ACC 290 Week 1 Practice Quiz

ACC 290 Week 1 Practice Quiz

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https://zh.scribd.com/document/340327850/Uop-Tutorial

 ACC 290 Week 1 Practice Quiz
 

 

Complete the Week 1 Practice Quiz in WileyPLUS
 

 

 
 

Practice Question 05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 

In which forms of business organization are the owners personally liable for all the debts of the business?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Sole proprietorships and corporations
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Sole proprietorships and partnerships
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Partnership and corporation
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
All of the answer choices are correct
 

 

 

 

Practice Question 10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 

Which of the following is not an external user of accounting data?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Customers
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Economic planners
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Labor unions
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Chief Financial Officer
 

 

 

 

 

Practice Question 26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 

The financial statements for Harold Corporation contained the following information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable
$ 5,000
Sales revenue
75,000
Cash
15,000
Salaries and wages expense
20,000
Rent expense
10,000
 

How much was Harold’s net income?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$60,000
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$65,000
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$45,000
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$15,000
 

 

 

 

 

Practice Question 29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 

In which of the following sequences are the financial statements usually prepared?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Balance sheet, statement of cash flows, income statement and retained earnings statement.
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Balance sheet, retained earnings statement, statement of cash flows, and income statement.
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Income statement, retained earnings statement, balance sheet, and statement of cash flows.
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Income statement, balance sheet, retained earnings statement, and statement of cash flows.
 

 

 

 

 

Practice Question 48
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 

Which of the following are not considered to be primary users of financial statements in countries outside the U.S.?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Economic advisors 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Private investors
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Central government planners
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Tax authorities
 

 

 

Practice Question 14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 

For 2017, Stoneland Corporation reported net income, $24,000; net sales, $400,000; and average shares outstanding, 6,000. There were no preferred stock dividends. How much was the 2017 earnings per share?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$4.00
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$0.06
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$16.67
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$66.67
 

 

 

 

 

 

 

Practice Question 23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 

The following ratios are available for Leer Inc. and Stable Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Current Ratio
 
Debt to Assets Ratio
 
Earnings per Share
 
Leer Inc.
2:1
 
75%
 
$3.50
 
Stable Inc.
1.5:1
 
40%
 
$2.75
 
 

Compared to Stable Inc., Leer Inc. has

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
lower liquidity, higher solvency, and higher profitability.
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
higher liquidity, higher solvency, but profitability cannot be compared based on information provided.
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
higher liquidity, lower solvency, and higher profitability.
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
higher liquidity and lower solvency, but profitability cannot be compared based on information provided.
 

 

 

 

 

 

Practice Question 18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 

At December 31, 2017, Shorts Company had retained earnings of $2,184,000. During 2017, the company issued stock for $98,000, and paid dividends of $34,000. Net income for 2017 was $402,000. How much was the retained earnings balance at the beginning of 2017?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$2,454,000
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$1,816,000
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$2,552,000
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$1,914,000
 

 

 

 

 

Practice Question 27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 

Which of the following ratios measures the ability of the company to survive over a long period of time?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Profitability ratios
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Current ratios
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Liquidity ratios
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Solvency ratios
 

 

 

 

Practice Question 38

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

What are the accounting rules that have substantial authoritative support and are recognized as a general guide for financial reporting purposes in the U. S.?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Generally accepted auditing principles
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Generally accepted accounting principles
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
General accounting principles
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Generally accepted accounting standards
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