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1. The term “receivables” refers to cash to be paid to debtors. merchandise to be
collected from individuals or companies. cash to be paid to creditors. amounts due
from individuals or companies. 2. Three accounting issues associated with
accounts receivable are depreciating, valuing, and collecting. depreciating, returns,
and valuing. accrual, bad debts, and accelerating collections. recognizing, valuing,
and accelerating collections. 3. When the allowance method is used to account for
uncollectible accounts Bad Debts Expense is debited when: management estimates
the amount of uncollectibles. a customer’s account becomes past due. an account
becomes bad and is written off. a sale is made. 4. Which one of the following is
not a principle of sound accounts receivable management? Determine a payment
period. Determine to whom to extend credit. Delay cash receipts from receivables
if necessary. Monitor collections. 5. The accounts receivable turnover is used to
analyze profitability. long-term solvency. liquidity. risk. 6. The following
information is provided for Sunland Company and Marigold Corp.: 7. What is
Marigold’s return on assets (rounded) for 2017? 3% 2% 3% 9% 8. Which of the
following is not properly classified as property, plant and equipment? A truck held
for resale by an automobile dealership. Land improvement, such as parking lots
and fences. Building used as a factory. Land used in ordinary business operations.
9. A characteristic of a plant asset is that it is held for sale in the ordinary course of
the business. used in the operations of a business. not currently used in the
business but held for future use. intangible 10. A current liability is a debt that can
reasonably be expected to be paid out of cash currently on hand. within one year,
or the operating cycle, whichever is longer. out of currently recognized revenues.
between 6 months and 18 months. 11. A current liability is a debt that can
reasonably be expected to be paid out of cash currently on hand. within one year,
or the operating cycle, whichever is longer. out of currently recognized revenues.
between 6 months and 18 months. 12. The 2017 financial statements of Blossom
Company contain the following selected data (in millions). 13. The debt to assets
ratio (rounded) is 40%. 7.1 times. 44.4%. 2.25%. 14. 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?
7.74 6.30 6.74 5.30 15. If bonds are issued at a discount, it means that the
bondholder will receive effectively less interest than the contractual rate of interest.
market interest rate is lower than the contractual interest rate. financial strength of
the issuer is suspect. market interest rate is higher than the contractual interest rate.

2. 16. If bonds are issued at a premium, the stated interest rate is higher than the
market rate of interest. too low to attract investors. lower than the market rate of
interest. adjusted to a higher rate of interest. 17. The chief accounting officer in a
company is known as the treasurer. controller. vice-president. president. 18. Which
one of the following would not be considered an advantage of the corporate form
of organization? Separate legal existence. Continuous life. Limited liability of
stockholders. Government regulation. 19. Which of the following would not be
true of a privately held corporation? It is usually smaller than a publicly held
company. It is sometimes called a closely held corporation. Its shares are regularly
traded on the New York Stock Exchange. It does not offer its shares for sale to the
general public. 20. The following information pertains to Sheffield Company.
Assume that all balance sheet amounts represent average balance figures 21. What
is Sheffield’s payout ratio? 11%. 39%. 19%. 26.05%. 22. Ayayai Corp. had net
income of $91875 and paid dividends of $39000 to common stockholders and
$16500 to preferred stockholders in 2017. Ayayai Corp. common stockholders’
equity at the beginning and end of 2017s was $440000 and $565000, respectively.
Ayayai Corp. return on common stockholders’ equity is 15%. 14%. 10%. 19%. 23.
The primary purpose of the statement of cash flows is to facilitate banking
relationships. provide information about the investing and financing activities
during a period. prove that revenues exceed expenses if there is a net income.
provide information about the cash receipts and cash payments during a period 24.
Which one of the following items is not generally used in preparing a statement of
cash flows? Current income statement. Additional information. Adjusted trial
balance. Comparative balance sheets. 25. The category that is generally considered
to be the best measure of a company’s ability to continue as a going concern is
cash flows from investing activities. usually different from year to year. cash flows
from financing activities. cash flows from operating activities. 26. Assume that the
Fitzgerald Corporation uses the indirect method to depict cash flows. Indicate
where, if at all, a stock dividend declared and issued would be classified on the
statement of cash flows. Does not represent a cash flow. Investing activities
section. Financing activities section. Operating activities section. 27. Free cash
flow provides an indication of a company’s ability to generate cash to invest in
capital expenditures. generate cash to pay dividends. generate cash to invest in
capital expenditures and to pay dividends. generate net income 28. When using the
indirect method to compute cash provided by operating activities increases in
accounts receivable are added to net income. income taxes paid may be ignored.
amortization expense is added to net income. decreases in inventory are subtracted
from net income 29. To determine the net cash provided (used) by operating
activities, it is necessary to analyze the current year’s income statement. a
comparative balance sheet. additional information. all of these answer choices are
correct. 30. Which of these is not a liquidity ratio? Current ratio Accounts
receivable turnover Asset turnover Inventory turnover The current ratio would be

3. of most interest to long-term creditors. stockholders. customers. short-term
creditors