Preview

Acc 501: Current Assets, Fixed Assets and Revenues

Satisfactory Essays
Open Document
Open Document
19005 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Acc 501: Current Assets, Fixed Assets and Revenues
www.virtualinspire.com
ACC501 Current 11 Solved Finalterm Papers and Important
MCQS
Solved…
By
EXAMINATION
Question No: 1 ( Marks: 1 ) - Please choose one
The accounting definition of income is:
►Income = Current Assets -Current Liabilities
►Income = Fixed Assets - Current Assets
►Income = Revenues - Current Liabilities
►Income = Revenues - Expenses pg 17
Question No: 2 ( Marks: 1 ) - Please choose one
What would be the capital spending for an organization who has purchased fixed assets of Rs. 200,000 and sold fixed assets of Rs. 45,000?
►Rs. 245,000
►Rs. 200,000
►Rs.1 55 , 0 0 0
►Rs. 45,000
200000-
45000=155000
Question No: 3 ( Marks: 1 ) - Please choose one
Selected information from SNT Company's accounting records is as follows: o Cash paid to retired common shares Rs. 15,000 o Proceeds from issuance of preferred shares Rs. 20,000 o
Cash dividends paid Rs. 8,000 www.virtualinspire.com o Proceeds from sale of equipment Rs. 25,000
On its cash flow statement for the year, SNT Company should report net cash flow from financing activities as:
►Rs. 3,000 net cash inflow
►Rs. 3,000 net cash outflow
►Rs. 8,000 net cash inflow
►Rs. 8,000 net cash inflow
Question No: 4 ( Marks: 1 ) - Please choose one
SNT Company has a current ratio of 3:2. Current Liabilities reported by the company are Rs. 30,000 . What would be the Net Working Capital for the company? ►Rs. 45,000
►Rs. 15,000
► ( R s . 4 5 ,0 0 0 )
►( Rs. 15,000)
Question No: 5 ( Marks: 1 ) - Please choose one
Which of the following would not improve the current ratio?
►Borrow short-term to finance additional fixed assets
►Issue long-term debt to buy inventory
►Sell common stock to reduce current liabilities
►Sell fixed assets to reduce accounts payable
Question No: 6 ( Marks: 1 ) - Please choose one www.virtualinspire.com Which of the following are incorporated into the calculation of the Du -Pont
Identity?
I. Return on assets II.
Equity Multiplier
III. Total Assets
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Hsm/260 Week 2
    • 262 Words
    • 2 Pages

    Hsm/260 Week 2

    Just in case there happens to be any discrepancy in the organizations finances, the cash flow will show…

    • 262 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    xacc 291 week 7
    • 391 Words
    • 2 Pages

    xacc 291 week 7

    The term cash flows refer to the receipts and payment of cash. A financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents is known as a statement of cash flow. Similar to an income statement, a cash flow statement records a company’s performance over a period of time. Consistently, companies will disclose the cash arising are generally required to prepare a statement of cash flow in their annual reports because it contains vital information for lenders and investors who primarily make informed and economic decisions about the companies. Generally during a company’s accounting period their cash flow is categorized and divided into three sections which are: cash flow from operations, financing and investing. The primary reasons these transactions are catergorized and divided is so investors will understand what the transactions are related to and how each section paints a vivid picture of how the company is doing from both a cash standpoint and overall health. The statement of cash flow is very important for companies that are required to prepare and present their financial statement in accordance to with international accounting standards and international financial reporting standards.…

    • 391 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Acct102 Quiz
    • 1950 Words
    • 8 Pages

    Acct102 Quiz

    Which of the following items is reported on the statement of cash flows under financing activities?…

    • 1950 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    xacc week 1
    • 376 Words
    • 2 Pages

    xacc week 1

    “Cash Flow Statement - The cash flow statement shows the amount of monies within the company ("Boundless", 2014).” Anything that affects the cash balance is listed on this statement. This allows managers, creditors, and investors to view the company’s operations from a cash perspective.…

    • 376 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Case 2 Bucks
    • 674 Words
    • 3 Pages

    Case 2 Bucks

    relevant accounting literature and guidance on how to present the related cash flows in its…

    • 674 Words
    • 3 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    Acc 220 Financial Statement
    • 264 Words
    • 2 Pages

