Mid Term Essay

1915 WordsApr 26, 20138 Pages
Mid-term 1. (TCO A, B, 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 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. 3. (TCO C) The statement of cash flows would disclose the payment of a dividend: (Points : 3) nowhere on the statement. in the operating activities section. in the investing activities section. in the financing activities section. 4. (TCO A) Resources owned by a business are referred to as: (Points : 3) stockholders' equity. liabilities. assets. revenues. 5. (TCO C) Jamie Company recorded the following cash transactions for the year: Paid $70,000 for salaries. Paid $20,000 to purchase office equipment. Paid $6,000 for utilities. Paid $7,000 in dividends. Collected $130,000 from customers. What was Jamie's net cash provided by operating activities? (Points : 3) $47,000 $54,000 $27,000 $33,000 6. (TCO A) A current asset is: (Points : 3) the last asset purchased by a business. an asset which is currently being used to produce a product or service. usually found as a separate classification in the income statement. expected to be converted to cash or used in the business within a relatively short period of time. 7. (TCO A) Which of the following is not considered an asset? (Points : 3) Equipment Dividends Accounts receivable Inventory 8. (TCO A) These are selected account balances on December

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