answer
SelectedAnswer:
Totalassetsremainthesame.
CorrectAnswer:
Totalassetsremainthesame.
ResponseFeedback:
Totalassetsareunchangedbecausecashisdecreasedbythesameamountsuppliesareincreased.
Question3
0.17outof0.17points
TigerCompany'sstockholders'equityatthebeginningoftheyearwas$175,000.DuringtheyearTigerreportedthefollowing:
Netincomeof$79,000.
Dividenddeclarationstotaling$17,000.
Issuedstocktostockholdersinexchangefor$42,000cash.
Stockholderssoldsomeoftheirstocktootherstockholdersfor$11,000cash.
WhatisTiger'sstockholders'equityattheendoftheyear?
Answer
SelectedAnswer:
$279,000
CorrectAnswer:
$279,000
ResponseFeedback:
Stockholders'equity=$279,000=$175,000+$79,000-$17,000+$42,000
Question4
0.17outof0.17points
Whichofthefollowingisnotconsideredtobearecordabletransaction?
Answer
SelectedAnswer:
Signingacontracttohaveanoutsidecleaningservicecleanofficesnightly.
CorrectAnswer:
Signingacontracttohaveanoutsidecleaningservicecleanofficesnightly.
ResponseFeedback:
Signingacontractinvolvingtheexchangeoftwopromisestoperformdoesnotresultinanaccountingtransactionthatisrecorded.
Question5
0.17outof0.17points
Whichofthefollowingwouldresultwhenacompanypaysapreviouslydeclaredcashdividend?
Answer
SelectedAnswer:
Currentliabilitiesarereducedandafinancingcashflowiscreated.
CorrectAnswer:
Currentliabilitiesarereducedandafinancingcashflowiscreated.
ResponseFeedback:
Declaringadividendcreatesadividendpayable.Payingthedividendreducesthiscurrentliabilityaccount.Payingdividendsareclassifiedasfinancingcashflows.
Question6
0.17outof0.17points
Wherewouldchangesinstockholders'equityresultingfromoperationsbereported?
Answer
SelectedAnswer:
Withintheretainedearningsaccount.
CorrectAnswer:
Withintheretainedearningsaccount.
ResponseFeedback:
Stockholders'equityhastwoparts;financingfromcontributedcapitalandbusinessoperations.Retainedearningsaretheresultofbusinessoperations,andthereforechangesinstockholders'equityfromoperationsarereportedinretainedearnings.
Question7
0.17outof0.17points
Whichofthefollowingjournalentriesiscorrectwhenabusinessentitypurchaseslandcosting$30,000bysigningaone-yearnotepayable?
Answer
SelectedAnswer:
CorrectAnswer:
ResponseFeedback:
Thetransactionresultsinthecompanyreceivinganasset,land,andaliability,notespayable.Thisresultsinadebittolandtoincreasethelandaccount,andacredittonotespayabletorecognizeandrecordtheliability.
Question8
0.17outof0.17points
Whichofthefollowingcorrectlydescribestherecordingofadividenddeclarationbyacompany'sboardofdirectors?
Answer
SelectedAnswer:
Adebittoretainedearningsandacredittodividendspayable.
CorrectAnswer:
Adebittoretainedearningsandacredittodividendspayable.
ResponseFeedback:
Dividendsareareductiontoretainedearnings.Adebittoretainedearningsdecreasesthisaccount,anddeclaringdividendsisrecordedwithacredittodividendspayable.
Question9
0.17outof0.17points
Whichofthefollowingreflectstheimpactofatransactionwhere$200,000cashwasinvestedbystockholdersinexchangeforstock?
Answer
SelectedAnswer:
Stockholders'equityandassetseachincreased$200,000.
CorrectAnswer:
Stockholders'equityandassetseachincreased$200,000.
ResponseFeedback:
Receiving$200,000cashinexchangeforstockincreasesassets(cash)andstockholders'equity(issuingstock).
Question10
0.17outof0.17points
Whichofthefollowingliabilityaccountsdoesnotusuallyrequireafuturecashpayment?
Answer
SelectedAnswer:
Unearnedrevenues
CorrectAnswer:
Unearnedrevenues
ResponseFeedback:
Unearnedrevenuerelatestopaymentsthathavebeenreceivedinthepastforfuturegoodsorservices.
Question11
0.17outof0.17points
Whichofthefollowingwouldbeclassifiedasinvestingcashflowsonacashflowstatement?
1.Acquiredabuildingbysigningalong-termmortgagepayable.
2.Lendingcashtoothers.
3.Issuingstockforcash.
4.Purchasinglong-termassetsforcash.
