150.Net income would not appear in which financial statement?   a. Statement of cash flows b. Income statement c. Statement of retained earnings d. Balance sheet       151.The bottom-line amount of the statement of retained earnings would also appear on   a. the income statement. b. the balance sheet. c. the statement of cash flows. d. no other financial statement.       […]

    163.The difference between the cost of an asset and the accumulated depreciation for that asset is called    A.Depreciation Expense.   B.Unearned Depreciation.   C.Prepaid Depreciation.   D.Depreciation Value.   Book Value.         164.A company recorded 2 days of accrued salaries of $1,400 for its employees on January 31. On February 9, it paid its employees $7,000 for these accrued salaries […]

    91. Firms account for leases using either the operating lease method or the capital (finance) lease method. Which of the following is true? A. The operating lease method treats leases as executory contracts. B. The operating lease method recognizes a leased asset on the lessee’s statement of cash flows.C. The operating lease method recognizes a lease liability on the lessee’s balance sheet. D. Under the operating lease method, the […]

134.Cash flows to sales and cash flows to assets are measured in terms of   a. times. b. a percentage. c. dollars. d. days.       135.A company with $50,000 in current assets, $25,000 in quick assets, and $30,000 in current liabilities makes a payment of a $1,500 current debt. As a result of this transaction, the current ratio and quick ratio will   […]

  140. The following is Newton Corporation’s comparative balance sheets for 2014 and 2013:                 December 31,                                           Cash       $        400,000 $        350,000     Accounts receivable               564,000           584,000     Inventories                 925,000           857,500     Property, plant, and equipment […]

41) If the bank mistakenly recorded a $71 deposit as $17, the error would be shown on the bank reconciliation as a: A) $71 addition to the bank balance. B) $54 addition to the bank balance. C) $71 deduction from the bank balance. D) $54 deduction from the bank balance.   42) Interest revenue appears on a bank reconciliation as a(n): A) deduction from the […]

    21. In Title VII sexual harassment cases, only male-on-female or female-on-male behaviors are actionable.     22. To eliminate discrimination in the workplace, many organizations have affirmative action programs to increase minority representation.     23. Although most individuals support the idea of diversity, few argue for the kinds of quotas that have to some extent resulted from the present legal climate.     24. The main purpose of the […]

    83.A classified balance sheet:    A.Measures a company’s ability to pay its bills on time.   Organizes assets and liabilities into important subgroups that provide more information.   C.Broadly groups items into assets, liabilities and equity.   D.Reports operating, investing, and financing activities.   E.Reports the effect of profit and dividends on retained earnings.         84.Two common subgroups for liabilities on […]

    61. Many firms disaggregate the initial amounts they received from shareholders for common shares into the _____ and the amounts received in excess of this value, called additional paid-in capital (APIC), share premium, or capital contributed in excess of par value.  A. par value of the shares B. nominal value of the shares C. stated value of the shares D. all of the above E. none of the above […]

90.Which of the following costs would not be included in the inventory cost?   a. Cost of goods held on consignment b. Freight-in c. Sales tax d. Invoice price       91.Which of the following costs usually would not be included in the inventory cost?   a. Invoice price less purchases discounts b. Insurance on goods in transit c. Storage costs d. Related tariffs […]