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Exam: 061554RR - The Value of Money-The ________ verifies the amount of the deposit and the total amount




Question;Exam: 061554RR - The Value of MoneyQuestions 1 to 20:Select the best answer to each question. Note that a question and its answers may be split across a pagebreak, so be sure that you have seen theentirequestion andallthe answers before choosing an answer.1.The ________ verifies the amount of the deposit and the total amount posted to the cash account.A.Accounting DepartmentB.TreasurerC.bankD.Controller2.Which of the following wouldnotbe considered part of land improvements?A.In-ground sprinkler systemsB.Removing unwanted buildings from the landC.SignsD.Fencing3.ACME Corporation lent $25,000 to Hastings, Inc. for 75 days at 7% interest on November 22, 2012.How much interest will have accrued to ACME Corporation on December 31, 2012, assuming a 360-dayyear?A.$175.00B.$204.52C.$364.58D.$189.584.Under the allowance method, recording the receipt of cash after an account has been written off firstrequires that youA.debit Bad Debt Expense.B.debit Cash and credit the customer's account.C.reinstate the customer's account.D.debit Allowance for Doubtful Accounts.5.Outstanding checks areA.subtracted from the book balance.B.added to the bank balance.C.added to the book balance.D.subtracted from the bank balance.6.A 135-day note issued on May 17 will mature onA.September 28.B.September 30.C.September 29.D.October 1.7.Interest and dividends earned during the period are reported on the income statement for whichmarketable securities?A.All types of securitiesB.Trading securitiesC.Held-to-maturity securitiesD.Available-for-sale securities8.Bonds that can be exchanged for stock are calledA.debenture bonds.B.convertible bonds.C.callable bonds.D.serial bonds.9.The Indianapolis Colts and Seattle Seahawks are examples ofA.copyrighted teams.B.patented teams.C.franchised teams.D.trademarked teams.10.Import Auto reported interest expense of $5,200, income tax expense of $23,000, and net income of$78,000. What is Import Auto's interest coverage ratio (rounded to two decimals)?A.0.05B.19.42C.20.42D.0.5011.Which accounting principle dictates whether the cost of a repair should be expensed?A.ConservatismB.ObjectivityC.EntityD.Matching12.Subtracting accumulated depletion from the asset accountcoal mineyields book value.B.original cost.C.current period's depletion expense.D.current market value.13.Capital leases are most similar notes.B.accounts payable.C.unearned revenue.D.regular notes payable.14.The disclosure of a contingent liability only in the footnotes designates that the possibility of an actualobligation occurring isA.remote.B.possible.C.probable.D.certain.15.If an asset produces more revenue in its early years, the depreciation method best suited for this asset istheA.units-of-production method.B.straight-line method.C.expense method.D.double-declining balance method.16.Haskins, Inc. has total assets of $600,000, total liabilities of $175,000, and total stockholders' equity of$425,000. What is Haskin's debt ratio?A.70.8%B.17.1%C.41.2%D.29.2%17.Which of the following is considered an estimated liability?A.Sales tax payableB.Warranties payableC.Notes payableD.Pending litigation18.Which of the following wouldnotbe considered part of the cost of machinery and equipment?A.In-transit insurance costsB.Delivery chargesC.Installation costsD.Repairs and maintenance after start-up19.A $450 collection on a note from a customer is reflected on Columbia Electric's bank statement. Whendoing the bank reconciliation, Columbia shouldEnd of examA.subtract $450 from their book balance.B.subtract $450 from the bank balance.C.add $450 to the bank balance.D.add $450 to their book balance.20.The journal entry for $300,000 of bonds that are issued at 95 isA.debit Cash, $285,000, debit Discount on bonds payable, $15,000, credit Bonds payable, $300,000.B.debit Cash, $300,000, credit Bonds payable, $300,000.C.debit Cash, $300,000, credit Bonds payable, $285,000, credit Premium on bonds payable, $15,000.D.debit Cash, $285,000, credit Bonds payable, $285,000.


Paper#37937 | Written in 18-Jul-2015

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