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1. (TCO 5) Cash flows from financing activities include (Points : 6) interest received. interest paid. dividends received. dividends paid.

Question 2. 2. (TCO 5) For a typical manufacturing company, the most common critical point for recognizing revenue is the date (Points : 6) an order is received. production is completed. the product is delivered. payment is received.

Question 3. 3. (TCO 5) Todd Sweeney is an artist who sells his work under consignment. (He displays his work in local barbershops, and customers buy the work there.) Sweeney recently transferred a painting to a local barbershop. Sweeney most likely should recognize revenue when (Points : 6) he paints the painting, as the painting is accreting. he transfers a painting to a barbershop. the barbershop sells the painting. the barbershop's right of return expires.

Question 4. 4. (TCO 6) LeAnn wishes to know how much money she should set aside now at 7% interest in order to accumulate a sum of $5,000 in four years. She should use a table for the (Points : 6) present value of 1. future value of 1. present value of an ordinary annuity of 1. future value of an annuity due of 1.

Question 5. 5. (TCO 6) Loan A has the same original principal, interest rate, and payment amount as Loan B. However, Loan A is structured as an annuity due, while Loan B is structured as an ordinary annuity. The maturity date of Loan A will be (Points : 6) earlier than Loan B. later than Loan B. the same as Loan B. indeterminate with respect to Loan B.

Question 6. 6. (TCO 7) Cash equivalents do not include (Points : 6) money market funds. high-grade marketable equity securities. U.S. Treasury bills. commercial paper.

Question 7. 7. (TCO 7) Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. Oswego uses the gross method of accounting for cash discounts. What entry would Oswego make on April 16 if the customer paid the invoice on that date? (Points : 6) Cash 45,540 Sales Discount 460 Accounts receivable 46,000 Cash 46,000 Sales discounts 460 Accounts receivable 46,000 Interest revenue 460 Cash 45,540 Sales discounts 460 Accounts receivable 46,000 Cash 46,000 Accounts receivable 45,540 Sales 460

Question 8. 8. (TCO 8) In a perpetual inventory system, the cost of inventory sold is (Points : 6) debited to accounts receivable. credited to cost of goods sold. debited to cost of goods sold. not recorded at the time.

Question 9. 9. (TCO 5) In comparing the direct method with the indirect method of preparing the statement of cash flows, (Points : 6) only operating activities are presented differently. only investing activities are presented differently. only financing activities are presented differently. all activities are presented differently.

Question 10. 10. (TCO 8) Included in the computation of the cost-to-retail percentage for the LIFO retail method are (Points : 6) net markups and net markdowns. neither net markups nor net markdowns. net markups but not net markdowns. net markdowns but not net markups.

Question 11. 11. (TCO 8) During periods when costs are rising and inventory quantities are stable, ending inventory will be (Points : 6)

higher under LIFO than FIFO. lower under average cost than LIFO. higher under average cost than FIFO. higher under FIFO than LIFO.

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