ACC 291 Final Exam Guide (New, 2020, 100% Score)
1.The term "receivables" refers to
2.Three accounting issues associated with accounts receivable
... [Show More] are
3.When the allowance method is used to account for uncollectible accounts, Bad Debts Expense is debited when
4.Which one of the following is not a principle of sound accounts receivable management?
5. The accounts receivable turnover is computed by dividing
6.The accounts receivable turnover is used to analyze
7. The following information is provided for Carla Vista Co. and Flint Corporation:
(in$millions) CarlaVistaCo.
Net income 2017 $130 $435 Net sales 2017 1245 4710 Total assets 12/31/15 1045 2000 Total assets 12/31/16 1225 3120 Total assets 12/31/17 1185 4060
FlintCorporation
What is Flint's return on assets (rounded) for 2017?
8.Which of the following is not properly classified as property, plant, and equipment?
9.A characteristic of a plant asset is that it is
10.A current liability is a debt that can reasonably be expected to be paid
11. Which of the following most likely would be classified as a current liability?
12.The 2017 financial statements of Crane Company contain the following selected data (in millions).
Current assets$87
Total assets 171 Current liabilities 54 Total liabilities 62
Cash 5
Interest expense 5 Income taxes 8
Net income 13
The debt to assets ratio (rounded) is
13. In a recent year Ayayai Corp. had net income of $140000, interest expense of $27500, and income tax expense of $37500. What was Ayayai Corp.’s times interest earned (rounded) for the year?
14.If bonds are issued at a discount, it means that the
15. bonds are issued at a premium, the stated interest rate is
16. The chief accounting officer in a company is known as the
17.Which one of the following would not be considered an advantage of the corporate form of organization?
18. Which of the following would not be true of a privately held corporation?
19. The following information pertains to Cheyenne Company. Assume that all balance sheet amounts
represent average balance figures. Total assets $335000 Stockholders' equity-common215000
Total stockholders' equity 265000 Sales revenue 107000
Net income 20700
Number of shares of common stock 7000
Common dividends 4800 Preferred dividends 6500
What is Cheyenne's payout ratio?
20. Pina Colada Corp. had net income of $120200 and paid dividends of $36500 to common stockholders and $24000 to preferred stockholders in 2017. Pina Colada Corp. common stockholders’ equity at the beginning and end of 2017s was $480000 and $560000, respectively. Pina Colada Corp. return on common stockholders’ equity is
21. The primary purpose of the statement of cash flows is to
22. Which one of the following items is not generally used in preparing a statement of cash flows?
23.The category that is generally considered to be the best measure of a company's ability to continue as a going concern is
24. Assume that the Fitzgerald Corporation uses the indirect method to depict cash flows. Indicate where, if at all, a stock dividend declared and issued would be classified on the statement of cash flows
25. Assume that the Fitzgerald Corporation uses the indirect method to depict cash flows. Indicate where, if at all, an inventory increase with cash would be classified on the statement of cash flows.
26. Free cash flow provides an indication of a company’s ability to
27. When using the indirect method to compute cash provided by operating activities
28. To determine the net cash provided (used) by operating activities, it is necessary to analyze
29. Which of these is not a liquidity ratio?
30. The current ratio would be of most interest to [Show Less]