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20 MCQ Lenders who rely on collateral as the security for a

akosiraff
Jul 30th, 2013
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  1.  
  2. Download: http://solutionzip.com/downloads/20-mcq-lenders-who-rely-on-collateral-as-the-security-for-a-loan-tend-to-focus-their-attention-on-the-borrower/
  3. Question 1 of 20 5.0 Points
  4. Lenders who rely on collateral as the security for a loan tend to focus their attention on the borrower’s:
  5. A. balance sheet.
  6. B. income statement.
  7. C. statement of cash flows.
  8. D. statement of changes in stockholders’ equity.
  9. Reset Selection
  10. Mark for Review What’s This?Question 2 of 20 5.0 Points
  11. Balance sheets prepared in compliance with GAAP reflect a mixture of:
  12. A. current value and discounted future cash flows.
  13. B. discounted cash flows and future values.
  14. C. historical cost and future cash values.
  15. D. historical cost, fair value, net realizable value, and discounted present values.
  16. Reset Selection
  17. Mark for Review What’s This?Question 3 of 20 5.0 Points
  18. To Answer Questions 3-5, refer to the following information for Moor Sales Corporation.
  19. Moor Sales recorded sales of $540,000 for the current year. It was determined that in the past approximately 2% of sales prove to be uncollectible. Having made the proper adjusting entry recognizing bad debt expense, the year-end balances are:
