ACCT 504 Accounting and Finance Managerial use and Analysis Week 4 Midterm Set 1



Week 4 Midterm Exam 


  1. (TCOs A, B, and C) Which of the following statements concerning users of accounting information is incorrect?
  2. (TCO C) Paying back long-term debt is an example of a(n)
  3. (TCO A) Resources owned by a business are referred to as
  4. (TCO A) On a classified balance sheet, prepaid expenses are classified as
  5. (TCO B) For 2012, LBJ Corporation reported net income of $40,000; net sales $1,400,000; and weighted average shares outstanding of 10,000. There were no preferred stock dividends. What was the 2012 earnings per share? 
  6. (TCO D) Which of the following describes the normal balance and classification of the dividends account?
  7. (TCO E) The accrual accounting term used to indicate an item paid in advance or the receipt of cash in advance is
  8. (TCOs A and B) A perpetual inventory system would most likely be used by a(n)
  9. (TCOs A and B) LBJ Company recorded the following events involving a recent purchase of merchandise. 
  10. (TCO A) In periods of rising prices, which of the following inventory methods results in the lowest income taxes?
  11. (TCO D) Describe the process of preparing a trial balance. What is the purpose of preparing a trial balance? If a trial balance does not balance, identify what might be the reasons why it does not balance. If the trial balance does balance, does that ensure that the ledger accounts are correct? Explain.
    • Posted: 4 years ago
    ACCT 504 Accounting and Finance Managerial use and Analysis Week 4 Midterm Set 1

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