ACC 291 final exam

Feb 3rd, 2012
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Ashford University
Course: Business
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1.The Sarbanes-Oxley Act requires that all publicly traded companies maintain a system of internal controls. Internal controls can be defined as a plan to A. safeguard assets B. monitor balance sheets C. control liabilities D. evaluate capital stock 2. The purchase of treasury stock A. decreases common stock authorized B. decreases common stock issued C. decreases common stock outstanding D. has no effect on common stock outstanding 3. Marsh Company has other operating expenses of $240,000. There has been an increase in prepaid expenses of $16,000 during the year, and accrued liabilities are $24,000 lower than in the prior period. Using the direct method of reporting cash flows from operating activities, what were Marsh's cash payments for operating expenses? A. $228,000 B. $232,000 C. $200,000 D. $280,000 4. In performing a vertical analysis, the base for cost of goods sold is A. total selling expenses B. net sales C. total revenues D. total expense 5. Blanco, Inc. has the followin

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1.The Sarbanes-Oxley Act requires that all publicly traded companies maintain a system of internal controls. Internal controls can be defined as a plan toA. safeguard assets ?B. monitor balance sheetsC. control liabilitiesD. evaluate capital stock2. The purchase of treasury stockA. decreases common stock authorizedB. decreases common stock issuedC. decreases common stock outstanding ?D. has no effect on common stock outstanding3. Marsh Company has other operating expenses of $240,000. There has been an increase in prepaid expenses of $16,000 during the year, and accrued liabilities are $24,000 lower than in the prior period. Using the direct method of reporting cash flows from operating activities, what were Marsh's cash payments for operating expenses?A. $228,000B. $232,000C. $200,000D. $280,000 ?4. In performing a vertical analysis, the base for cost of goods sold isA. total selling expensesB. net sales ?C. total revenuesD. total expense5. Blanco, Inc. has the following income statement (in millions):BLANCO, INC.Income StatementFor the Year Ended December 31, 2011Net Sales .............................. $200Cost of Goods Sold .............................. 120Gross Profit .............................. 80Operating Expenses .............................. 44Net Income .............................. $ 36Using vertical analysis, what percentage is assigned to Net Income?A. 100%B. 82%C. 18% ?D. 25%6. Where would the event purchased land fo

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