Can you please help me with these question for week 5 ACC 291 Universi


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Can you please help me with these question for week 5 ACC 291 University of Phoenix? 1. The term "receivables" refers to o amounts due from individuals or companies. o merchandise to be collected from individuals or companies. o cash to be paid to

Sale price $15.00 Regular price $30.00

Can you please help me with these question for week 5 ACC 291 University of Phoenix?

1. The term "receivables" refers to

o amounts due from individuals or companies.

o merchandise to be collected from individuals or companies.

o cash to be paid to debtors.

o cash to be paid to creditors.

2. Three accounting issues associated with accounts receivable are

o recognizing, valuing, and accelerating collections.

o accrual, bad debts, and accelerating collections.

o depreciating, valuing, and collecting.

o depreciating, returns, and valuing.

3. When the allowance method is used to account for uncollectible accounts, Bad Debts Expense is debited when

o a customer's account becomes past due.

o an account becomes bad and is written off.

o a sale is made.

o management estimates the amount of uncollectibles.

4. Which one of the following is not a principle of sound accounts receivable management?

o Delay cash receipts from receivables if necessary.

o Monitor collections.

o Determine a payment period.

o Determine to whom to extend credit.

5. The accounts receivable turnover is computed by dividing

o net credit sales by average receivables.

o net credit sales by ending receivables.

o total sales by average receivables.

o total sales by ending receivables.

6. The accounts receivable turnover is used to analyze

o risk.

o liquidity.

o long-term solvency.

o profitability.

7. The following information is provided for Sheridan Company and Concord Corporation:

(in $ millions) Sheridan Company Concord Corporation

Net income 2017 $170 $390

Net sales 2017 1625 4550

Total assets 12/31/15 1005 2280

Total assets 12/31/16 1160 3080

Total assets 12/31/17 1160 4000

What is Concord's return on assets (rounded) for 2017?

o 9.8% 12.7%

o 14.6% 11.0%

8. Which of the following is not properly classified as property, plant, and equipment?

o Land used in ordinary business operations.

o A truck held for resale by an automobile dealership.

o Land improvement, such as parking lots and fences.

o Building used as a factory.

9. A characteristic of a plant asset is that it is

o held for sale in the ordinary course of the business.

o used in the operations of a business.

o intangible.

o not currently used in the business but held for future use.

10. A current liability is a debt that can reasonably be expected to be paid

o between 6 months and 18 months.

o within one year, or the operating cycle, whichever is longer.

o out of currently recognized revenues.

o out of cash currently on hand.

11. Which of the following most likely would be classified as a current liability?

o Bonds payable in 5 years

o Dividends payable

o Three-year notes payable

o Mortgage payable as a single payment in 10 years

12. The 2017 financial statements of Pharoah Company contain the following selected data (in millions).

Current assets $99

Total assets 157

Current liabilities 47

Total liabilities 80

Cash 8

Interest expense 7

Income taxes 11

Net income 19

The debt to assets ratio (rounded) is

o 1.96%.

o 5.2 times.

o 51.0%.

o 47.5%.

13. In a recent year Monty Corp. had net income of $152000, interest expense of $28700, and income tax expense of $41500. What was Monty Corp.'s times interest earned (rounded) for the year?

o 7.74

o 5.30

o 6.30

o 6.74

14. If bonds are issued at a discount, it means that the

o market interest rate is lower than the contractual interest rate.

o market interest rate is higher than the contractual interest rate.

o bondholder will receive effectively less interest than the contractual rate of interest.

o financial strength of the issuer is suspect.

15. If bonds are issued at a premium, the stated interest rate is

o higher than the market rate of interest

o adjusted to a higher rate of interest.

o lower than the market rate of interest.

o too low to attract investors.

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