APU ACCT300 week 7 quiz 7 final

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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.

.5 Points

What is the effect of a stock dividend on the balance sheet?

.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?

.5 Points

In computing the rate earned on total assets, interest expense is added to net income before dividing by average total assets.

.5 Points

Cash dividends are not paid on shares of treasury stock.

.5 Points

Earnings per common share is one factor that influences the decision to use debt financing or equity financing.

.5 Points

Which of the following is a reason to undergo a reverse stock split?

.5 Points

A voucher:

.5 Points

Money market funds, commercial paper, and U.S. Treasury Bills are examples of cash equivalents.

.5 Points

Which of the following accounts is reported in the noncurrent liabilities section of the corporate balance sheet?

.5 Points

Which one of the following is not a characteristic generally evaluated in ratio analysis?

.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.

.5 Points

Activity-based costing is a method of accumulating and allocating costs by department.

.5 Points

Inventories of merchandising and manufacturing businesses are reported as current assets on the balance sheet.

.5 Points

The purpose of an audit is to:

.5 Points

In using the total cost concept of applying the cost-plus approach to product pricing, only profit is covered in the markup.

.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.

.5 Points

The __________ is prepared with various sections, subsections, and captions that aid in its interpretation and analysis.

.5 Points

The framework that has become widely accepted as the standard by which companies design, analyze, and evaluate internal controls is the:

.5 Points

Fixed assets are reported at their book value on the balance sheet.

.5 Points

If employees accept a wage contract that decreases the unit contribution margin, the break-even point will decrease.

.5 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.

.5 Points

The estimated amount that an asset can be sold for at the end of its useful life is called its book value.

.5 Points

The document authorizing the issuance of materials from the storeroom for use in manufacturing is called:

.5 Points

If a company has current assets totaling $56,000 and current liabilities totaling $40,500, then the company’s working capital totals $15,500.

.5 Points

Under which method of inventory costing is the cost flow assumed to be in the reverse order in which the expenditures were made?

.5 Points

The process of a company selling its accounts receivable to another company is referred as:

.5 Points

Which of the following is a characteristic of the just-in-time philosophy?

.5 Points

Reporting under managerial accounting is not restricted by specific rules such as generally accepted accounting principles (GAAP).

.5 Points

Management’s philosophy and operating style would affect which of the following elements of internal control?

.5 Points

The objective of most businesses is to maximize profits.

.5 Points

The payment of a liability:

.5 Points

If the cost of employee wages is not a significant portion of the total product cost, the wages are classified as factory overhead cost.

.5 Points

If the total unit cost of manufacturing Product Y is currently $40 and the total unit cost after modifying the style is estimated to be $48, the differential cost for this situation is $48.

.5 Points

Which of the following information is not provided by job cost sheets?

.5 Points

What are current liabilities?

.5 Points

When a business sells more than one product at varying selling prices, the business’s break-even point can be determined as long as the number of products does not exceed:

.5 Points

Under the cash basis of accounting, expenses are recorded when paid.

.5 Points

A practical approach that is frequently used by managers when setting normal selling price is the:

.5 Points

The revenue recognition concept states that revenue should be recorded in the same period as the cash is received.

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