  20. Accounts Receivable $74,000
  21. Allowance for Doubtful Accounts 8,000
  22. What is the net amount of Accounts Receivable that will appear on Moor’s balance sheet at year end?
  23. A. $63,200
  24. B. $66,000
  25. C. $74,000
  26. D. $82,000
  27. Reset Selection
  28. Mark for Review What’s This?Question 4 of 20 5.0 Points
  29. What is the amount of bad debt expense that appears on the Moor income statement?
  30. A. $2,800
  31. B. $8,000
  32. C. $10,800
  33. D. $18,800
  34. Reset Selection
  35. Mark for Review What’s This?
  36. Question 5 of 20 5.0 Points
  37. What type of account is Allowance for Doubtful Accounts?
  38. A. Contra-asset
  39. B. Contra-equity
  40. C. Current asset
  41. D. Expense
  42. Reset Selection
  43. Mark for Review What’s This?Question 6 of 20 5.0 Points
  44. Inventories are reported on the balance sheet at:
  45. A. current market value.
  46. B. historical cost.
  47. C. net realizable value.
  48. D. the lower of cost or market.
  49. Reset Selection
  50. Mark for Review What’s This?Question 7 of 20 5.0 Points
  51. Property, plant, and equipment are reported on the balance sheet at:
  52. A. current market value.
  53. B. historical cost.
  54. C. historical cost minus accumulated depreciation.
  55. D. net realizable value.
  56. Reset Selection
  57. Mark for Review What’s This?Question 8 of 20 5.0 Points
  58. Long-term debt is reported on the balance sheet at:
  59. A. current market value.
  60. B. discounted present value.
  61. C. future value.
  62. D. net realizable value.
  63. Reset Selection
  64. Mark for Review What’s This?Question 9 of 20 5.0 Points
  65. The amount of income taxes recognized on the income statement but not yet payable to the government is found on the:
  66. A. balance sheet in the account Deferred Income Taxes.
  67. B. balance sheet in the account Income Taxes Payable.
  68. C. income statement in the account Income Tax Expense—Current.
  69. D. income statement in the computation of comprehensive income.
  70. Reset Selection
  71. Mark for Review What’s This?Question 10 of 20 5.0 Points
  72. The retained earnings account is comprised of:
  73. A. cash reinvested in the business by the shareholders.
  74. B. cash retained in the business.
  75. C. the cumulative earnings less dividends since the inception of the corporation.
  76. D. the earnings of the corporation for the current year.
  77. Reset Selection
  78. Mark for Review What’s This?Question 11 of 20 5.0 Points
  79. Operating activities on the statement of cash flows result from the cash effects of:
  80. A. borrowing and repaying loans used in the production of revenue.
  81. B. producing and delivering goods and services.
  82. C. purchasing and disposing of fixed (plant) assets used in production of revenue.
  83. D. selling stocks and bonds to raise capital for the production of revenue.
  84. Reset Selection
  85. Mark for Review What’s This?Question 12 of 20 5.0 Points
  86. Investing activities on the statement of cash flows result from the cash effects of:
  87. A. borrowing and repaying loans used in the production of revenue.
  88. B. producing and delivering goods and services.
  89. C. purchasing and disposing of fixed (plant) assets used in production of revenue.
  90. D. selling stocks and bonds to raise capital for the production of revenue.
  91. Reset Selection
  92. Mark for Review What’s This?Question 13 of 20 5.0 Points
  93. Financing activities on the statement of cash flows result from the cash effects of:
  94. A. paying amounts owed to suppliers.
  95. B. payment of dividends.
  96. C. purchasing and disposing of debt securities.
  97. D. receipt of dividends from equity investments.
  98. Reset Selection
  99. Mark for Review What’s This?Question 14 of 20 5.0 Points
  100. QUESTIONS 14-20 ARE BASED ON THE FOLLOWING DATA FOR LEATHERWOOD COMPANY.
  101. • All sales are on account.
  102. • All purchases of inventory are on account.
  103. • Only purchases of inventory run through accounts payable.
  104. • Any purchases of equipment were made in cash.
  105. • Any changes to long-term liabilities or stock accounts involved cash.
  106. The Leatherwood Corporation comparative balance sheets for Year 1 and Year 2 with selected data are as follows.
  107. A brief income statement for Year 2 shows the following:
  108. How much cash did Leatherwood collect from customers during Year 2?
  109. A. $150,000
  110. B. $750,000
  111. C. $850,000
  112. D. $900,000
  113. Reset Selection
  114. Mark for Review What’s This?Question 15 of 20 0.0 Points
  115. How much cash did Leatherwood pay to suppliers for inventory during Year 2?
  116. A. $150,000
  117. B. $400,000
  118. C. $500,000
  119. D. $600,000
  120. Reset Selection
  121. Mark for Review What’s This?Question 16 of 20 5.0 Points
  122. How much did Leatherwood pay in dividends to shareholders in Year 2?
  123. A. $30,000
  124. B. $120,000
  125. C. $150,000
  126. D. $330,000
  127. Reset Selection
  128. Mark for Review What’s This?Question 17 of 20 5.0 Points
  129. How much did Leatherwood pay in income taxes to the government in Year 2?
  130. A. $30,000
  131. B. $80,000
  132. C. $110,000
  133. D. $150,000
  134. Reset Selection
  135. Mark for Review What’s This?Question 18 of 20 5.0 Points
  136. What are Leatherwood’s cash flows from operating activities for Year 2?
  137. A. $0
  138. B. $50,000 outflow
  139. C. $150,000 outflow
  140. D. $400,000 inflow
  141. Reset Selection
  142. Mark for Review What’s This?Question 19 of 20 5.0 Points
  143. What are Leatherwood’s cash flows from investing activities for Year 2?
  144. A. $0
  145. B. $100,000 inflow
  146. C. $100,000 outflow
  147. D. $350,000 outflow
  148. Reset Selection
  149. Mark for Review What’s This?Question 20 of 20 5.0 Points
  150. What are Leatherwood’s cash flows from financing activities for Year 2?
  151. A. $0
  152. B. $50,000 inflow
  153. C. $50,000 outflow
  154. D. $150,000 outflow
  155.  
  156. Download: http://solutionzip.com/downloads/20-mcq-lenders-who-rely-on-collateral-as-the-security-for-a-loan-tend-to-focus-their-attention-on-the-borrower/
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