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(TCO 7) The assumption that allows accountants to accept some inaccuracy because of incomplete information about the future in exchange for timelier reporting is (Points : 5)

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Question 1.1. (TCO 7) The assumption that allows accountants to accept some inaccuracy because of incomplete information about the future in exchange for timelier reporting is (Points : 5)

Question 2.2. (TCO 7) The assumption that deals with when to recognize costs associated with the revenue being recognized is (Points : 5)

Question 3.3. (TCO 7) The statement of cash flows includes not only cash, but also (Points : 5)

Question 4.4. (TCO 7) Denver Dynamics has a net income of $2,000,000. Oakland Enterprises has a net income of $2,500,000. Which of the following best compares the profitability of Denver to Oakland? (Points : 5)

Question 5.5. (TCO 7) A fiscal year is (Points : 5)

Question 6.6. (TCO 7) Other than December, the most popular month for a fiscal year end is (Points : 5)

Question 7.7. (TCO 1) Who is responsible for the preparation and the integrity of financial statements? (Points : 5)

Question 8.8. (TCO 7) A manufacturing firm will most likely have the heaviest investment in which type of assets? (Points : 5)

Question 9.9. (TCO 2) The two primary qualities that make accounting information useful for decision-making are (Points : 5)

Question 10.10. (TCO 2) What is the bottom line on an income statement? (Points : 5)

Question 11.11. (TCO 3) The debt ratio helps determine (Points : 5)

Question 12.12. (TCOs 2 and 3) If a firm has substantial capital or financing leases disclosed in the notes but not capitalized in the financial statements, then (Points : 5)

Question 13.13. (TCO 2) Gross profit is the difference between (Points : 5)

Question 14.14. (TCOs 1 and 2) If a firm consolidates subsidiaries not wholly owned, an income statement item is created and is termed (Points : 5)

Question 15.15. (TCO 1) Industry averages should be reviewed against (Points : 5)

Question 16.16. (TCO 3) The following relate to Data Original in 2006. What is the ending inventory?

Question 17.17. (TCO 7) Which of the following would be included in operating income? (Points : 5)

Question 18.18. (TCO 5) Which of the following types of business would normally have the longest operating cycle? (Points : 5)

Question 19.19. (TCO 5) Which of the following is considered the most indicative of a firm's short-term debt paying ability? (Points : 5)

Question 20.20. (TCO 5) A high working capital turnover ratio indicates (Points : 5)

Question 21.21. (TCO 5) If the working capital is out of line, then analyze (Points : 5)

Question 22.22. (TCOs 5 and 6) For cash to be classified as a current asset, it must be (Points : 5)

Question 23.23. (TCO 6) If days' sales in receivables are materially longer than the credit terms, this indicates (Points : 5)

Question 24.24. (TCO 6) Which of the following ratios does not represent some form of comparison between accounts in current assets and accounts in current liabilities? (Points : 5)

Question 25.25. (TCO 6) By reporting marketable equity securities under current assets, management picks up a(n) (Points : 5)

Question 26.26. (TCO 6) Statements in which all items are expressed in only relative terms (percentages of a base) are termed (Points : 5)

Question 27.27. (TCOs 5 and 6) Stock appreciation rights can have a material impact on (Points : 5)

Question 28.28. (TCO 5) A firm might have a low dividend payout ratio if it plans (Points : 5)

Question 29.29. (TCO 6) Which of the following ratios represents dividends per common share, in relation to market price per common share? (Points : 5)

Question 30.30. (TCO 6) What is the effect of the exercise of stock options? (Points : 5)

Question 31.31. (TCO 6) What is important to a firm's long-term debt paying ability? (Points : 5)

Question 32.32. (TCOs 5 and 6) Unusual or infrequent items that are disclosed seperately include (Points : 5)

Question 33.33. (TCO 5) The bond payable account is considered a firm's (Points : 5)

Page 2

Question 1.

1. (TCO 5) Szabo Company computed the following data for 2003:

Days' sales in receivables: 38.7 days

Accounts receivable turnover: 9.6 times

Accounts receivable turnover in days: 35.1 days

Days' sales in inventory: 68.5 days

Merchandise inventory turnover: 5.9 times

Inventory turnover in days: 58.7 days

The estimated operating cycle for 2003 is: (Points : 20)

Question 2.

2. (TCO 4) Smith Company presents the following data for 2006.

Inventories, beginning of year: $310,150

Inventories, end of year: $340,469

Cost of goods sold: $2,103,696

Net sales: $8,690,150

The number of days' sales in inventory is: (Points : 20)

Question 3.

3. (TCO 6) Francis Company had operating expenses of $20,000 and depreciation expenses of $4,000. What was the cash paid for operating expenses? (Points : 20)

Question 4.

4. (TCO 7) Smith reported the following for 2006.

 

Beginning market price $20.00

Average market price 24.00

Ending market price 26.00

Earnings per share:

Basic 1.80

Diluted 1.60

Cash dividends per share 1.00

 

The price earnings ratio and dividend payout were: (Points : 20)

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