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Accounting for managers 20 multiple choice questions

 

Question 1 of 205.0 Points

Using a base year as 100% and expressing other years as a percentage of the base year is an example of:

A. trend analysis.

B. vertical analysis.

C. horizontal analysis.

D. benchmarking.

 

Question 2 of 20 5.0 Points

 

A company reported the following amounts of net income: 

Year 1

$15,000

Year 2

$21,000

Year 3

$31,500


Which of the following is the percentage change from Year 2 to Year 3?

A. 40.00%

B. 50.00%

C. 110.00%

D. 150.00%

 

Question 3 of 205.0 Points

 

Environmental sustainability is the primary concern of which of the following types of organizations?

A. Large domestic corporations

B. Global service firms

C. Manufacturing firms

D. All organizations regardless of size, location, or sector

 

Question 4 of 20 5.0 Points

 

A company uses the indirect method to prepare the statement of cash flows. It presents the following amounts on its financial statements. 

 

End of this year

End of prior year

Accounts receivable

$105,000

$100,000

Cost of goods sold

550,000

 

Sales revenue

850,000

 

Accounts payable*

75,000

65,000

Inventory

85,000

106,000

Salary payable

15,000

11,000

Salary expense

50,000

42,000

*Relates solely to the acquisition of inventory.

 

What will appear in the operating activities section related to inventory?

A. The decrease of $21,000 will be subtracted from net income.

B. The decrease of $21,000 will be subtracted from cost of goods sold.

C. The decrease of $21,000 will be added to net income.

D. The decrease of $21,000 will be added to cost of goods sold.

 

Question 5 of 205.0 Points

 

The following information relates to Woolf Unlimited for the past two years.

Account

Current year

Prior year

Net sales (all credit)

$237,250

$180,000

Cost of goods sold

$115,000

$110,000

Gross profit

$122,250

$ 70,000

Income from operations

$ 32,000

$ 30,000

Interest expense

$ 2,000

$ 7,000

Net income

$ 24,000

$ 18,000

Cash

$ 22,000

$ 14,000

Accounts receivable, net

$ 25,000

$ 31,000

Inventory

$ 56,000

$ 44,000

Prepaid expenses

$ 2,000

$ 1,000

Total current assets

$105,000

$ 90,000

Total long-term assets

$150,000

$175,000

Total current liabilities

$ 60,000

$ 90,000

Total long-term liabilities

$ 22,000

$ 78,000

Common stock, no par, 2,500 shares, market value $96 per share

$ 40,000

$ 40,000

Retained earnings

$133,000

$ 57,000

What is the inventory turnover for the current year?

A. 2.30 times

B. 0.78 times

C. 13.00 times

D. 2.20 times

 

Question 6 of 205.0 Points

 

The following information relates to Woolf Unlimited for the past two years. 

Account

Current year

Prior year

Net sales (all credit)

$237,250

$180,000

Cost of goods sold

$115,000

$110,000

Gross profit

$122,250

$ 70,000

Income from operations

$ 32,000

$ 30,000

Interest expense

$ 2,000

$ 7,000

Net income

$ 24,000

$ 18,000

Cash

$ 22,000

$ 14,000

Accounts receivable, net

$ 25,000

$ 31,000

Inventory

$ 56,000

$ 44,000

Prepaid expenses

$ 2,000

$ 1,000

Total current assets

$105,000

$ 90,000

Total long-term assets

$150,000

$175,000

Total current liabilities

$ 60,000

$ 90,000

Total long-term liabilities

$ 22,000

$ 78,000

Common stock, no par, 2,500 shares, market value $96 per share

$ 40,000

$ 40,000

Retained earnings

$133,000

$ 57,000

What is the acid-test ratio for the current year?

A. 0.52

B. 0.75

C. 0.78

D. 2.30

 

Question 7 of 20 5.0 Points

 

A payment of interest on a loan would be considered a:

A. cash outflow from investing activities.

B. cash outflow from operating activities.

C. cash outflow from financing activities.

D. cash outflow from depreciation.

 

Question 8 of 20 5.0 Points

 

The following data relate to Sorrentino Corporation for last year: 

Operating income

$250,000

Net increase in all current assets except cash

$45,000

Net decrease in current liabilities

$30,000

Gain on sale of investments

$8,000

Cash dividends paid on common stock

$35,000

Depreciation expense

$10,000


What is the net cash provided by operating activities for last year on the statement of cash flows for Sorrentino Corporation?

