Acct 504 Week 8 Final Exam All 4 Sets - Updated 2014 - Devry

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ACCT 504 Week 8 Final Exam All 4 Sets - Updated 2014 - DeVry

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ACCT 504 Set 1

Question 1. 1. (TCOs A, B, and C) Which type of corporate information is not available to investors? (Points : 3)
Dividend history
Forecast of cash needs for the upcoming year
Cash provided by investing activities
Beginning cash balance
Question 2. 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.
Question 3. 3. (TCO C) Buying and selling products are examples of (Points : 3) operating activities. investing activities. financing activities. delivering activities.
Question 4. 4. (TCO A) The cost of assets consumed or services used is also known as (Points : 3) a revenue. an expense. a liability. an asset.
Question 5. 5. (TCO C) Finley Company recorded the following cash transactions for the year.
Paid $90,000 for salaries
Paid $40,000 to purchase office equipment
Paid $10,000 for utilities
Paid $4,000 in dividends
Collected $150,000 from customers
What was Finley’s net cash provided by operating activities? (Points : 3)
$50,000
$10,000
$60,000
$46,000
Question 6. 6. (TCO A) On a classified balance sheet, prepaid insurance is classified as (Points : 3) an intangible asset. property, plant, and equipment. a current asset. a long-term investment.
Question 7. 7. (TCO A) An intangible asset (Points : 3) may have the capacity to earn revenue for its owner. is worthless because it has no physical substance. is converted into a tangible asset during the…...

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