The group of users of accounting information

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1.)The group of users of accounting information charged with achieving the goals of the business, is which of the following?

2.)The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers, is called which of the following? (Points: 4)
A)account payable
B)account receivable

3.) If the retained earnings account increases from the beginning of the year to the end of the year, then which of the following will occur? (Points: 4)
A)net income is less than dividends
B)a net loss is less than dividends
C)additional investments are less than net losses
D)net income is greater than dividends

4.) For 2010, Kuhlman Corporation reported net income of $28,000; net sales $400,000; and average shares outstanding of 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? (Points: 4)

5.)Mason Corporation has current assets of $1,500,000 and current liabilities of $750,000. If they pay $250,000 of their accounts payable, what will their new current ratio be? (Points: 4)

6. (TCO 4) Suppose that Drake Corporation produced and sold 5,000 laptop computers during 2010. It reported $270,000 cash provided by operating activities. In order to maintain production at 5,200 laptops, Drake invested in $8,000 in equipment. Drake paid $2,000 in dividends. What is Drake’s free cash flow? (Points: 4)

7. (TCO 2) If a company issues common stock for $25,000, and uses $20,000 of the cash to purchase a truck, which of the following will occur? (Points: 4)
assets will be increased by $5,000
equity will be reduced by $25,000
assets will be increased by $25,000
assets will be unchanged

8. (TCO 2) During February 2010, its first month of operations, the owner of Schwenn Enterprises invested cash of $25,000. Schwenn had cash sales of $4,000 and paid expenses of $7,000. Assuming no other transactions impacted the cash account, what is the balance in Cash at February 28? (Points: 4)
$3,000 credit
$22,000 debit
$29,000 debit
$18,000 credit

9. (TCO 3) The custodian of a company asset should do which of the following? (Points: 4)
have access to the accounting records for that asset
be someone outside the company
not have access to the accounting records for that asset
be an accountant

10. (TCO 3) James Company had checks outstanding totaling $10,800 on its June bank reconciliation. In July, James Company issued checks totaling $77,800. The July bank statement shows that $52,600 in checks cleared the bank in July. A check from one of James Company’s customers in the amount of $600 was also returned marked “NSF.” The amount of outstanding checks on James Company’s July bank reconciliation should be which of the following? (Points: 4)

11. (TCO 11) Hardigan Manufacturing Company reported the following year-end information: beginning work in process inventory, $80,000; cost of goods manufactured, $980,000; beginning finished goods inventory, $50,000; ending work in process inventory, $70,000; and ending finished goods inventory, $40,000. How much is Hardigan’s cost of goods sold for the year? (Points: 4)

12. (TCO 11) Gellar Company has $20,000 of ending finished goods inventory as of December 31, 2008. If beginning finished goods inventory was $15,000 and cost of goods sold was $30,000, how much would Gellar report for cost of goods manufactured? (Points: 4)

13. (TCO 5) A variable cost is a cost that does which of the following? (Points: 4)
varies per unit at every level of activity
occurs at various times during the year
varies in total in proportion to changes in the level of activity
may or may not be incurred, depending on management’s discretion

14. (TCO 5) CVP analysis is not important in which of the following? (Points: 4)
calculating depreciation expense
setting selling prices
determining the product mix
utilizing production facilities

15. (TCO 5) Madison Company’s variable costs are 25% of sales. Its selling price is $150 per unit. If Weed sells one unit more than break-even units, how much will profit increase? (Points: 4)

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