Question 1

ROA is computed as:

Accepted Answer

A)  Net income / Average stockholders' equity 
B)  Earnings without interest expense (EWI)/ Average total assets 
C)  Profit margin × Asset turnover 
D)  B or C 
A)  Net income / Average stockholders' equity 
B)  Earnings without interest expense (EWI)/ Average total assets 
C)  Profit margin × Asset turnover 
D)  B or C D

Question 2

Note receivable due in 30 days

Accepted Answer

A)  Current assets 
B)  Long-term investments 
C)  Long-term assets 
D)  Intangible assets 
E)  Current liabilities
F) Noncurrent liabilities
G) Equity
H) item should not appear on the balance sheet 
A)  Current assets 
B)  Long-term investments 
C)  Long-term assets 
D)  Intangible assets 
E)  Current liabilities
F) Noncurrent liabilities
G) Equity
H) item should not appear on the balance sheet A

Question 3

The chart of accounts is also known as the book of original entry.

Accepted Answer

A) True 
 B)False  False

Question 4

Inventory

Accepted Answer

A)  Current assets 
B)  Long-term investments 
C)  Long-term assets 
D)  Intangible assets 
E)  Current liabilities
F) Noncurrent liabilities
G) Equity
H) item should not appear on the balance sheet 
A)  Current assets 
B)  Long-term investments 
C)  Long-term assets 
D)  Intangible assets 
E)  Current liabilities
F) Noncurrent liabilities
G) Equity
H) item should not appear on the balance sheet

Question 5

Land

Accepted Answer

A)  Current assets 
B)  Long-term investments 
C)  Long-term assets 
D)  Intangible assets 
E)  Current liabilities
F) Noncurrent liabilities
G) Equity
H) item should not appear on the balance sheet 
A)  Current assets 
B)  Long-term investments 
C)  Long-term assets 
D)  Intangible assets 
E)  Current liabilities
F) Noncurrent liabilities
G) Equity
H) item should not appear on the balance sheet

Question 6

Building

Accepted Answer

A)  Current assets 
B)  Long-term investments 
C)  Long-term assets 
D)  Intangible assets 
E)  Current liabilities
F) Noncurrent liabilities
G) Equity
H) item should not appear on the balance sheet 
A)  Current assets 
B)  Long-term investments 
C)  Long-term assets 
D)  Intangible assets 
E)  Current liabilities
F) Noncurrent liabilities
G) Equity
H) item should not appear on the balance sheet

Question 7

Accounts receivable

Accepted Answer

A)  Current assets 
B)  Long-term investments 
C)  Long-term assets 
D)  Intangible assets 
E)  Current liabilities
F) Noncurrent liabilities
G) Equity
H) item should not appear on the balance sheet 
A)  Current assets 
B)  Long-term investments 
C)  Long-term assets 
D)  Intangible assets 
E)  Current liabilities
F) Noncurrent liabilities
G) Equity
H) item should not appear on the balance sheet

Question 8

Companies may not report internally created assets, such as the value of a successful marketing campaign, design innovations and a highly motivated work force on their balance sheets.

Accepted Answer

A) True 
 B)False

Question 9

If Camrey's Trucks makes the appropriate adjusting entry, how much will be reported on the December 31, 2016 balance sheet as unearned revenue?

Accepted Answer

A)  $ 90,000 
B)  $216,000 
C)  $ 64,000 
D)  $ 98,000 
A)  $ 90,000 
B)  $216,000 
C)  $ 64,000 
D)  $ 98,000

ROA is computed as:

Note receivable due in 30 days

The chart of accounts is also known as the book of original entry.

Inventory

Land

Building

Accounts receivable

Companies may not report internally created assets, such as the value of a successful marketing campaign, design innovations and a highly motivated work force on their balance sheets.

If Camrey's Trucks makes the appropriate adjusting entry, how much will be reported on the December 31, 2016 balance sheet as unearned revenue?

Introducing Financial Accounting

Reporting and Analyzing Liabilities,inventory Long-Term Operating Assets, Revenues and Receivables

Understanding the Importance of Management Accounting Reports and Off-Balance-Sheet Financing

Cost Estimation and Manufacturing Cost Classification

Product Costing: Job and Process Operations

Analyzing Total Payroll Department Costs

Filters

Exam 2: Categorizing Inventory on the Balance Sheet

ROA is computed as:

Note receivable due in 30 days

The chart of accounts is also known as the book of original entry.

Inventory

Land

Building

Accounts receivable

Companies may not report internally created assets, such as the value of a successful marketing campaign, design innovations and a highly motivated work force on their balance sheets.

If Camrey's Trucks makes the appropriate adjusting entry, how much will be reported on the December 31, 2016 balance sheet as unearned revenue?

Introducing Financial Accounting

Reporting and Analyzing Liabilities,inventory Long-Term Operating Assets, Revenues and Receivables

Understanding the Importance of Management Accounting Reports and Off-Balance-Sheet Financing

Cost Estimation and Manufacturing Cost Classification

Product Costing: Job and Process Operations

Analyzing Total Payroll Department Costs

Filters