5.Sellingstockinvestmentsforcash.Answer
SelectedAnswer:
2,4,5
CorrectAnswer:
2,4,5
ResponseFeedback:
Investingcashflowsincludelendingcashtoothers,purchasingandsellingnoncurrentassetsandinvestments.
Question12
0.17outof0.17points
Whichofthefollowingtransactionswillnotchangeacompany'stotalstockholders'equity?
Answer
SelectedAnswer:
Thepaymentofapreviouslydeclaredcashdividend.
CorrectAnswer:
Thepaymentofapreviouslydeclaredcashdividend.
ResponseFeedback:
Thepaymentofapreviouslydeclaredcashdividendreducescash,andreducesoreliminatesthedividendpayableaccount.
Question13
0.17outof0.17points
ThePioneerCompanyhasprovidedthefollowingaccountbalances:
Cash$38,000;
Short-terminvestments$4,000;
Accountsreceivable$6,000;
Inventory$48,000;
Long-termnotesreceivable$2,000;
Equipment$96,000;
FactoryBuilding$180,000;
Intangibleassets$6,000;
Accountspayable$30,000;
Accruedliabilitiespayable$4,000;
Short-termnotespayable$14,000;
Long-termnotespayable$92,000;
Contributedcapital$180,000;
Retainedearnings$60,000.
WhatisPioneer'scurrentratio?
Answer
SelectedAnswer:
2.00
CorrectAnswer:
2.00
ResponseFeedback:
Currentassets=$96,000=$38,000+$4,000+$6,000+$48,000
Currentliabilities=$48,000=$30,000+$4,000+$14,000
Currentratio=2=$96,000÷$48,000
Question14
0.17outof0.17points
Whichofthefollowingwouldcauseacashoutflowfrominvestingactivities?
Answer
SelectedAnswer:
Purchasingsharesofstockofanothercompany.
CorrectAnswer:
Purchasingsharesofstockofanothercompany.
ResponseFeedback:
Investingcashflowactivitiesincludebuyingandsellingnoncurrentassetsandinvestments.
Question15
0.17outof0.17points
Whichofthefollowingwouldresultwhenacompanylendscashtoafranchiseeinexchangeforaten-monthnotereceivable?
Answer
SelectedAnswer:
Acurrentassetandaninvestingcashflowarecreated.
CorrectAnswer:
Acurrentassetandaninvestingcashflowarecreated.
ResponseFeedback:
Aten-monthnotereceivableisclassifiedasacurrentasset.Investingcashflowsincludelendingcashtoothers.
Question16
0.17outof0.17points
AtthebeginningofApril,WarrenCorporation'sassetstotaled$240,000andliabilitiestotaled$60,000.DuringAprilthefollowingsummarizedtransactionsoccurred:
Additionalsharesofstockweresoldfor$20,000cash.
Abuildingcosting$95,000waspurchasedusing$10,000cashandbysigningan$85,000long-termnotepayable.
Short-terminvestmentscosting$9,000werepurchasedusingcash.
$10,000waslenttoanemployee;theemployeesignedasix-monthnoteinexchangefortheloan.
HowmuchareWarren'stotalliabilitiesattheendofApril?
Answer
SelectedAnswer:
$145,000
CorrectAnswer:
$145,000
ResponseFeedback:
Totalliabilities=$145,000=$60,000+$85,000
Question17
0.17outof0.17points
Whichofthefollowingstatementsisfalse?
Answer
SelectedAnswer:
Conservatismsuggeststhatassetsandrevenuesshouldbeoverstatedwhenpossible.
CorrectAnswer:
Conservatismsuggeststhatassetsandrevenuesshouldbeoverstatedwhenpossible.
ResponseFeedback:
Conservatismsuggeststhatcareshouldbetakennottooverstateassetsandrevenuesorunderstateliabilitiesandexpenses.
Question18
0.17outof0.17points
Whichofthefollowingwouldresultwhenacompanypurchasesafactorybuildingusingcash?
Answer
SelectedAnswer:
Anoncurrentassetandaninvestingcashflowarecreated.
CorrectAnswer:
Anoncurrentassetandaninvestingcashflowarecreated.
ResponseFeedback:
Buildingsareclassifiedasnoncurrentassets.Investingcashflowsarecreatedwiththepurchaseorsaleofnoncurrentassets.
Question19
0.17outof0.17points
Acompanypurchasesadeliveryvanbypaying$5,000cashandbysigninga$25,000notepayable.Whichofthefollowingcorrectlydescribestherecordingofthedeliveryvanpurchase?
Answer
SelectedAnswer:
Thedeliveryvanaccountisdebitedfor$30,000.
CorrectAnswer:
Thedeliveryvanaccountisdebitedfor$30,000.
ResponseFeedback
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