Financial Accounting Amortization Multiple Choice Questions Homework Help
- October 17, 2017
- Posted by:
- Category: Accounting QA
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1.The matching principle requires
That expenses be ignored if their effect on the financial statements are less important than revenues to the financial statement user
The use of the direct write-off method for bad debts
The use of the allowance method of accounting for bad debts
That bad debts be disclosed in the financial statements
That bad debts not be written off
2.Liabilities:
Must be certain
Must sometimes be estimated
Must be for a specific amount
Must always have a definite date for payment
Must involve an outflow of cash
3.In the accounting records of a defendant, lawsuits:
Are estimated liabilities
Should always be recorded
Should always be disclosed
Should be recorded if payment for damages is probable and the amount can be reasonably estimated
4.A contingent liability:
Is always of a specific amount
Is a potential obligation that depends on a future event arising out of a past transaction or event
Is an obligation not requiring future payment
Is an obligation arising from the purchase of goods or services on credit
Is an obligation arising from a future event
5.Total asset turnover is calculated by dividing:
Gross profit by average total assets
Average total assets by gross profit
Net sales by average total assets
Average total assets by net sales
Net assets by total assets
6.If the times interest ratio:
Increases, then risk increases
Increases, then risk decreases
Is greater than 1.5, then the company is in default
Is less than 1.5, the company is carrying too little debt
7.Promissory notes that require the issuer to make a series of payments consisting of both interest and principal are:
Debentures
Discounted notes
Installment notes
Indentures
Investment notes
8.A company borrowed $300,000 cash from the bank by signing a 5-year, 8% installment note. The present value factor for an annuity at 8% for 5 years is 3.9927. Each annuity payment equals $75,137. The present value of the note is:
$75,137
$94,013
$300,000
$375,685
9.A bond traded at 102 means that:
The bond pays 2.5% interest
The bond traded at $1,025 per $1,000 bond
The market rate of interest is 2.5%
The bonds were retired at $1,025 each
10.Dividend yield is the percent of cash dividends paid to common shareholders relative to the:
Common stock’s market value
Earnings per share
Investors’ purchase price of the stock
Amount of retained earnings
Amount of cash
11.A bondholder that owns a $1,000, 10%, 10-year bond has:
Ownership rights
The right to receive $10 per year until maturity
The right to receive $1,000 at maturity
The right to receive $10,000 at maturity
12.A company issues at 9% bonds at par with a par value of $100,000 on April 1, which is 4 months after the most recent interest date. How much total cash interest is received on April 1 by the bond issuer?
$750
$5,250
$1,500
$3,000
$6,000
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13.Bonds owned by investors whose names and addresses are recorded by the issuing company and for which interest payments are made with checks to the bondholders, are called
Callable bonds
Serial bonds
Registered bonds
Coupon bonds
14.The right of common shareholders to protect their proportionate interest in a corporation by having the first opportunity to buy additional proportionate shares of common stock issued by the corporation is called a:
Preemptive right
Proxy right
Right to call
Financial leverage
15.Owners of preferred stock often do not have:
Ownership rights to assets of the corporation
Voting rights
Preference to dividends
The right to sell their stock on the open market
Preference to assets at liquidation
16.The dividend yield is computed by dividing: Cash dividends per share by earnings per share
Earnings per share by cash dividends per share
Cash dividends per share by the market price per share
Market price per share by cash dividends per share
Cash dividends per share by retained earnings
17.A company issues 9%, 20-year bonds with a par value of $750,000. The current market rate is 9%. The amount of interest owed to the bondholders for each semiannual interest payment is.
$0
$33,750
$67,500
$750,000
$1,550,000
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