Keller Fi 504 Midterm

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1. (TCO A, B, C) External users want answers to all of the following questions except: (Points : 3) Is the company earning satisfactory income? Will the company be able to pay its debts as they come due? Did the company use a budget to plan its expenses? How does the company compare in profitability with competitors? |

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) Buying and selling products are examples of: (Points : 3) operating activities. investing activities. financing activities. delivering activities. |

4. (TCO A) The best definition of assets is, the (Points : 3) cash owned by the company. collections of resources belonging to the company and the claims on these resources. Owners' investment in the business. resources belonging to a company that offer future benefits to the company. |

5. (TCO C) Edwards Company recorded the following cash transactions for the year:

Paid $45,000 for salaries.
Paid $20,000 to purchase office equipment.
Paid $5,000 for utilities.
Paid $2,000 in dividends.
Collected $75,000 from customers.

What was Edwards' net cash provided by operating activities? (Points : 3) $25,000 $5,000 $30,000 $23,000 |

6. (TCO A) In a classified balance sheet, assets are usually classified as: (Points : 3) current assets; long-term assets; property, plant, and equipment; and tangible assets. current assets; long-term investments; property, plant, and equipment; and common stocks. current assets; long-term investments; and tangible assets. current assets; long-term investments; property, plant, and equipment; and intangible assets. |

7. (TCO A) Which of the

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