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charter oak acc101 week 4 test part 1




Question;1. What;types of information must be disclosed in financial statements?;Answer;?;Question 2;3.431 out of;3.431 points;2. Which;of the following items will usually not be disclosed in an annual report?;Answer;?;Question 3;3.431 out of;3.431 points;3. If;sales are $100,000, expenses are $80,000 and dividends are $30,000, income;summary;Answer;?;Question 4;3.431 out of;3.431 points;4. The;following information is available;Sales $;200,000;Net Income 10,000;Retained Earnings 20,000;Avg. Stockholders? Equity 100,000;Dividends 5,000;What;is the return on equity?;Answer;?;Question 5;3.431 out of;3.431 points;Use;the following to answer questions 5 - 6;Shown;below is a trial balance for Jelmar, Inc., on December 31, after the first;year of operations, after adjusting entries;Jelmar;Inc.;Trial;Balance;December;31, 2001;Cash $;5,200;Accounts Receivable 4,100;Office Equipment 8,000;Accumulated Depreciation $;1,400;Accounts Payable 2,100;Capital Stock 8,000;Retained Earnings 0;Dividends 2,000;Fees Earned;Salaries Expense 5,400;Advertising Expense 300;Depreciation Expense 700;$;25,700 $;25,700;5. Refer to the above data. The entry to close the;fees earned account will;Answer;?;Question 6;3.431 out of;3.431 points;6. Refer;to the above data. The entry to close salaries expense account will;Answer;?;Question 7;3.431 out of;3.431 points;7. If;current assets are $70,000 and current liabilities are $50,000, the current;ratio will be;A) 71%.;B) $20,000.;C) 1.4:1.;D) $120,000;Answer;?;Question 8;3.431 out of;3.431 points;8. If;current assets are $90,000 and current liabilities are $30,000, working;capital will be;A) 33.3%.;B) 3:1.;C) $60,000.;D) $120,000.;Answer;?;Question 9;3.431 out of;3.431 points;9. Under;the Sarbanes-Oxley Act, CFOs and high-ranking corporate officers are now;A) Personally;responsible for the integrity of annual reports.;B) Subject;of fines of up to $5 million for knowingly making false statements.;C) Facing;prison sentences of up to 20 years for knowingly making false statements.;D) All;of the above.;Answer;?;Question 10;3.431 out of;3.431 points;10. In;the notes to financial statements, adequate disclosure would typically not;include;A) The;accounting methods in use;B) Lawsuits;pending against the business;C) Due;dates of major liabilities;D) The;optimism of the CFO regarding future profits.;Answer


Paper#42328 | Written in 18-Jul-2015

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