Acc 400 Final Exam

ACC 400 Final Exam


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Below is the course final.   Please number you answer sheet from 1-20 and include the correct response by each number.

Good Luck!

1.   Zelma Company's last financial statements provided the following ratios:
Current ratio   3:2
Quick ratio   1:2
Accounts receivable turnover 9.0 times
Inventory turnover   8.0 times
Net income percentage   12.5%
Return on equity     22.6%
Return on assets     9.8%

To the nearest day, what is the operating cycle for Zelma?
a)       80 days
b)       86 days
c)       172 days
d)       129 days


2.   The following events have been projected:
    A. Cash sales and collections from customers totaling $980,000
    B. Cash payments for operating expenses of $560,000
    C. Cash payments for income taxes and interest expense of $45,000
    D. Cash payments of prior period accruals of $80,000
    E. Borrowed $50,000 cash by issuing a note payable
    F. Cash dividends of $20,000

The beginning balance of cash is $45,000. What is the budgeted ending balance of cash?
a.       $325,000
b.     $370,000
c.       $275,000
d.     $245,000

        3. On January 1, a business exchanged a plant asset with a cost of $18,000 and accumulated depreciation of $16,500 for a similar asset that had a list price of $23,000. The business received a trade-in allowance of $2,100 on the old plant asset. What was the result of the exchange?

  a. A $600 gain on the disposal of a plant asset.
  b. A $1,000 unrecognized gain on the exchange of a plant asset.
  c. A cost basis of $22,400 for the new plant asset
  d. A cost basis of $23,600 for the new plant asset

4. Which one of the following is not an objective of a system of internal controls?

            a.   Safeguard company assets...