ACC 557 Week 11 Chapter 14 Quiz (all possible questions)\t\u00a0\tThis Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)\t\u00a0\tSOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS\t\u00a0\t1-\u00a0\tMultiple Choice Question 79\tParker Hardware Store had net credit sales of $8,000,000 and cost of goods sold of $5,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were $600,000 and $700,000, respectively. The receivables turnover was\t11.4 times.\t12.3 times.\t4.6 times.\t7.7 times.\t2-\u00a0\tMultiple Choice Question 49\tWhich one of the following is not a tool in financial statement analysis?\tRatio analysis\tHorizontal analysis\tVertical analysis\tCircular analysis\t3-\u00a0\tIFRS Multiple Choice Question 243\tUnder IFRS, there is no classification for\tchanges in accounting principles.\tchanges in accounting estimates.\tdiscontinued operations.\textraordinary items\t4-\u00a0\tMultiple Choice Question 155\tACME Company reports income before income taxes of $2,400,000 and had an extra-ordinary loss of $800,000. If the tax rate is 30%,\tthe income before the extraordinary item is $1,680,000.\tthe income before the extraordinary item is $1,920,000.\tthe extraordinary loss will be reported at $240,000.\tthe extraordinary loss would be reported on the income statement at $800,000.\t5-\u00a0\tMultiple Choice Question 65\tDarius, Inc. has the following income statement (in millions):\tDARIUS, INC.\tIncome Statement\tFor the Year Ended December 31, 2012\t\u00a0\tNet Sales\u00a0 $300\tCost of Goods Sold\u00a0 120\tGross Profit\u00a0 180\tOperating Expenses\u00a0 44\tNet Income\u00a0 $136\tUsing vertical analysis, what percentage is assigned to Net Income?\t100%\t75.6%\t45.3%\tNone of these\t6-\u00a0\tMultiple Choice Question 135\tThe following amounts were taken from the financial statements of Plant Company:\t\u00a0 2013\u00a0 2012\tTotal assets\u00a0 $800,000\u00a0 $1,000,000\tNet sales\u00a0 720,000\u00a0 650,000\tGross profit\u00a0 352,000\u00a0 320,000\tNet income\u00a0 126,000\u00a0 117,000\tWeighted average number of common shares outstanding\u00a0 90,000\u00a0 90,000\tMarket price of common stock\u00a0 $35\u00a0 $39\tThe return on assets ratio for 2013 is14%\t32%.\t28%.\t16%.\t7-\u00a0\tMultiple Choice Question 174\tParrish, Inc. decided on January 1 to discontinue its telescope manufacturing division. On July 1, the division’s assets with a book value of $1,250,000 are sold for $850,000. Operating income from January 1 to June 30 for the division amounted to $125,000. Ignoring income taxes, what total amount should be reported on Parrish’s income statement for the current year under the caption, Discontinued Operations?\t$400,000 loss\t$275,000 loss\t$525,000\t$125,000\t8-\u00a0\tMultiple Choice Question 112\tEarnings per share is calculated\tonly for preferred stock.\tonly for treasury stock.\tfor common and preferred stock.\tonly for common stock.\t9-\u00a0\tMultiple Choice Question 171\tThe acid-test ratio is also known as the\tcurrent ratio.\tfast ratio.\tquick ratio.\ttimes interest earned ratio\t10-\u00a0\tMultiple Choice Question 70\tIn performing a vertical analysis, the base for sales revenues on the income statement is\tnet income.\tcost of goods available for sale.\tnet sales.\tsales.\t11-\u00a0\tMultiple Choice Question 162\tThe order of presentation of nontypical items that may appear on the income statement is\tOther revenues and expenses, Extraordinary items, Discontinued operations.\tExtraordinary items, Discontinued operations, Other revenues and expenses.\tDiscontinued operations, Extraordinary items, Other revenues and expenses.\tOther revenues and expenses, Discontinued operations, Extraordinary items\t12-\u00a0\tMultiple Choice Question 98\tA measure of the percentage of each dollar of sales that results in net income is\treturn on assets.\tearnings per share.\tprofit margin.\treturn on common stockholders’ equity.\t13-\u00a0\tMultiple Choice Question 159\tWhich one of the following would be classified as an extraordinary item?\tExpropriation of property by a foreign government.\tLosses attributed to a labor strike.\tWrite-down of inventories.\tGains or losses from sales of equipment.\t14-\u00a0\tMultiple Choice Question 122\tThe following information pertains to Sampson Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.\tAssets\tCash and short-term investments\u00a0 $ 45,000\tAccounts receivable (net)\u00a0 25,000\tInventory\u00a0 20,000\tProperty, plant and equipment\u00a0 210,000\t\u00a0 Total Assets\u00a0 $300,000\t\u00a0\tLiabilities and Stockholders’ Equity\tCurrent liabilities\u00a0 $ 50,000\tLong-term liabilities 90,000\tStockholders’ equity”\ufffdcommon\u00a0 160,000\t\u00a0 Total Liabilities and Stockholders’ Equity $300,000\t\u00a0\tIncome Statement\tSales\u00a0 $ 120,000\tCost of goods sold\u00a0 66,000\tGross profit\u00a0 54,000\tOperating expenses\u00a0 30,000\t\u00a0 Net income\u00a0 $ 24,000\t\u00a0\tNumber of shares of common stock\u00a0 6,000\tMarket price of common stock\u00a0 $20\tDividends per share\u00a0 .50\tWhat is the current ratio for Sampson?\t0.64\t1.80:1\t1.30:1\t1.40:1\t15-\tMultiple Choice Question 170\tWhat type of ratios best measure the short-term ability of the enterprise to pay its maturing obligations and to meet unexpected needs for cash?\tLiquidity\tSolvency\tProfitability\tLeverage<\/p>\n","protected":false},"excerpt":{"rendered":"
ACC 557 Week 11 Chapter 14 Quiz (all possible questions) \u00a0 This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set) \u00a0 SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS \u00a0 Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-200297","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=200297"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200297\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=200297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=200297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=200297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}