Acct 504 Mid Term Questions & Answers

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 1.| dubiety :| (TCO A, B, C) External users wish answers to all of the following questions excerpt:|
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 | Student dress:| | Is the corporation earning satisfactory income? |
 | | | Will the family be able to pay its debts as they come payable? |
 | | | Did the company use a budget to plan its expenses? |
 | | | How does the company compare in profitability with competitors? |
 | instructor Explanation:| Chapter 1 page 6|
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 | Points Received:| 0 of 3 |
 | Comments:| |
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 2.| Question :| (TCO C) Issuing shares of stock in exchange for cash is an fount of a(n):|
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 | Student Answer:| | delivering activity. |
 | | | investing activity. |
 | | | financing activity. |
 | | | operating activity. |
 | teacher Explanation:| Chapter 1 page 9|
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 | Points Received:| 3 of 3 |
 | Comments:| |
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 3.| Question :| (TCO C) The statement of cash flows would disclose the honorarium of a dividend:|
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 | Student Answer:| | nowhere on the statement. |
 | | | in the operating activities section. |
 | | | in the investing activities section. |
 | | | in the financing activities section.



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 | Instructor Explanation:| Chapter 1 page 9|
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 | Points Received:| 3 of 3 |
 | Comments:| |
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 4.| Question :| (TCO A) The best definition of assets is, the|
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 | Student Answer:| | 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 laissez passer future benefits to the company. |
 | Instructor Explanation:| Chapter 1 page 9|
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 | Points Received:| 0 of 3 |
 | Comments:| |
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 5.| Question :| (TCO C) Jamie Company record the following cash transactions for the year:

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