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ACC/557 ACC557 ACC 557 WEEK 11 Final Exam Part 2

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ACC 557 WEEK 11 Final Exam Part 2 • Question 1 3 out of 3 points The order of presentation of nontypical items that may appear on the income statement is • Question 2 3 out of 3 points Under IFRS, comprehensive income may be displayed (reported) in • Question 3 3 out of 3 points A measure of the percentage of each dollar of sales that results in net income is • Question 4 3 out of 3 points If a company has an acid-test ratio of 1.2:1, what respective effects will the borrowing of cash by short-term debt and collection of accounts receivable have on the ratio? Short-term Borrowing Collection of Receivable • Question 5 3 out of 3 points Which one of the following would not be considered a liquidity ratio? • Question 6 3 out of 3 points Saira, Inc. has the following income statement (in millions): SAIRA, INC. Income Statement For the Year Ended December 31, 2014 Net Sales $300 Cost of Goods Sold 180 Gross Profit 120 Operating Expenses 45 Net Income $75 Using vertical analysis, what percentage is assigned to Cost of Goods Sold? • Question 7 3 out of 3 points Each of the following is a factor affecting quality of earnings except • Question 8 3 out of 3 points A company has an average inventory on hand of $60,000 and the days in inventory is 73 days. What is the cost of goods sold? • Question 9 3 out of 3 points Blaney Clothing Store had a balance in the Accounts Receivable account of $437,500 at the beginning of the year and a balance of $500,000 at the end of the year. Net credit sales during the year amounted to $3,000,000. The average collection period of the receivables in terms of days was • Question 10 3 out of 3 points The statement of cash flows should help investors and creditors assess each of the following except the • Question 11 3 out of 3 points Indicate where the purchase of land for cash would appear, if at all, on the indirect statement of cash flows. • Question 12 3 out of 3 points The statement of cash flows reports each of the following except • Question 13 3 out of 3 points The following data are available for Two-off Company. Increase in accounts payable $120,000 Increase in bonds payable 300,000 Sale of investments 150,000 Issuance of common stock 160,000 Payment of cash dividends 90,000 Net cash provided by financing activities is: • Question 14 3 out of 3 points The primary purpose of the statement of cash flows is to • Question 15 3 out of 3 points Generally, the most important category on the statement of cash flows is cash flows from • Question 16 3 out of 3 points Lending money and collecting the loans are • Question 17 3 out of 3 points The third (final) step in preparing the statement of cash flows is to • Question 18 3 out of 3 points At the time of acquisition of a debt investment, • Question 19 3 out of 3 points Available-for-sale securities are classified as • Question 20 3 out of 3 points Under IFRS, equity investments are generally recorded and reported at • Question 21 3 out of 3 points Gayton Corporation purchased 1,000 shares of Smart common stock ($50 par) at $80 per share as a short-term investment. The shares were subsequently sold at $78 per share. The cost of the securities purchased and gain or loss on the sale were Cost Gain or Loss • Question 22 3 out of 3 points Changes from cost are reported as part of net income for • Question 23 3 out of 3 points At the end of its first year, the trading securities portfolio consisted of the following common stocks. Cost Fair Value Atrium Corporation $ 46,500 $ 50,000 Barnes Inc. 60,000 58,000 Cantor Corporation 80,000 76,400 $186,500 $184,400 The

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