ACC 291 Final Exam Guide (New, 100% Score)
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ACC 291 Final Exam Guide (New, 100% Score)

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1. The term “receivables” refers to cash to be paid to debtors. merchandise to be collected from individuals or companies. cash to be paid to creditors. amounts due from individuals or companies. 2. Three accounting issues associated with accounts receivable are depreciating, valuing, and collecting. depreciating, returns, and valuing. accrual, bad debts, and accelerating collections. recognizing, valuing, and accelerating collections. 3. When the allowance method is used to account for uncollectible accounts Bad Debts Expense is debited when: management estimates the amount of uncollectibles. a customer’s account becomes past due. an account becomes bad and is written off. a sale is made. 4. Which one of the following is not a principle of sound accounts receivable management? Determine a payment period. Determine to whom to extend credit. Delay cash receipts from receivables if necessary. Monitor collections. 5. The accounts receivable turnover is used to analyze profitability. long-term solvency. liquidity. risk. 6. The following information is provided for Sunland Company and Marigold Corp.: 7. What is Marigold’s return on assets (rounded) for 2017? 3% 2% 3% 9% 8. Which of the following is not properly classified as property, plant and equipment? A truck held for resale by an automobile dealership. Land improvement, such as parking lots and fences. Building used as a factory. Land used in ordinary business operations. 9. A characteristic of a plant asset is that it is held for sale in the ordinary course of the business. used in the operations of a business. not currently used in the business but held for future use. intangible 10. A current liability is a debt that can reasonably be expected to be paid out of cash currently on hand. within one year, or the operating cycle, whichever is longer. out of currently recognized revenues. between 6 months and 18 months. 11. A current liability is a debt that can reasonably be expected to be paid out of cash currently on hand. within one year, or the operating cycle, whichever is longer. out of currently recognized revenues. between 6 months and 18 months. 12. The 2017 financial statements of Blossom Company contain the following selected data (in millions). 13. The debt to assets ratio (rounded) is 40%. 7.1 times. 44.4%. 2.25%. 14. In a recent year Monty Corp. had net income of $152000, interest expense of $28700, and income tax expense of $41500. What was Monty Corp.’s times interest earned (rounded) for the year? 7.74 6.30 6.74 5.30 15. If bonds are issued at a discount, it means that the bondholder will receive effectively less interest than the contractual rate of interest. market interest rate is lower than the contractual interest rate. financial strength of the issuer is suspect. market interest rate is higher than the contractual interest rate. 16. If bonds are issued at a premium, the stated interest rate is higher than the market rate of interest. too low to attract investors. lower than the market rate of interest. adjusted to a higher rate of interest. 17. The chief accounting officer in a company is known as the treasurer. controller. vice-president. president. 18. Which one of the following would not be considered an advantage of the corporate form of organization? Separate legal existence. Continuous life. Limited liability of stockholders. Government regulation. 19. Which of the following would not be true of a privately held corporation? It is usually smaller than a publicly held company. It is sometimes called a closely held corporation. Its shares are regularly traded on the New York Stock Exchange. It does not offer its shares for sale to the general public. 20. The following information pertains to Sheffield Company. Assume that all balance sheet amounts represent average balance figures 21. What is Sheffield’s payout ratio? 11%. 39%. 19%. 26.05%. 22. Ayayai Corp. had net income of $91875 and paid dividends of $39000 to common stockholders and $16500 to preferred stockholders in 2017. Ayayai Corp. common stockholders’ equity at the beginning and end of 2017s was $440000 and $565000, respectively. Ayayai Corp. return on common stockholders’ equity is 15%. 14%. 10%. 19%. 23. The primary purpose of the statement of cash flows is to facilitate banking relationships. provide information about the investing and financing activities during a period. prove that revenues exceed expenses if there is a net income. provide information about the cash receipts and cash payments during a period 24. Which one of the following items is not generally used in preparing a statement of cash flows? Current income statement. Additional information. Adjusted trial balance. Comparative balance sheets. 25. The category that is generally considered to be the best measure of a company’s ability to continue as a going concern is cash flows from investing activities. usually different from year to year. cash flows from financing activities. cash flows from operating activities. 26. Assume that the Fitzgerald Corporation uses the indirect method to depict cash flows. Indicate where, if at all, a stock dividend declared and issued would be classified on the statement of cash flows. Does not represent a cash flow. Investing activities section. Financing activities section. Operating activities section. 27. Free cash flow provides an indication of a company’s ability to generate cash to invest in capital expenditures. generate cash to pay dividends. generate cash to invest in capital expenditures and to pay dividends. generate net income 28. When using the indirect method to compute cash provided by operating activities increases in accounts receivable are added to net income. income taxes paid may be ignored. amortization expense is added to net income. decreases in inventory are subtracted from net income 29. To determine the net cash provided (used) by operating activities, it is necessary to analyze the current year’s income statement. a comparative balance sheet. additional information. all of these answer choices are correct. 30. Which of these is not a liquidity ratio? Current ratio Accounts receivable turnover Asset turnover Inventory turnover The current ratio would be of most interest to long-term creditors. stockholders. customers. short-term creditors

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