    Acc 220 Financial Statement

    * A balance sheet is summary of a company's financial condition at a specific point in time, including assets, liabilities and net worth. It allows the company to know what they have been paying for or what they owe out to people. An income statement is a report that tracks a company’s revenues, gross profits, operating income, and net worth. All businesses need to have revenue in order to establish a good foundation to have their business up and running. A retained earnings statement is the portion of net income not paid out to investors in the business as dividends. If the company earns a profit they have to decide whether or not to invest it or keep it as theirs and distribute it evenly throughout the others in the company. Statement of cash flows provides information about an entity's cash receipts and cash payments during a period. Cash flow statements classify cash receipts and payments according to whether they stem from operating, investing, or financing activities. Assets are any item or items of economic value owned by an individual or corporation, especially that which could be converted to cash. A liability is an obligation that legally binds an individual or company to settle a debt. Comparative statements are financial statements for different periods that allow the comparison of figures to illustrate trends in a company’s performance. Stockholder’s equity is the part of the balance sheet that represents the capital received from investors in exchange for stock donated capital and retained…

    • 264 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    ACC 497 Week 3 Individual Assignment Financial Statements Paper Part II
    • 427 Words
    • 2 Pages

    ACC 497 Week 3 Individual Assignment Financial Statements Paper Part II

    In the Annual Report, there are several concerns from management. Discuss these concerns, and identify other weaknesses not discussed by management. Then, recommend a course of action addressing these concerns.…

    • 427 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Acc/291 Weekly Reflection
    • 305 Words
    • 2 Pages

    Acc/291 Weekly Reflection

    The statement of cash flow is one of the main financial statements which investors rely on to measure a company’s financial strength. Some investors are very much interested in this statement because they absolutely want returns on their investment. The cash flow statement identifies the cash is flowing in and out of the company. If a company is consistently generating more cash than it is using, the company will be able to increase its dividends, reduce debt, and acquire other businesses. All of this is perceived to be good for investors.…

    • 305 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Bond and Student Answer Essay Example
    • 3077 Words
    • 13 Pages

    Bond and Student Answer Essay Example

    It reveals the net cash flows of a firm over a stated period of time.…

    • 3077 Words
    • 13 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Please Post a 150-300 Word Response to the Following Discussion Question by Clicking on Reply. Solve Problem P15-7 on Page 741 of Your Reading Material. the Name of This Company Is Cotte Corporation. You Are Required to
    • 464 Words
    • 2 Pages

    Please Post a 150-300 Word Response to the Following Discussion Question by Clicking on Reply. Solve Problem P15-7 on Page 741 of Your Reading Material. the Name of This Company Is Cotte Corporation. You Are Required to

    COTTE CORPORATION | | Income Statement | | For the Year Ended December 31, 2009 | | | | | Sales | $11,000,000 | | Cost of goods sold | $5,184,000 | |…

    • 464 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Week 7
    • 406 Words
    • 2 Pages

    Week 7

    Total corporate value = $699.20(value of operations) + $49.9(marketable securities) = $749.10 million is the value of the company on…

    • 406 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Adecco Writeup
    • 670 Words
    • 2 Pages

    Adecco Writeup

    I pledge my honor that I have not violated the Honor Code in preparation of this case…

    • 670 Words
    • 2 Pages
    Good Essays
    Read More
  • Good Essays

    Fair Value
    • 3876 Words
    • 16 Pages

    Fair Value

    1. (Exhibit 1: Total Product) Between points A and B the marginal product of labor is:…

    • 3876 Words
    • 16 Pages
    Good Essays
    Read More
  • Better Essays

    ACC Week 1 Current Noncurrent Assets
    • 892 Words
    • 3 Pages

    ACC Week 1 Current Noncurrent Assets

    Companies need to account for their daily activities, which can include the office supplies being used daily by its employees such as copy paper, toner, etc., as well as supplies that do not deplete, however are being used daily, such as copiers, fax machines, etc. The most common items are categorized on a balance sheet which will represent the value of all assets that are expected to be converted into cash within one year in the normal course of business (TD Bank.com, 2014). A balance sheet is where a creditor or investor will look to see how your company is progressing financially. The balance sheet is a written report of the company 's assets and liabilities. It specifically shows the current and noncurrent assets of the company.…

    • 892 Words
    • 3 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    The Balance Sheet
    • 640 Words
    • 3 Pages

    The Balance Sheet

    This paper will discuss a financial statement that reports the assets, liabilities, and owners equity on January1, 2012 called the balance sheet. The report the reader will see below is a current balance sheet for a company called Custom Building that I personally work with. Working one on one with the owner has offered quite a bit of experience in the accounting world. The reader will be able to view the balance sheet below, following the explanation of the balance sheet for Custom Building discussed in full.…

    • 640 Words
    • 3 Pages
    Satisfactory Essays
    Read More

Related Topics