Question Details

ACC 557 WEEK 11 Final Exam Part 2


•	Question 1
3 out of 3 points
	
	The order of presentation of nontypical items that may appear on the income statement is			
•	Question 2
3 out of 3 points
	
	Under IFRS, comprehensive income may be displayed (reported) in			
•	Question 3
3 out of 3 points
	
	A measure of the percentage of each dollar of sales that results in net income is			
•	Question 4
3 out of 3 points
	
	If a company has an acid-test ratio of 1.2:1, what respective effects will the borrowing of cash by short-term debt and collection of accounts receivable have on the ratio?
        Short-term Borrowing            Collection of Receivable			
•	Question 5
3 out of 3 points
	
	Which one of the following would not
be considered a liquidity ratio?			
•	Question 6
3 out of 3 points
	
	Saira, Inc. has the following income statement (in millions):
                                   SAIRA, INC.
                              Income Statement
             For the Year Ended December 31, 2014
Net Sales                                                                  $300
Cost of Goods Sold                                                    180
Gross Profit                                                                 120
Operating Expenses                                                     45
Net Income                                                                  $75
 
Using vertical analysis, what percentage is assigned to Cost of Goods Sold?			
•	Question 7
3 out of 3 points
	
	Each of the following is a factor affecting quality of earnings except			
•	Question 8
3 out of 3 points
	
	A company has an average inventory on hand of $60,000 and the days in inventory is 73 days. What is the cost of goods sold?			
•	Question 9
3 out of 3 points
	
	Blaney Clothing Store had a balance in the Accounts Receivable account of $437,500 at the beginning of the year and a balance of $500,000 at the end of the year. Net credit sales during the year amounted to $3,000,000. The average collection period of the receivables in terms of days was			
•	Question 10
3 out of 3 points
	
	The statement of cash flows should help investors and creditors assess each of the following except the			
•	Question 11
3 out of 3 points
	
	Indicate where the purchase of land for cash would appear, if at all, on the indirect statement of cash flows.			
•	Question 12
3 out of 3 points
	
	The statement of cash flows reports each of the following except			
•	Question 13
3 out of 3 points
	
	The following data are available for Two-off Company.

Increase in accounts payable                            $120,000
Increase in bonds payable                                  300,000
Sale of investments                                           150,000
Issuance of common stock                                 160,000
Payment of cash dividends                                   90,000
 
Net cash provided by financing activities is:			
•	Question 14
3 out of 3 points
	
	The primary purpose of the statement of cash flows is to			
•	Question 15
3 out of 3 points
	
	Generally, the most important category on the statement of cash flows is cash flows from			
•	Question 16
3 out of 3 points
	
	Lending money and collecting the loans are			
•	Question 17
3 out of 3 points
	
	The third (final) step in preparing the statement of cash flows is to			
•	Question 18
3 out of 3 points
	
	At the time of acquisition of a debt investment,			
•	Question 19
3 out of 3 points
	
	Available-for-sale securities are classified as			
•	Question 20
3 out of 3 points
	
	Under IFRS, equity investments are generally recorded and reported at			
•	Question 21
3 out of 3 points
	
	Gayton Corporation purchased 1,000 shares of Smart common stock ($50 par) at $80 per share as a short-term investment. The shares were subsequently sold at $78 per share. The cost of the securities purchased and gain or loss on the sale were
                               Cost                                Gain or Loss			
•	Question 22
3 out of 3 points
	
	Changes from cost are reported as part of net income for			
•	Question 23
3 out of 3 points
	
	At the end of its first year, the trading securities portfolio consisted of the following common stocks.
                                                 Cost                  Fair Value
Atrium Corporation                $  46,500             $  50,000
Barnes Inc.                               60,000                  58,000
Cantor Corporation                    80,000                  76,400
                                               $186,500             $184,400
 
The unrealized loss to be recognized under the fair value method is			
•	Question 24
3 out of 3 points
	
	A consolidated income statement will show			
•	Question 25
3 out of 3 points
	
	Which of the following would not be reported under “Other Revenues and Gains” on the income statement?			

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