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AC216 Accounting II Week 7 Final Exam Answers (Herzing)

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AC216 Accounting II Week 7 Final Exam Answers (Herzing)

  1. Upon the date of declaration of a dividend, the corporation has incurred a liability for the dividend
  2. A corporation generally distributes its entire net income to its stockholders

  3. Cash dividends reduce the stockholders' equity in the corporation

  4. When an appropriation of retained earnings is made, total retained earnings decreased

  5. When a dividend is paid in cash, it is known as a

  6. If the interest rate on bonds is higher than the current market rate, they will sell at

  7. Bondholders have which of the following relationships with a corporation?

  8. Bond Interest Payable is reported as a(n)

  9. While bonds and notes are both formal written promises to pay an amount of money at a specified date, notes generally tend to be for much larger amount and for a longer period of time. 

  10. If the stated interest rate on bonds is less than the current market rate, the bonds will sell at a discount

  11. Bonds payable less the discount on bonds payable is called the carrying value of the bonds

  12. To determine whether a bond will sell at price equal to, greater than, or less than face value, compare the stated and market interest rates. 

  13. An example of a cash outflow from financing activities is

  14. Under the direct and indirect methods of reporting the statement of cash flows, only

  15. Those transactions dealing primarily with selling a product or providing a service related to the revenues and expenses reported on the income statement are called

  16. A statement of cash flows is prepared from the 

  17. Which of the following adjustments would NOT be made to net income when computing cash from operating activities?

  18. Achieving profitability will automatically assure sufficient amounts of cash

  19. The current ratio and the quick or acid-test ratio may be too high for the overall good of the business.

  20. From the standpoint of the individual stockholder, one of the most important measures of profitability of the firm is the earnings per share. 

  21. Asset turnover ratio measures how effectively a companay uses assets to generate sales.

  22. An expression of the amount of each item in a statement as a percentage of some designated total for a comparative purposes is called

  23. Dividing total current assets by total current liabilities is the calculation for the

  24. The net income of a company is $175,000.  The average book value of the company's assets is $1,300,000.  the return on total assets would be

  25. The net income for a company was $315,000 last year and is $270,000 this year. The percent of increase or decrease was 

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