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Chapter 10 Chapter 11 Chapter 13
Terms in this set (49)
An obligation dependent upon an event that has not yet occurred is an example of a _____.
Budget Auto signed a $45,000 8% 30-year installment note on November 1, 2012. The note requires semiannual payments of $750 plus interest on May 1 and November 1 each year. How will Budget Auto classify this loan on its December 31, 2013 Balance sheet?
Current Portion of Long-term debt= $750
Which of the following would be considered a contingent liability?
-Pending Legal Action
Bonds from the same bond issue that mature at different times are called:
Bonds that may be retired at a prearranged price are called:
Bonds that mature all at the same time are called:
Bonds that are backed by collateral are:
Bonds that are backed only by the credit of the issuing company are:
Debenture bonds are the same as:
Bonds that can be exchanged for stock are called:
The amount that a borrower must pay back to the bondholders on the maturity date is the:
The rate of interest that is printed on the bond is called the ___ rate of interest.
If a bonds stated rate of interest is equal to the marker rate of interest, the bond will be issued at:
If the market rate of interest is greater than the bonds stated rate of interest, the bond will be issued at:
A business wanting to incorporate must file articles of incorporation with the:
Secretary of State
The number of shares of stock that a corporation is given the right to sell is called:
The basic unit of stock is called a(n):
Stockholders will be issued ___ physically or electronically.
Stock that is held by s stockholder is called:
Which of the following business types is largest by number?
Which of the following business types dominates by the amount of business transacted?
Which of the following is NOT an advantage of a corporation?
Which of the following is an advantage of a corporation?
Ease of funding
Which of the following are considered to be legal entities that exist separate and distinct from their owners?
Preferred stockholders generally have the same basic rights as common stockholders EXCEPT for:
Stockholders receiving their proportionate share of any assets left after a company goes out of business is an example of which stockholder right?
At least one "class" of stock MUST have:
States value is assigned:
by the directors
Stockholders' equity consists of:
-Paid-in (or contributed) capital
A journal entry for the sale of a $10 par-common stock for $18 per share would include a:
A credit to Paid-in Capital in Excess of Par-Common Stock
The entry to record Empire Machinery, Inc. selling 800 shares of $6 par common stock at $8 per share would be to:
Debit Cash $6400
Credit Common Stock $4800
Credit Paid-In Capital in excess par-common stock $1600
Which of the following dates do NOT require a journal entry?
Date of record
The___ is the financial statement associated with the operating, investing and financing activities of a corporation.
Statement of cash flows
The accuracy of the statement of cash flows can be verified by computing the change in the balance of the:
Cash and cash equivalent accounts
The purpose of the statement of cash flows is to show:
Why the cash amount changed from the beginning of the period to the end of the period.
Which of the following is NOT a part of operating activities:
Cash dividends paid to stockholders
Which of the following is NOT a part of investing activities?
Selling goods and servies
Operating cash flow affect:
Current assets and current liabilties
Financing activities affect:
Long-term liabilities and equity accounts.
The cost of purchasing long-term assets such as buildings and land are:
Subtracted from investing activities
Which would be subtracted from net income in the operating section of an indirect cash flow statement?
An increase in inventory
An example of a cash inflow from financing activities is:
Paying cash dividends
Transactions involving the purchase and sale of long-term assets, lending money and collecting the principal on loans are called:
When an analyst compares a business with a similar business is is referred to as:
A comparison of the amounts from the same item in the financial statement of two or more periods is called:
Which analysis deals with the percentage of changes in certain items over a period of years?
Liberty Auto reported Net Sales of $258,000, Cost of Goods Sold of $110,500, Operating Expenses of $62,400, and Income Tax Expense of 21,600. Liberty Autos net income percentage was:
Gross profit on Sales/Net Sales
For vertical analysis purposes, the base item on the income statement is:
On a balance sheet, a percentage of total assets, liabilities, or owner's equity is used
Comparative reports in which each item is expressed as a percentage of a base amount without dollar amounts are called:
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