DeVry ACCT 504 Week 4 Midterm Exam 2

Jul 28th, 2016
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Page 1 1. (TCO A, B, C) External users want answers to all of the following questions except: (Points : 3) Is the company earning satisfactory income? Will the company be able to pay its debts as they come due? Did the company use a budget to plan its expenses? How does the company compare in profitability with competitors? 2. (TCO C) Debt securities sold to investors that must be repaid at a particular date some years in the future are called: (Points : 3) accounts payable. notes receivable. taxes payable. bonds payable. 3. (TCO C) The statement of cash flows would disclose the payment of a dividend: (Points : 3) nowhere on the statement. in the operating activities section. in the investing activities section. in the financing activities section. 4. (TCO A) The cost of assets consumed or services used is also known as: (Points : 3) a revenue. an expense. a liability. an asset. 5. (TCO C) Edwards Company recorded the following cash transactions for the year: P

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DeVry ACCT 504 Week 4 Midterm Exam 2Page 11. (TCO A, B, C) External users want answers to all of the following questions except: (Points :3)Is the company earning satisfactory income?Will the company be able to pay its debts as they come due?Did the company use a budget to plan its expenses?How does the company compare in profitability with competitors?2. (TCO C) Debt securities sold to investors that must be repaid at a particular date some years inthe future are called: (Points : 3)accounts payable.notes receivable.taxes payable.bonds payable.3. (TCO C) The statement of cash flows would disclose the payment of a dividend: (Points : 3)nowhere on the statement.in the operating activities section.in the investing activities section.in the financing activities section.4. (TCO A) The cost of assets consumed or services used is also known as: (Points : 3)a revenue.an expense.a liability.an asset.5. (TCO C) Edwards Company recorded the following cash transactions for the year:Paid $45,000 for salaries.Paid $20,000 to purchase office equipment.Paid $5,000 for utilities.Paid $2,000 in dividends.Collected $75,000 from customers.What was Edwards' net cash provided by operating activities? (Points : 3)$25,000$5,000$30,000$23,0006. (TCO A) On a classified balance sheet, prepaid insurance is classified as: (Points : 3)an intangible asset.property, plant, and equipment.a current asset.a long-term investment.7. (TCO A) Which of the following shoul

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