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Devry FIN 382 Week 2 Quiz

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Devry FIN 382 Week 2 Quiz

Question 1 (TCO 3) Which of the following would not appear on a conventional balance sheet?

  • Cash surrender value of life insurance
  • Funds from operations
  • Patents
  • Income taxes payable

Question 2 (TCO 3) Which of the following accounts would not be classified as an intangible?

  • Franchises
  • Trademarks
  • Research and development
  • Patents

Question 3 (TCO 3) Which of the following is not a proper use of notes?

  • To indicate the basis for asset valuation.
  • To describe the nature and effect of a change in accounting principle, such as from FIFO to LIFO.
  • To describe a firm’s debt.
  • To correct an improper financial statement presentation.

Question 4 (TCO 2) Which of the following would be classified as an extraordinary item on the income statement?

  • Loss from prohibition of a product.
  • Correction of an error related to a prior period.
  • Write-off of obsolete inventory.
  • Loss on disposal of a segment of a business.

Question 5 (TCO 3) Which of the following is not considered an intangible asset?

  • Prepaid advertising expenses
  • Goodwill
  • Customer lists
  • Memberships

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Question 6 (TCO 3) Which of the following would not be listed as a liability on a company’s balance sheet?

  • Taxes payable
  • Bonds payable
  • Capital lease obligations
  • Operating lease obligations

Question 7.(TCO 3) Which of the following would be listed as a liability on a company’s balance sheet?

  • Operating lease obligations
  • Projected benefit obligation
  • Purchase commitment obligation
  • Post retirement benefits other than pension obligations

Question 8. (TCO 3) This method of depreciation takes a fraction each year times the cost less salvage value when calculating the

  • unit of production method.
  • sum of the years digits method.
  • declining balance method.
  • straight line method.

Question 9 (TCO 2) Smith Company had retained earnings of $60,000 at the end of the current year. For the current year, income was $30,000 and dividends were $10,000. What was the balance in retained earnings at the end of the prior year?

  • $20,000
  • $40,000
  • $60,000
  • $50,000

Question 10 (TCO 3) The following relate to Data Original in 2006. What is the ending inventory?

Purchases $540,000
Beginning Inventory 80,000
Purchase Returns 10,000
Sales 800,000
Cost of Goods Sold 490,000

  • $140,000
  • $210,000
  • $120,000
  • $160,000