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Acct Final Exam

In: Business and Management

Submitted By vhysaw
Words 802
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Page 1: 30 Multiple Choice

1. (TCO A) An advantage of the corporate form of business is that (Points: 5) it has limited life. its owner’s personal resources are at stake. its ownership is easily transferable via the sale of shares of stock. it is simple to establish.

2. (TCO A) Which of the following activities involves collecting the necessary funds to support the business? (Points: 5) Operating Investing Financing Delivering

3. (TCO A) For 2007 Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2007 earnings per share? (Points: 5) $4.66 $0.20 $66.67 $5.00

4. (TCO C) Free cash flow represents (Points: 5) cash provided by operations less adjustments for capital expenditures and dividends a measurement of a company’s cash generating ability a measure of solvency all of the above

5. (TCO C) The Dividends account (Points: 5) appears on the income statement along with the expenses of the business. must show transactions every accounting period. is increased with debits and decreased with credits. is considered a long term asset of the firm.

6. (TCO A, B) Kerner Company showed the following balances at the end of its first year:

Cash $10,000
Prepaid insurance 1,000
Accounts receivable 5,000
Accounts payable 4,000
Notes payable 6,000
Common stock 2,000
Dividends 1,000
Revenues 30,000
Expenses 25,000
What did Kerner Company show as total credits on its trial balance?(Points: 5) $43,000

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