1. All accounting transactions require two offsetting entries T F;2. Closing the accounts consist of journalizing and posting;Entries which will zero all balance sheet accounts T F;3. The accounting equations is defined as;a. Assets + Liabilities = Owners Equity;b. Assets + Owners Equity = Liabilities;c. Assets = Liabilities + Owners Equity;d. Assets = Liabilities - Owners Equity;4. A fixed cost is a cost that _______________at all output levels over a relevant range.;a. Is always computed as a % of sales;b. Varies with different output levels;c. Is computed based upon profit levels;d. Is always a period cost;e. Remains constant and the same value;5. Which of the following does not measure a company's profit;a. Gross Margin;b. Inventory Turn;c. Return on Equity;d. Net Margin;e. Return on Assets;6. Which of the following is not a component of working capital;a. Cash;b. Inventory;c. Payroll expense;d. Accounts receivable;e. Marketable securities;7. Cash management can be enhanced by all but the following;a. Timely receipt of funds;b. Large cushion of cash balances;c. Concentration and investment of excess funds;d. Establishing credit and other contingency resources;e. Managed disbursement of funds;8. Liquidity is the ability to sell or exchange a liability for cash. T F;9. Financial markets are intermediaries that channel the savings;Of individuals, business and government into loans and investments T F;10. If a corporation has assets of $250,000, liabilities of $70,000, and capital stock of $120,000, what is the amount of retained earnings?;11.;Equipment 10,000;Accounts Payable 900;Capital Stock 1,500;Cash 800;Loan Payable 9,000;Wages Payable 500;Accounts Receivable 1,000;Retained Earnings 3,400;Inventory 3,500;Based on the above table;A. Calculate Total Liabilities;B. Calculate Total Owners Equity;12. For the following, Please indicate which financial statement the item will appear on (BS) for Balance Sheet, (IS) for Income Statement AND indicate if it is an (A)sset, (L)iability, (OE) Owners Equity, (I)ncome or (E)xpense;Accounts Payable;Sales;Accounts Receivable;Land;Rent Expense;Wage Expense;Capital Stock;Retained Earnings;Cash;13. Select the one phrase below that best completes the following statement: According to the matching principle,...;a. The amount of cash collected should be matched and recognized in the same period as the related revenue.;b. Expenses should be matched and recognized in the same period as the related revenue.;c. The amount of cash collected should be matched and recognized in the same period as the related expense.;d. Revenue should be matched and recognized in the same period as the related cash collection.;e. Expenses should be matched and recognized in the same period as the related shareholder investment.;14. Which of the following is not applicable to the internal audit function?;a. Deter or catch employee fraud.;b. Issue an opinion for investors regarding the reliability of the financial statements.;c. Be guided by it's own set of professional standards.;d. Help to ensure that the accounting function is performed correctly and that the financial statements are prepared accurately.;15. Failure to record the used portion of prepaid rent during the month has the following effect on the financial statements prepared at month's end;a. Overstate Liabilities;b. Overstate Net Income;c. Understate Assets;d. Understate Owners Equity;16. Which of the following is NOT a type of activity reported on the statement of cash flows?;a. Financing Activities;b. Operating Activities;c. Investing Activities;d. Revenue Activities;17. In a manufacturing firm the master budget starts with?;a. Direct Labor;b. Sales;c. Production;d. Manufacturing Overhead;18. If variable costs are $20 per unit, revenues are $40 per unit, and fixed costs are $10,000, the break-even point is?;19. Use the data to compute accounts receivable turnover ratios and average collection;periods for 2008 and 2009. Based on your analysis, is the company managing its receivables better or worse in 2009 than it did in 2008?;2008 2009;Net Sales 1,425,000 1,650,000;Net Receivables;Beginning of Year 375,000 333,500;Ending of Year 420,000 3,750,000;20. Use the date to compute the inventory turnover ratio and the number of days sales in inventory;Beginning Inventory 74,000;Cost of Goods Sold 342,000;Sales 694,000;Ending Inventory 82,000
20 Multiple choice: journal entries, fixed cost, working capital, liquidity, inventory
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