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Question 1 (2 points) Which of the following is TRUE of the statement of cash flows? Question 1 options:

1) The statement of cash flows reports why cash increased or decreased during the period. 2)

The statement of cash flows covers a span of time and is dated "Year Ended Month Day, Year".

3) The statement of cash flows shows where cash came from and how cash was spent. 4) All of these are true of the statement of cash flows. Save Question 2 (2 points) The following data relate to Wise Enterprises for last year:

What is the net cash provided by operating activities for last year on the statement of cash flows for Wise Enterprises? Question 2 options:

1) $121,000 2) $124,000 3) $144,000 4) $151,000 Save Question 3 (2 points) The following data relate to Jackson Corporation for last year:

What is the net cash provided by operating activities for last year on the statement of cash flows for Jackson Corporation?


Question 3 options:

1) $127,000 2) $159,000 3) $155,000 4) $113,000 Save Question 4 (2 points) Rabin Corporation had the following selected balance sheet changes for the past year:

The company's operating income for the year was $25,000. What is the net cash provided by operating activities for last year on the statement of cash flows for Rabin Corporation (using the indirect method)? Question 4 options:

1) $ 5,000 2) $20,000 3) $30,000 4) $67,000 Save Question 5 (2 points) A company uses the direct method to prepare the statement of cash flows. It presents the following amounts on its financial statements.


*Relates solely to the acquisition of inventory What will appear in the operating activities section related to accounts receivable? Question 5 options:

1)

The increase of $10,000 will be subtracted from sales to determine cash received from customers.

2) The increase of $10,000 will be subtracted from net income. 3)

The increase of $10,000 will be added to sales to determine cash received from customers.

4) The increase of $10,000 will be added to net income. Save Question 6 (2 points) A company uses the direct method to prepare the statement of cash flows. It presents the following amounts on its financial statements.

*Relates solely to the acquisition of inventory What will appear in the operating activities section related to accounts payable? Question 6 options:

1)

The increase of $8,000 will be subtracted from purchases to determine payments to suppliers.

2) The increase of $8,000 will be added to net income. 3) The increase of $8,000 will be added to purchases to determine payments to suppliers.


4) The increase of $8,000 will be subtracted from net income Save

Question 7 (2 points) A company uses the direct method to prepare the statement of cash flows. It presents the following amounts on its financial statements.

*Relates solely to the acquisition of inventory What will appear in the operating activities section related to inventory? Question 7 options:

1) The decrease of $19,000 will be subtracted from net income. 2) The decrease of $19,000 will be added to net income. 3)

The decrease of $19,000 will be added to cost of goods sold to determine payments to suppliers.

The decrease of $19,000 will be subtracted from cost of goods sold to determine 4) payments to suppliers. Save Question 8 (2 points) A company uses the direct method to prepare the statement of cash flows. It presents the following amounts on its financial statements.

*Relates solely to the acquisition of inventory What will appear in the operating activities section related to salary payable? Question 8 options:


1) The increase of $3,000 will be subtracted from net income. 2)

The increase of $3,000 will be subtracted from salary expense to determine payments to employees.

The increase of $3,000 will be added to salary expense to determine payments to 3) employees. 4) The increase of $3,000 will be added to net income. Save Question 9 (2 points) A company's inventory account increased $26,800 and its accounts payable account decreased $18,240 during the year. The accounts payable relates only to the acquisition of inventory. Sales were $789,500 and cost of goods sold was $532,700. What was the amount of payments to supplier of inventory? Question 9 options:

1) $541,260 2) $834,540 3) $577,740 4) $550,940 Save Question 10 (2 points) The beginning and ending balances of long-term debt are $61,500 and $35,400, respectively, and cash payments for long-term debt during the year were $35,100. How much new long-term debt was issued during the year? Question 10 options:

1) New long-term debt issued during the year was $9,000. 2) New long-term debt issued during the year was $300. 3) New long-term debt issued during the year was $26,100. 4) New long-term debt issued during the year was $61,800. Save Question 11 (2 points) Which of the following statements is incorrect? Question 11 options:

1)

Management uses accounting information to determine the cost of products and services.

2)

Management uses accounting information to plan and control business operations.


3)

Management uses accounting information to report the company's financial position and results of operations to external parties.

4)

Financial accounting is more relevant to use for internal decision making purposes than is management accounting.

Save Question 12 (2 points) Which of the following statements about financial accounting is correct? Question 12 options:

1) Financial accounting helps investors make decisions. 2) Financial accounting reports do not influence investor behavior. 3) Financial provides detailed reports on parts of the company. 4)

Financial accounting provides help in planning and controlling operations.

Save Question 13 (2 points) Which of the following is NOT a product cost? Question 13 options:

1) Indirect labor 2) Factory overhead 3) Indirect materials 4) Depreciation of corporate headquarters Save Question 14 (2 points) Savard Corporation reported the following: * Raw material purchases totaling $100,000. * Raw material inventory increased $5,000. * Direct labor costs incurred totaled $150,000. * Total factory overhead was $225,000. * Work in process increased $20,000. * Indirect labor was $7,000. * Finished goods increased $40,000. * Sales salaries were $75,000. How much was Savard's cost of goods manufactured? Question 14 options:

1) $450,000 2) $490,000


3) $457,000 4) $497,000 Save Question 15 (2 points) Savard Corporation reported the following: * Raw material purchases totaling $100,000. * Raw material inventory increased $5,000. * Direct labor costs incurred totaled $150,000. * Total factory overhead was $225,000. * Work in process increased $20,000. * Indirect labor was $7,000. * Finished goods increased $40,000. * Sales salaries were $75,000. How much was Savard's cost of goods sold? Question 15 options:

1) $410,000 2) $450,000 3) $407,000 4) $457,000 Save Question 16 (2 points) The following information has been provided by LeMaire Company: * Direct labor: $50,000 * Direct materials used: $20,000 * Direct materials purchased: $27,000 * Cost of goods manufactured: $100,000 * Ending work in process: $16,000 * Corporate headquarters' property taxes: $6,000 * Manufacturing overhead: $39,000 The beginning work in process was: Question 16 options:

1) $23,000. 2) $7,000. 3) $9,000. 4) $1,000. Save Question 17 (2 points) The following information was obtained from Sizzler Company: * Advertising costs: $7,900


* * * * * * * * * *

Indirect labor: $9,000 Direct Labor: $31,000 Indirect materials: $7,200 Direct materials: $47,000 Factory utilities: $3,000 Factory supplies: $700 Factory janitorial costs: $1,900 Manufacturing equipment depreciation: $1,600 Delivery vehicle depreciation: $790 Administrative wages and salaries: $19,000

How much were Sizzler's period costs? Question 17 options:

1) $27,690 2) $7,900 3) $19,790 4) $19,000 Save Question 18 (2 points) At the beginning of 2008, the Taylor Company's work in process inventory account had a balance of $30,000. During 2008, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Manufacturing overhead in 2008 amounted to $90,000. The cost of goods manufactured was $220,000 in 2008. What is the balance in work in process inventory on December 31, 2008? Question 18 options:

1) $24,000 2) $66,000 3) $6,000 4) $34,000 Save Question 19 (2 points) Selected data for Young Company for 2009 is presented below:

What is the manufacturing overhead for 2009?


Question 19 options:

1) $47,000 2) $50,000 3) $38,000 4) $46,000 Save Question 20 (2 points) Village Company's selected cost data for 2009 are shown below:

Assuming direct labor is 60% of manufacturing overhead, what is the amount of direct labor incurred by Village Company in 2009? Question 20 options:

1) $50,025 2) $62,550 3) $41,700 4) $83,400 Save


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