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American Public University ACCT 300 Week 4 Quiz

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Question 1 of 20 5.0/ 5.0 Points Cash dividends are not paid on shares of treasury stock. A. True B. False Question 2 of 20 5.0/ 5.0 Points A fixed asset with a cost of $30,000 and accumulated depreciation of $25,000 is sold for $3,500. What is the amount of gain or loss on disposal of the fixed asset? A.$2,500 loss B.$1,500 loss C.$2,500 gain D.$1,500 gain Question 3 of 20 5.0/ 5.0 Points If a corporation issues only one class of stock, it is called: A. common stock. B. treasury stock. C. no-par stock. D. preferred stock. Question 4 of 20 5.0/ 5.0 Points The estimated amount that an asset can be sold for at the end of its useful life is called its book value. A. True B. False Question 5 of 20 5.0/ 5.0 Points The market interest rate related to a bond is also called the: A. stated interest rate. B. effective interest rate. C. contract interest rate. D. straight-line rate. Question 6 of 20 5.0/ 5.0 Points Physical depreciation occurs when changes in customer needs causes a fixed asset to no longer provide services for which it was intended. A. True B. False Question 7 of 20 5.0/ 5.0 Points If paid-in capital in excess of par-preferred stock is $80,000, preferred stock is $500,000, paid-in capital in excel of par-common stock is $50,000, common stock is $1,000,000, and retained earnings is $230,000, the total stockholders’ equity is $1,860,000. A. True B. False Question 8 of 20 5.0/ 5.0 Points For the year that just ended, a company reports net income of $1,500,000. There are 500,000 shares authorized, 300,000 shares issued, and 250,000 shares of common stock outstanding. What is the earnings per share? A.$5.00 B.$2.50 C.$6.00 D.$3.00 Question 9 of 20 5.0/ 5.0 Points A current liability is a debt that is reasonable expected to be paid: A. between 6 months and 18 months. B. out of currently recognized revenues. C. within one year. D. out of cash currently on hand. Question 10 of 20 5.0/ 5.0 Points Expenditures made to extend an asset’s life are called revenue expenditures. A. True B. False Question 11 of 20 5.0/ 5.0 Points A drilling company purchased a mining site for $500,000 on July, 1 2012. The company expects to mine ore for the next 10 years and anticipates that a total of 100,000 tons will be recovered. During 2012 the company extracted 6,500 tons of ore. The depletion expense for the year 2012 is: A.$37,700. B.$42,000. C.$32,500. D.$27,300. Question 12 of 20 5.0/ 5.0 Points Which of the following expenditures would not be included in the cost of a fixed asset? A. Freight costs B. Vandalism C. Sales taxes D. Surveying fees Question 13 of 20 5.0/ 5.0 Points If the proceeds from a sale of equipment is greater than the book value of the equipment as on the date of sale, a loss is recorded. A. True B. False Question 14 of 20 5.0/ 5.0 Points Which of the following expenditures would not be included in the cost of a fixed asset? A. Freight costs B. Vandalism C. Sales taxes D. Surveying fees Question 15 of 20 5.0/ 5.0 Points What are current liabilities? A. Liabilities that are due and payable within two years. B. Liabilities that are due and to be paid out of the current assets within one year. C. Liabilities that are due but not payable for more than one year. D. Liabilities that are payable if a possible subsequent event occurs. Question 16 of 20 5.0/ 5.0 Points A drilling company purchased a mining site for $500,000 on July, 1 2012. The company expects to mine ore for the next 10 years and anticipates that a total of 100,000 tons will be recovered. During 2012 the company extracted 6,500 tons of ore. The depletion expense for the year 2012 is: A.$37,700. B.$42,000. C.$32,500. D.$27,300. Question 17 of 20 5.0/ 5.0 Points What options does a business have while financing its operations? A. Debt financing B. Equity financing C. Asset financing D. Both debt financing and equity financing Question 18 of 20 5.0/ 5.0 Points Which

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