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Accounts Basics - Multiple Choice questions
1. Costs become expenses a. when they are paid. b. when they are charged against revenues. c. when they are purchased. d. at the end of the accounting period. 2. Working capital is a. Net income divided by sales. b. Current assets minus current liabilities. c. Current assets divided by current liabilities. d. Total debt divided by total assets. 3. The Sarbanes-Oxley Act of 2002 requires that all U.S. corporations under the jurisdiction of the Securities and Exchange Commission a. have at least one foreign subsidiary. b. maintain accounting records of foreign branches and subsidiaries in the local foreign currency. c. maintain an adequate system of internal control. d. must file reports with the National Commission on Fraudulent Financial Reporting. 4. Having one person post entries to accounts receivable subsidiary ledger and a different person post to the Accounts Receivable Control account in the general ledger is an example of a. inadequate internal control. b. duplication of effort. c. external verification. d. segregation of duties. 5. Assume the following cost of goods sold data for a company:
2009
$1, 500,000
2008
1, 200,000
2007
900,000
If 2007 is the base year, what is the percentage increase in cost of goods sold from 2007 to 2009? a. 167% b. 67% c. 60% d. 40% Use the following information for questions 6-7: Moon Beam, Inc. has the following income statement (in millions):
MOON BEAM, INC.
Income Statement
For the Year Ended December 31, 2008
Net Sales
$180
Cost of Goods Sold
120
Gross Profit
60
Operating Expenses
33
Net Income
$ 27
6. Using vertical analysis, what percentage is assigned to Cost of Goods Sold? a. 67% b. 33% c. 100% d. None of the above 7. Using vertical analysis, what percentage is assigned to Net Income? a. 100% b. 85% c. 15% d. None of the above Use the following information for questions 8 -9. Raney Corporation had net income of $200,000 and paid dividends to common stockholders of $50,000 in 2008. The weighted average number of shares outstanding in 2008 was 50,000 shares. Raney Corporation\'s common stock is selling for $40 per share on the New York Stock Exchange. 8. Raney Corporation\'s price-earnings ratio is a. 2.5 times. b. 10 times. c. 13.3 times. d. 4 times. 9. Raney Corporation\'s payout ratio for 2008 is a. $4 per share. b. 33.3%. c. 25%. d. 10%. 10. Holt Company reported the following on its income statement:
Income before income taxes
$420,000
Income tax expense
120,000
Net income
$300,000
An analysis of the income statement revealed that interest expense was $52,500. Holt Company\'s time\'s interest earned was a. 9 times. b. 8 times. c. 7 times. d. 6 times.
Evaluate the number of pounds of material A the company must purchase during the year.
Should Obbo and Hanley keep quiet? What other options are open to them? How should Knightly have dealt with Obbo's and Hanley's complaints
Calculation of Salary payable net Taxes - Calculate Gross Pay and Net pay for employee #12's weekly pay.
Describe each transaction effect on the stockholders equity accounts and the total stockholders equity.
Evaluate ending inventory and cost of goods sold under each method, and then compare results.
Evaluation of additional fund requirement using AFN equation - Use the AFN equation to forecast Carter's additional funds needed for the coming year.
Prepare a Balanced Scorecard for the unit of an organization of your choosing (Red Lobster).The organization may be Red Lobster (the restaurant).
Using the high low method, evaluate utility costs. In addition, evaluate the variable costs per unit and total fixed costs. and evaluate the breakeven point in number of oil changes and sales dollars.
Evaluate the firm's cash conversion cycle. Using the following information and a 365-day year, what is your estimate of the firm's present cash conversion cycle?
Evaluation of total projected sales for the quarter and determine the total projected sales for the quarter.
Determine the positions taken by Amos and Susan and by the IRS agent with respect to the Lear jet deduction.
The CEO of Smartphone Apps, LLC is preparing a loan application. Using the data below (only), prepare an Income Statement
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