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Acc 556 Final Exam Part 1 and 2

  • Date Submitted: 09/06/2016 12:30 AM
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ACC 556 Final Exam Part 1 and 2
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Final   Part 1
•   Question 1
2 out of 2 points

Under the corporate form of business organization
•   Question 2
2 out of 2 points

Accountants do not attempt to measure the change in a plant asset's market value during ownership because
•   Question 3
2 out of 2 points

Budget reports provide the feedback needed by management to see whether actual operations are on course.
•   Question 4
2 out of 2 points

Intangible assets are rights, privileges, and competitive advantages that result from ownership of long-lived assets without physical substance.
•   Question 5
2 out of 2 points

A corporation is not an entity that is separate and distinct from its owners.
•   Question 6
2 out of 2 points

The market rate of interest is often called the
•   Question 7
2 out of 2 points

A current liability is a debt that can reasonably be expected to be paid
•   Question 8
2 out of 2 points

A budget can be used as a basis for evaluating performance.
Vertical analysis is a technique for evaluating a series of financial statement data over a period of time to determine the increase (decrease) that has taken place.

Bonds with a face value of $400,000 and a quoted price of 104¼ have a selling price of
•   Question 11
2 out of 2 points

The current cash debt coverage ratio is considered a better representative of liquidity than the current ratio because it involves the entire year rather than a balance at one point in time.
•   Question 12
2 out of 2 points

On January 1, 2014, Ermler Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is
•   Question 13
2 out of 2 points

One objective of the income statement is to separate the...


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