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Accounting > Final Exam 101 -- MyAccountingLab Quizzes 9-13 > Flashcards

Final Exam 101 -- MyAccountingLab Quizzes 9-13 Flashcards

1
Q

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

A

contra liability, debit

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2
Q

Bond carrying value equals Bonds Payable

A

Minus Discount on bonds payable

Plus Premium on bonds payable

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3
Q

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

A

overstate the current ratio

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4
Q

Failure to accrue interest expense results in

A

an overstatement of net income and an understatement of liabilities

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5
Q

What kind of account is Unearned Revenueq

A

Liability account

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6
Q

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

A

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

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7
Q

see question #7 chapter 9 quiz

A

true

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8
Q

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

A

a revenue

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9
Q

see question #9 chapter 9 quiz

A

true

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10
Q

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

A

Financing acitivity

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11
Q

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

A

authorized shares

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12
Q

Par Value

A

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

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13
Q

see question #3 chapter 10 quiz

A

true

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14
Q

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

A

true

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15
Q

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

A

true

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16
Q

see question #6 chapter 10 quiz

3-for-1 stock split facts - not math

A

true

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17
Q

Which of the following is a characteristic of a corporation?

A

limited liability of stockholders

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18
Q

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

A

true

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19
Q

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

A

record

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20
Q

the paid-in capital portion of stockholders’ equity includes

A

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

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21
Q

An auditor report by independent accountatnts

A

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

22
Q

what is most closely related to prior-period adjustments

A

retained earnings

23
Q

see question #3 chapter 11 quiz

A

true

24
Q

discontinued operations are a separate category on the income statement

A

true

25
Q

Deferred Tax Liability is usually

A

a Long-term account

reported on the Balance Sheet

26
Q

What is the best source of income for a corporation

A

continuing operations

27
Q

GAAP governs the form and content of the financial statements

A

true

28
Q

foreign-currency transaction gains and losses are reported on the

A

Income Statements

29
Q

see question #9 chapter 11 quiz

A

true

30
Q

Earnings Per Share (EPS) is reported for

A

discontinued operations
continuing operations
extraordinary items

(NOT- comprehensive income - NOT)

31
Q

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

A

deducted from net income

32
Q

see question #2 chapter 12 quiz

A

true

33
Q

what appears on a statement of cash flows - indirect method

A

depreciation expense

NOT THE FOLLOWING
collections from customers – NOT
payments to suppliers – NOT
cash receipt of interest revenue – NOT

34
Q

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

A

operating activities

35
Q

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

A

added to net income in the operating activities section

36
Q

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

A

deducted from net income in the operating activities section

37
Q

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

A

Financing activities

38
Q

Selling equipment is reported on the statement of cash flows under

A

investing activiites

39
Q

Paying cash dividends is a/an

A

financing activity

40
Q

Receiving cash dividends is a/an

A

operating activity

41
Q

see question #10 chapter 12 quiz

A

true

42
Q

see question #1 chapter 13 quiz

A

true

43
Q

see question #2 chapter 13 quiz

A

true

44
Q

see question #3 chapter 13 quiz

A

true

45
Q

see question #4 chapter 13 quiz

A

true

46
Q

see question #5 chapter 13 quiz

A

true

47
Q

see question #6 chapter 13 quiz

A

true

48
Q

see question #7 chapter 13 quiz

A

true

49
Q

see question #8 chapter 13 quiz

A

true

50
Q

see question #9 chapter 13 quiz

A

true

51
Q

see question #10 chapter 13 quiz

A

true

Accounting (7 decks)

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