61.Findell Corporation is considering two projects, A and B, and it has gathered the following estimates for the project What is the present value index for project A? A. 1.096 B. 1.124 C. 0.889 D. 0.913 62.Young Corporation is considering purchasing equipment that costs $80,000 and is expected to provide the following cash inflows over its five-year useful life: What is the payback period […]
61. The accounting concept or principle that is perhaps the greatest single culprit in distorting the results of financial statement analysis is the: A. Matching principle. B. Historical cost concept. C. Conservatism principle. D. Time value of money concept. 62. As of December 31, 2012, Grove Corporation had a current ratio of 1.29, quick ratio of 1.05, and working capital of $18,000. The company uses a perpetual inventory system and […]
45.During the 2013 accounting period the Maynard Company earned $155,000 of sales revenue on account and accrued $112,500 of operating expenses. The company also earned $16,400 of service revenue that had previously been recorded as unearned revenue. In addition, a $12,200 stock dividend was issued to the stockholders. What can be said about cash flows considering these transactions? A. Cash outflows from financing activities are […]
115. The post-closing trial balance differs from the adjusted trial balance in that it A. does not take into account closing entriesB. does not take into account adjusting entriesC. does not include balance sheet accountsD. does not include income statement accounts 116. The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Accumulated Depreciation $ 2,300 Fees Earned 14,700 Depreciation Expense 1,300 Insurance Expense 200 […]
131. The Crafter Company had the following assets and liabilities as of December 31, 2012: ASSETS Cash $35,000 Accounts receivable 15,000 Inventory 30,000 Equipment 50,000 LIABILITIES Current portion of long-term debt 10,000 Accounts payable 2,000 Long-term debt 25,000 Determine the quick ratio for the end of the year (rounded to one decimal point). A. 6.7B. 13.0C. 4.2D. 3.5 132. Garrett Company sells merchandise […]
51.Which of the following is true regarding the proprietary fund financial statements? A)The Statement of Net Assets (or Balance Sheet) reflects equity as contributed equity and retained earnings. B)Normally, a reconciliation is required between the proprietary fund financial statements and the business-type activities column in the government-wide financial statements. C)Statements include the Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Fund […]
111. Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? A. Salaries ExpenseB. Fees EarnedC. Unearned RentD. Depreciation Expense 112. Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year? A. Rent ExpenseB. Fees EarnedC. Income SummaryD. Depreciation Expense 113. The entry to close the appropriate insurance account at the end of the accounting period is A. debit […]
114.A change from FIFO to LIFO in a period of rising prices will a. increase the current ratio and decrease the inventory turnover ratio. b. increase both the current ratio and the inventory turnover ratio. c. decrease both the current ratio and the inventory turnover ratio. d. decrease the current ratio and increase the inventory turnover ratio. 115.How would the collection […]
111. When a company exchanges machinery and receives a trade-in allowance greater than the book value, this transaction would be recorded with the following entry (assuming the exchange was considered to have commercial substance): A. debit Machinery and Accumulated Depreciation; credit Machinery, Cash, and Gain on Disposal B. debit Machinery and Accumulated Depreciation; credit Machinery and Cash C. debit Cash and Machinery; credit Accumulated Depreciation D. debit Cash […]
81.With a(n) _____ strategy, a company attempts to focus on what it does best within its established markets and can be thought of as “sticking to its knitting.” A.concentration B.retrenchment C.benchmarking D.divestment E.downsizing 82.Gemco Inc., a high-end luxury jewelry manufacturer, has training programs to ensure that its current employees always design and manufacture jewelry in keeping with […]
61. Which of the following statements regarding intermolecular forces is incorrect?
A)Hydrogen bonding is the strongest of the intermolecular forces.
B)London dispersion forces increase with increasing molecular size.
C)Dipole-dipole forces are present in all atoms and molecules.
D)In order for a pure substance to participate in hydrogen bonding, it must have hydrogen bonded to F, O, or N.
E)Intermolecular forces are much weaker than bonding forces.
62. Which of the following statements regarding intermolecular forces is incorrect?
A)Hydrogen bonding is the strongest of the intermolecular forces for substances of similar molar mass.
B)London dispersion forces are present in all atoms and molecules.
C)Dipole-dipole forces increase with increasing molecular size.
D)Bonding forces are much stronger than intermolecular forces.
E)Hydrogen bonding is the reason for the abnormally high boiling point of water.
63. Which choice correctly lists the intermolecular forces present in CH3NH2?
A)London forces only
B)dipole-dipole forces only
C)London forces, dipole-dipole forces, and hydrogen bonding
D)dipole-dipole forces and hydrogen bonding
E)hydrogen bonding only
64. Which choice correctly lists the intermolecular forces present in CH4?
A)London forces only
B)London forces and dipole-dipole forces
C)London forces, dipole-dipole forces, and hydrogen bonding
D)dipole-dipole forces and hydrogen bonding
E)London forces and hydrogen bonding
65. Which choice correctly lists the intermolecular forces present in CH3Br?
A)London forces only
B)London forces and dipole-dipole forces
C)London forces, dipole-dipole forces, and hydrogen bonding
D)dipole-dipole forces and hydrogen bonding
E)London forces and hydrogen bonding
66. Arrange the following substances in order of increasing boiling point: CH3OH, CH4, CH3CH2OH, HOCH2CH2OH
A)CH3OH < CH4 < CH3CH2OH < HOCH2CH2OH B)CH4 < CH3OH < CH3CH2OH < HOCH2CH2OH C)CH4 < CH3OH < HOCH2CH2OH < CH3CH2OH D)CH3OH < CH4 < HOCH2CH2OH < CH3CH2OH E)HOCH2CH2OH < CH3CH2OH < CH3OH < CH4 67. Arrange the following substances in order of increasing boiling point: N2, H2, NH3, PH3 A)H2 < N2 < PH3 < NH3D)N2 < PH3 < NH3 < H2 B)N2 < H2 < PH3 < NH3E)NH3 < PH3 < N2 < H2 C)H2 < N2 < NH3 < PH3 68. Select the pair of substances which has the one with the higher equilibrium vapor pressure at a given temperature listed first. A)H2O, H2SD)NH3, PH3 B)CH3CH2OH, CH3OHE)Br2, Cl2 C)CH3COCH3, CH3CH2CH2OH 69. Select the pair of substances which has the one with the higher equilibrium vapor pressure at a given temperature listed first. A)H2O, HClD)AsH3, PH3 B)CH3OH, CH4E)Cl2, Br2 C)CH3CH2CH2OH, CH3COCH3 70. Which of the following statements regarding the liquid state is incorrect? A)Liquids are about 1000 times denser than gases. B)Liquids are normally about 90-95% as dense as their corresponding solid. C)The viscosity of a liquid is a measure of its resistance to flow. D)Molecules with high intermolecular forces will have high surface tension. E)Surface tension increases as temperature increases.
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