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Acc Mid Term Part 1 and 2

  • Date Submitted: 09/06/2016 12:30 AM
  • Flesch-Kincaid Score: 40.4 
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ACC Mid term part 1 and 2

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• Question 1
2 out of 2 points

Source documents can provide evidence that a transaction has occurred.
• Question 2
2 out of 2 points

Expense recognition is tied to revenue recognition.
• Question 3
2 out of 2 points

To obtain maximum benefit from a bank reconciliation, the reconciliation should be prepared by the employee authorized to sign checks.
• Question 4
2 out of 2 points

An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the greater the probability that it will eventually be collected.
• Question 5
2 out of 2 points

A concentration of credit risk is a threat of nonpayment from a single customer or class of customers that could adversely affect the financial health of the company.
• Question 6
2 out of 2 points

Which of the following is not a common way that managers use the balance sheet?
• Question 7
0 out of 2 points

Financing activities include the purchase or sale of long-lived assets or the purchase or sale of investment securities.
• Question 8
2 out of 2 points

Bathlinks Corporation has a debt to assets ratio of 73%. This tells the user of Bathlinks’s financial statements that
• Question 9
2 out of 2 points

Owners of business firms are the only people who need accounting information.
• Question 10
2 out of 2 points

Marvin Services Corporation had the following accounts and balances:
Accounts payable $18,000 Equipment $21,000
Accounts receivable 3,000 Land 21,000
Buildings ? Unearned service revenue 6,000
Cash 9,000 Total stockholders' equity ?

If the balance of the Buildings account was $45,000 and the equipment was sold for $21,000, what would be the total of stockholders' equity?
• Question 11
2 out of 2 points

Consistent use of the same accounting...


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