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APU ACCT300 week 7 quiz 7 final

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Question Question 1 of 40 2.5 Points In using the total cost concept of applying the cost-plus approach to product pricing, only profit is covered in the markup. True False Question 2 of 40 2.5 Points What is the effect of a stock dividend on the balance sheet? A. Decrease total assets and decrease total stockholders’ equity B. Decrease total assets and increase total stockholders’ equity C. Increase total liabilities and decrease total stockholders’ equity D. No effect on total assets, total liabilities, or total stockholders’ equity Question 3 of 40 2.5 Points Hodges, Inc. had the following assets and liabilities as of September 30, 2013: Assets – $56,327 and Liabilities – $28,416. If assets increased by $3,914 and equity increased by $2,290 during October, what is the increase or decrease in liabilities of Hodges as of October 31, 2013? A.($1,624) B.$1,624 C.$6,204 D.($6,204) Question 4 of 40 2.5 Points In computing the rate earned on total assets, interest expense is added to net income before dividing by average total assets. A. True B. False Question 5 of 40 2.5 Points Cash dividends are not paid on shares of treasury stock. A. True B. False Question 6 of 40 2.5 Points Earnings per common share is one factor that influences the decision to use debt financing or equity financing. A. True B. False Question 7 of 40 2.5 Points Which of the following is a reason to undergo a reverse stock split? A. To reduce the stock’s market price per share. B. To increase total stockholders’ equity. C. To reduce total stockholders’ equity. D. To increase the market value of the stock per share. Question 8 of 40 2.5 Points A voucher: A. is received from customers to explain the purpose of a payment B. is normally prepared in the Accounting Department C. system is used to control cash receipts. D. system is an internal control procedure to verify that the assets in the records are the ones the company owns. Question 9 of 40 2.5 Points Money market funds, commercial paper, and U.S. Treasury Bills are examples of cash equivalents. A. True B. False Question 10 of 40 2.5 Points Which of the following accounts is reported in the noncurrent liabilities section of the corporate balance sheet? A. Bonds Payable B. Common Stock C. Dividends Payable D. Cash Question 11 of 40 2.5 Points Which one of the following is not a characteristic generally evaluated in ratio analysis? A. Liquidity B. Profitability C. Solvency D. Marketability Question 12 of 40 2.5 Points Under the accrual basis of accounting, net cash flows from operating activities on the statement of cash flows will normally be the same as net income. A. True B. False Question 13 of 40 2.5 Points Activity-based costing is a method of accumulating and allocating costs by department. A. True B. False Question 14 of 40 2.5 Points Inventories of merchandising and manufacturing businesses are reported as current assets on the balance sheet. A. True B. False Question 15 of 40 2.5 Points The purpose of an audit is to: A. determine whether or not a company is a good investment. B. render an opinion on the fairness of the statements. C. determine whether or not a company complies with income tax regulations. D. determine whether or not a company has a good credit risk. Question 16 of 40 2.5 Points In using the total cost concept of applying the cost-plus approach to product pricing, only profit is covered in the markup. A. True B. False Question 17 of 40 2.5 Points Using the job order cost system, service businesses are able to bill clients on a weekly or monthly basis, even when the job has not been completed. A. True B. False Question 18 of 40 2.5 Points The __________ is prepared with various sections, subsections, and caption

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