ACCT 212 CheckPoints Weeks 1 – 7 (Version 1: Fall 2018)
ACCT 212 Week 1 Checkpoint
- Question: (TCO 1) The type of accounting that makes projections to determine if a company should build a new store is;
- Question: (TCO 1) Which type of business organization transacts the most business and is the largest in terms of assets, income, and number of employees?
- Question: (TCO 1) Which of the following is a correct statement about GAAP and IFRS?
- Question: (TCO 1) The stable-monetary-units assumption
- Question: (TCO 1) The accounting equations can be stated as;
- Question: (TCO 1) The assets of a company;
- Question: (TCO 1) When total expenses exceed total revenues, the result is:
- Question: (TCO 1) A company’s gross profit for the period is reported on the
- Question: (TCO 1) A potential investor interested in evaluating a company’s financial earning performance for the current period would probably examine which of the following financial statements?
- Question: (TCO 1) What is the proper order for the categories of the statement of cash flows?
ACCT 212 Week 2 Checkpoint
- Question: (TCO 2) A company received cash in exchange for issuing stock. This transaction increased assets and
- Question: (TCO 2) Which of the following transactions will increase one asset and decrease another asset?
- Question: (TCO 2) When a company borrows cash from the bank
- Question: (TCO 2) An important rule to remember when working with T-accounts is
- Question: (TCO 2) Which accounts are increased by debits?
- Question: (TCO 2) Accounting transactions are initially recorded in the
- Question: (TCO 3) A doctor performed surgery in March and did not receive cash from the patient until July. Under accrual accounting the doctor recognizes revenue
- Question: (TCO 3) The revenue principle governs two things
- Question: (TCO 3) Revenues and expenses affect stockholders’ equity; therefore, net income is then transferred to
- Question: (TCO 3) To close the books of a company, you should
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ACCT 212 Week 3 Checkpoint
- Question: (TCO 5) The three main components of the fraud triangle are
- Question: (TCO 5) Fraud is the ultimate unethical act in business because
- Question: (TCO 5) Internal controls are designed to accomplish five objectives: comply with legal requirements, promote operational efficiency, safeguard assets, encourage employees to follow company policy, and
- Question: (TCO 5) Requiring employees to take annual vacations is a part of which characteristic of internal control?
- Question: (TCO 5) Hints of where fraud, mistakes, or financial harm can occur in a company is called
- Question: (TCO 5) Creating bogus websites for the purpose of stealing unauthorized data is a(n)
- Question: (TCO 5) Differences between the amount of cash reported on a company’s bank statement and the balance in the company’s cash account before the bank reconciliation are primarily due to
- Question: (TCO 5) When a company receives cash by mail
- Question: (TCO 5) Another name for short-term investments is
- Question: (TCO 5) Which of the following is a true statement about sales?
ACCT 212 Week 4 Checkpoint
- Question: (TCO 4) The cost of the inventory that the business has sold to customers is …
- Question: (TCO 4) The cost of inventory that is still on hand and has not been sold to customers is …
- Question: (TCO 4) The inventory system that uses computer software to keep a running record of inventory on hand is the
- Question: (TCO 4) The cost of inventory is the
- Question; (TCO 4) The specific-unit-cost method
- Question: (TCO 4) To determine the average cost per unit
- Question: (TCO 4) When inventory prices are falling, the LIFO costing method will generally result in
- Question: (TCO 4) The _____ principle states that the financial statements of a business must report enough information for outsiders to make knowledgeable decisions about the business.
- Question: (TCO 4) When applying the lower-of-cost-or-market rule, market value generally refers to
- Question: (TCO 4) A gross profit margin of 30% means that
ACCT 212 Week 5 Checkpoint
- Question: (TCO 6) Which of the following is a natural resource?
- Question: (TCO 6) Depreciation expense
- Question: (TCO 6) The portion of the cost of natural resources that is consumed in a particular period is …
- Question: (TCO 6) When an investor owns between 20% and 50% of the outstanding stock of another company, the _____ method is used to account for stock investments.
- Question: (TCO 6) Which of the following is not necessary to know in computing the future value of an annuity?
- Question: (TCO 6) Liabilities are classified on the balance sheet as current or
- Question: (TCO 6) Failure to record an accrued liability causes a company to
- Question: (TCO 6) The market interest rate is also … to as the
- Question: (TCO 6) Bonds that mature at a single specified future date are …
- Question: (TCO 6) The financing option that has the lowest risk to a company is financing by
ACCT 212 Week 6 Checkpoint
- Question: (TCO 7) Stockholders of a corporation directly elect the
- Question: (TCO 7) Which one of the following is not a stockholder’s right of ownership in a corporation?
- Question: (TCO 7) The difference between the issue price of the stock and the par value of the stock is
- Question: (TCO 7) Stock that a corporation purchases from shareholders is …
- Question: (TCO 7) The effect of the declaration of a cash dividend is a(n)
- Question: (TCO 7) Book value per share of common stock is computed by dividing
- Question: (TCO 1) The financial statement that reports cash receipts and cash payments classified according to the company’s major activities of operating, investing, and financing is the
- Question: (TCO 1) The best gauge of a company’s ability to produce ample cash to continue as a going concern is net cash provided by
- Question: (TCO 1) Which of the three types of activities … on the statement of cash flows is the most critical?
- Question: (TCO 1) Usually, the most important category on the statement of cash flows is cash flows from
ACCT 212 Week 7 Checkpoint
- Question: Period to period percentage change in comparative financial statements is often …
- Question: When computing trend percentages
- Question: Which of the following is typically … as the base in vertical analysis of an income statement?
- Question: Common-size analysis is also known as
- Question: Which of the following would be most helpful in the comparison of different size companies?
- Question: When benchmarking financial statements of two key competitors, the gross margin of Company A is … as a percentage of
- Question: Analyzing the statement of cash flows may help analysts determine the financial health of a company. Which of the following signs below is a not indicator of a financially healthy company?
- Question: On a statement of cash flows, an increase or decrease in inventory is …
- Question: The ratio that measures the number of times that operating income can cover interest expense is the
- Question: If economic value … (EVA) is negative