A. $130,000

B. $142,000

C. $173,000

D. $177,000

 

Question 9 of 20 5.0 Points

 

The study of percentage changes in comparative financial statements is an example of:

A. vertical analysis.

B. trend analysis.

C. benchmarking.

D. horizontal analysis.

 

Question 10 of 20 5.0 Points

 

The Nichols Corporation data for the current year: 

Account

Current year

Prior year

Current assets

$75,600

$60,000

A/R

$59,400

$44,000

Mdse. Inventory

$51,200

$40,000

Current liabilities

$71,500

$55,000

Long-term liabilities

$36,000

$30,000

Common stock (5,000 shares)

$47,460

$42,000

Retained earnings

$31,240

$17,000

Net sales revenue

$607,700

$515,000

COGS

$469,700

$385,000

Gross Profit

$138,000

$130,000

Selling/General expenses

$49,080

$52,000

Net income before taxes

$88,920

$78,000

Income tax expense

$20,520

$18,000

Net Income

$68,400

$60,000

What would a horizontal analysis report with respect to long-term liabilities?

A. Long-term liabilities increased by $6,000.

B. Long-term liabilities decreased by 5.92%.

C. Long-term liabilities increased by 6.21%.

D. Long-term liabilities decreased by $1,500.

 

Question 11 of 205.0 Points

 

There are several reasons an organization might pursue sustainable initiatives. "A legislative act requires retailers to take back old batteries and electronic devices for recycling or reuse." This situation is an example of which type of reason to implement sustainable initiatives?

A. Cost reduction

B. Regulatory compliance

C. Stakeholder influence

D. Competitive strategy

 

Question 12 of 20 5.0 Points

 

Which of the following items represents monetary information in an environmental management accounting system?

A. Kilowatt hours of electricity used

B. Cost of upgrading factory equipment to reduce emissions

C. Ratio of recycled trash to total trash

D. Cost of janitorial services in office

 

Question 13 of 20 5.0 Points

 

A company's inventory account increased $26,500 and its accounts payable account decreased $18,250 during the year. The accounts payable relates only to the acquisition of inventory. Sales were $789,500 and cost of goods sold was $532,700. What was the amount of payments to suppliers of inventory?

A. $550,950

B. $577,450

C. $540,950

D. $834,250

 

Question 14 of 20 5.0 Points

 

Alexander Industries, in Chicago, plans to take advantage of the winds blowing in from Lake Michigan. Alexander is developing a project to install a wind turbine that would generate electricity and reduce energy costs. The turbine would have an initial cost of $500,000 and would provide a net cost savings of $57,000 per year. The turbine will have a life of 25 years. What is the payback period, in years, for the wind turbine?

A. 8.77 years

B. 9.08 years

C. 25 years

D. 28.75 years

 

Question 15 of 205.0 Points

 

A company reported the following amounts of net income: 

Year 1

$120,960

Year 2

$151,200

Year 3

$187,488

Which of the following is the percentage change from Year 2 to Year 3?

A. 24.00%

B. 55.00%

C. 124.00%

D. 25.00%

 

 

Question 16 of 20 5.0 Points

 

Which of the following would appear on a statement of cash flows prepared using the direct method?

A. Cash payments for salaries would appear on the statement.

B. A loss of the sale of equipment would appear on the statement.

C. Amortization expenses would appear on the statement.

D. Depreciation expenses would appear on the statement.

 

Question 17 of 20 5.0 Points

 

Which of the following items is most likely to be found on an environmental management accounting report?

A. CEO's salary

B. Public accounting firm's fee for doing financial accounting audit

C. Ratio of recycled trash to total trash

D. Regional sales revenue

 

Question 18 of 20 5.0 Points

 

Which type of analysis includes the computation of the percentage change in total assets between two balance sheet dates?

A. Profitability

B. Vertical

C. Horizontal

D. Capital

 

 

Question 19 of 20 5.0 Points

 

A ________ is a measure of the total emissions of carbon dioxide and other greenhouse gases.

A. carbon footprint

B. waste footprint

C. carbon mark

D. water footprint

 

 

Question 20 of 205.0 Points

Computing cash generated from operating activities is:

A. the same for both the direct and indirect methods.

B. different in that the indirect method considers depreciation.

C. different in that the direct method considers depreciation.

D. none of the above.

 

 

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