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ACC 561 Final Exam.doc

Subject

Business

Type

Exam Practice

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

A. showing the relationship of net income to changes in
current assets
B. determining a company’s acceptable level of debt
nancing
C. revealing commitments that may restrict future courses of
action
D. evaluating the creditworthiness of the organization
 !
A. appear only on corporate income statements
B. appear on the income statement immediately after gross
prot
C. are revenues and expenses arising from adjusting entries
D. re!ect the e"ects of nancial management decisions
"#$!%  %
 !% 

A. groups all revenues together and all expenses together,
whereas a multiple-step income statement separates certain
revenues and expenses from each other and presents
subtotals
B. calculates net income using one method, whereas a
multiple-step income statement calculates net income using
two or more methods
C. calculates gross prot and operating income, whereas a
multiple-step income statement does not
D. shows only 1 year's net income, whereas a multiple-step
income statement shows multiple years' net income
&'!(
A. The statement of cash !ows reports the cash receipts but
not cash payments of an entity over a period of time.
B. Both the statement of cash !ows and the income
statement determine the net income for a company.
C. Transactions a"ecting the sale and the purchase or

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production of goods and services are reported in the
nancing activities section of the statement of cash !ows.
D. Investing activities in the statement of cash !ows include
acquiring and selling long-term assets.
!)*
 )!
$
A. continuity
B. conservatism
C. cost-benet
D. materiality
 !+% )
,-.$

paid-in capital and a credit to retained earnings.
cash and a credit to common stock.
retained earnings and a credit to cash.
cash and a credit to retained income.
/'. !0,.)
,%% ).(
A. A retail store
B. A manufacturing company
C. A service organization
D. A real-estate investment trust
1 2)$.
)*$ 2
Return on sales
Return on investment
Residual income
Capital turnover
3!)$4
 .5678+8889) +8
:;98<
10.00%

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62.50%
10.42%
none of these answers is correct
8!)$
4 .5
Sales: $500,000
Invested capital: $312,500
ROI: 10%
The return on sales is _____.
A. 10.00%
B. 6.250%
C. 1.000%
D. 62.50%
6  .=)7"88)
 7&8 ./8<
9! .) $.
8<+)$
75%
18.75%
93.75%
46.88%
')$!+2
.) 

A. component of cost of goods sold
B. xed expense
C. production-volume variance
D. component of gross prot
"9$ !+ 
-!
xed and variable
manufacturing and xed
manufacturing and nonmanufacturing
variable and nonmanufacturing

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