Market price of Bond
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17. The basis for classifying assets as current or noncurrent is the
period of time normally required by the accounting entity to convert
cash invested in
a. inventory back into cash, or 12 months, whichever is shorter.
b. receivables back into cash, or 12 months, whichever is longer.
c. tangible fixed assets back into cash, or 12 months, whichever is
longer.
d. inventory back into cash, or 12 months, whichever is longer.
18. The owners' equity section is usually divided into what three parts?
a. Preferred stock, common stock, treasury stock
b. Preferred stock, common stock, retained earnings
c. Capital stock, additional paid-in capital, retained earnings
d. Capital stock, appropriated retained earnings, unappropriated
retained earnings
19. In preparing a statement of cash flows, which of the following
transactions would be considered an investing activity?
a. Sale of equipment at book value
b. Sale of merchandise on credit
c. Declaration of a cash dividend
d. Issuance of bonds payable at a discount
20. Which table would you use to determine how much you would need to
have deposited three years ago at 10% compounded annually in order
to have $1,000 today?
a. Future value of 1 or present value of 1
b. Future value of an annuity due of 1
c. Future value of an ordinary annuity of 1
d. Present value of an ordinary annuity of 1
21. The market price of a $200,000, ten-year, 12% (pays interest semi-
annually) bond issue sold to yield an effective rate of 10% is
a. $224,578.
b. $224,925.
c. $226,654.
d. $374,472.
22. All of the following costs should be charged against revenue in the
period in which costs are incurred EXCEPT for
a. manufacturing overhead costs for a product manufactured and sold
in the same accounting period.
b. costs which will not benefit any future period.
c. costs from idle manufacturing capacity resulting from an
unexpected plant shutdown.
d. costs of normal shrinkage and scrap incurred for the manufacture
of a product in ending inventory.
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17. The basis for classifying assets as current or noncurrent is the
period of time normally required by the accounting entity to convert
cash invested in
c. tangible fixed assets back into cash, or 12 months, whichever is
longer.
18. The owners' equity section is usually divided into what three parts?
c. Capital stock, additional paid-in capital, retained earnings
19. In preparing a ...
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