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Acct 504 Midterm 2016

  • Date Submitted: 03/31/2016 02:36 AM
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ACCT 504 Midterm 2016
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Question : (TCOs A, B, and C) Shareholders want answers to all of the following questions except:
How does the company compare in profitability with competitors?
Did the company meet its operating expense budget?
Will the company be able to pay its liabilities as they come due?
Is the company earning a satisfactory return?
Points Received: 3 of 3
Comments:
Question 2. Question : (TCO C) Paying cash dividends is an example of a(n)
operating activity.
investing activity.
financing activity.
non-cash financing activity.
Instructor Explanation: Chapter 1
Points Received: 0 of 3
Comments:
Question 3. Question : (TCO C) Buying a new plant would be an example of which type of activity?
Operating
Financing
Investing
None of the above
Instructor Explanation: Chapter 1
Points Received: 3 of 3
Comments:
Question 4. Question : (TCO A) Which of the following should not be classified as a current liability?
Accounts Payable
A note payable due in 15 months
Income Tax Payable
Unearned Revenue
Instructor Explanation: Chapter 3
Points Received: 0 of 3
Comments:
Question 5. Question : (TCO B) For 2012, LBJ Corporation reported net income of $75,000; net sales $750,000; and weighted average shares outstanding of 7,500. There were no preferred stock dividends. What was the 2012 earnings per share?
$100.00
$50.00
$10.00
$110.00
Instructor Explanation: ($75,000 minus 0)divided by 7,500 shares = $10.00, Chapter 11
Points Received: 3 of 3
Comments:
Question 6. Question : (TCO D) Which of the following describes the normal balance and classification of the Unearned Revenue account?
debit, Expense
credit, Liability
credit, Stockholders’ equity
debit, Liability
Instructor Explanation: Chapter 3
Points Received: 3 of 3
Comments:
Question 7. Question : (TCO E) Which of the following statements is correct?
Cash-basis accounting records revenue...

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