Keller Fi 504 Midterm
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) Buying and selling products are examples of: (Points : 3) operating activities. investing activities. financing activities. delivering activities. |

4. (TCO A) The best definition of assets is, the (Points : 3) cash owned by the company. collections of resources belonging to the company and the claims on these resources. Owners'

Is this essay helpful? Upgrade your account to read more and access more than 600,000 just like it! get better grades investment in the business. resources belonging to a company that offer future benefits to the company. |

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 $23,000 |

6. (TCO A) In a classified balance sheet, assets are usually classified as: (Points : 3) current assets; long-term assets; property, plant, and equipment; and tangible assets. current assets; long-term investments; property,