Final Exam 101 -- MyAccountingLab Quizzes 9-13

Question 1

What type of account is Discount on Bonds Payable and what is its normal balance?

Answer 1

contra liability, debit

Question 2

Bond carrying value equals Bonds Payable

Answer 2

Minus Discount on bonds payable

Plus Premium on bonds payable

Question 3

Moment’s Fashions has a debt that has been properly reported as a long-term liability up to the present (2012). Some of this debt comes due in 2012. If moment’s continues to report the current position as a long-term liability, the effect will be to

Answer 3

overstate the current ratio

Question 4

Failure to accrue interest expense results in

Answer 4

an overstatement of net income and an understatement of liabilities

Question 5

What kind of account is Unearned Revenueq

Answer 5

Liability account

Question 6

For the purpose of classifying liabilities as current or noncurrent, the term operating cycle refers to

Answer 6

the time period between purchases of merchandise and the conversion of this merchandise back to cash

Question 7

see question #7 chapter 9 quiz

Answer 7

true

Question 8

An end-of-period adjusting entry that debits Unearned Revenue most likely will creidt

Answer 8

a revenue

Question 9

see question #9 chapter 9 quiz

Answer 9

true

Question 10

the payment of the face amount of a bond on its maturity date regraded as a what kind of activity

Answer 10

Financing acitivity

Question 11

Which of the following classifications represents the Most shares of common stock?

Answer 11

authorized shares

Question 12

Par Value

Answer 12

is an arbitrary amount that establishes the legal capital for each share

Question 13

see question #3 chapter 10 quiz

Answer 13

true

Question 14

*** I’m sure you will see stuff like this, so see question #4 chapter 10 quiz

Answer 14

true

Question 15

*** I’m sure you will see stuff like this, so see question #4 chapter 10 quiz

Answer 15

true

Question 16

see question #6 chapter 10 quiz

3-for-1 stock split facts - not math

Answer 16

true

Question 17

Which of the following is a characteristic of a corporation?

Answer 17

limited liability of stockholders

Question 18

*** I’m sure you will see stuff like this, so see question #8 chapter 10 quiz

Answer 18

true

Question 19

Stockholders are eligible for a dividend if they own the stock on the date of

Answer 19

record

Question 20

the paid-in capital portion of stockholders’ equity includes

Answer 20

common stock
preferred stock
paid-in capital in excess of par value
(check this – question #10, chapter 10 quiz)

Question 21

An auditor report by independent accountatnts

Answer 21

gives investors assurance that the company’s financial statements conform to GAAP

Question 22

what is most closely related to prior-period adjustments

Answer 22

retained earnings

Question 23

see question #3 chapter 11 quiz

Answer 23

true

Question 24

discontinued operations are a separate category on the income statement

Answer 24

true

Question 25

Deferred Tax Liability is usually

Answer 25

a Long-term account | reported on the Balance Sheet

Question 26

What is the best source of income for a corporation

Answer 26

continuing operations

Question 27

GAAP governs the form and content of the financial statements

Answer 27

true

Question 28

foreign-currency transaction gains and losses are reported on the

Answer 28

Income Statements

Question 29

see question #9 chapter 11 quiz

Answer 29

true

Question 30

Earnings Per Share (EPS) is reported for

Answer 30

discontinued operations continuing operations extraordinary items (NOT- comprehensive income - NOT)

Question 31

On an indirect method statement of cash flows, an increase in a prepaid insurance would be

Answer 31

deducted from net income

Question 32

see question #2 chapter 12 quiz

Answer 32

true

Question 33

what appears on a statement of cash flows - indirect method

Answer 33

depreciation expense NOT THE FOLLOWING collections from customers -- NOT payments to suppliers -- NOT cash receipt of interest revenue -- NOT

Question 34

The sale of inventory for cash is reported on the statement of cash flows under

Answer 34

operating activities

Question 35

On an indirect method statement of cash flows, an increase in accounts payable would be

Answer 35

added to net income in the operating activities section

Question 36

On an indirect method statement of cash flows, a gain on the sale of plan assets would be

Answer 36

deducted from net income in the operating activities section

Question 37

Paying off bonds payable is reported on the statement of cash flows under

Answer 37

Financing activities

Question 38

Selling equipment is reported on the statement of cash flows under

Answer 38

investing activiites

Question 39

Paying cash dividends is a/an

Answer 39

financing activity

Question 40

Receiving cash dividends is a/an

Answer 40

operating activity

Question 41

see question #10 chapter 12 quiz

Answer 41

true

Question 42

see question #1 chapter 13 quiz

Answer 42

true

Question 43

see question #2 chapter 13 quiz

Answer 43

true

Question 44

see question #3 chapter 13 quiz

Answer 44

true

Question 45

see question #4 chapter 13 quiz

Answer 45

true

Question 46

see question #5 chapter 13 quiz

Answer 46

true

Question 47

see question #6 chapter 13 quiz

Answer 47

true

Question 48

see question #7 chapter 13 quiz

Answer 48

true

Question 49

see question #8 chapter 13 quiz

Answer 49

true

Question 50

see question #9 chapter 13 quiz

Answer 50

true

Question 51

see question #10 chapter 13 quiz

Answer 51

true