Site MapHelpFeedbackMultiple Choice Quiz
Multiple Choice Quiz
(See related pages)

1
Title to merchandise is transferred from the seller to the buyer at the buyer's place of business when which of the following has occurred?
A)Merchandise has been shipped FOB destination
B)Merchandise has been shipped FOB shipping point
C)An invoice has been issued by the seller
D)An invoice has been paid
2
Consider the following:

<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/007802577x/1036574/CH10_Q2.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (38.0K)</a>

The Employee Medical Insurance Expense and the Pension Fund Expense are employee benefits paid by the employer. What is the total of the employer payroll costs?
A)$107,200
B)$128,200
C)$113,000
D)$88,000
3
The current balance due on a note payable totals $4,855. The annual interest rate is 12% (1% per month), and the monthly payment is $1,000. Calculate the amount of interest expense included in the next monthly payment.
A)$48.00
B)$48.55
C)$1,000.00
D)$951.00
4
An 8% installment note of $60,000, dated January 2, requires 6 annual installments of $12,979, which include interest. Calculate the amount of the second installment that should be charged to interest expense.
A)$4,146
B)$4,800
C)$4,416
D)$3,762
5
A bond with a face value of $1,000 is quoted at 105-1/2. For what price are the bonds selling?
A)$1050.50
B)$1,000.00
C)$1105.50
D)$1055.00
6
Ten-year, 6% bonds that pay interest annually and have a maturity value of $500,000 are sold to an underwriter at a price of 98. What is the total cost of borrowing?
A)$310,000
B)$300,000
C)$490,000
D)$800,000
7
Present Values of $1 Due in n Periods:

<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/007802577x/1036574/CH10_Q7.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (34.0K)</a>

What is the present value of a future cash receipt of $200,000 4 years from today, if you expect an annual rate of return of 6%?
A)$188,400
B)$158,400
C)$200,000
D)$188,000
8
Which of the following is false?
A)One of the criteria for recording loss contingencies is that it is probable that a loss has been incurred.
B)Loss contingencies are disclosed in notes to the financial statements if there is a reasonable possibility that a material loss has been incurred.
C)Contracts that are described as commitments are treated as liabilities.
D)Loss contingencies relate only to possible losses from past events.
9
Leverage is gained when which of the following exists?
A)Interest on borrowed funds is greater than the return on assets
B)Return on assets is greater than the interest on borrowed funds
C)Interest coverage ratio is less than 1
D)Interest coverage ratio is greater than 1
10
The taxable income subject to a tax rate of 30% is $400,000. The taxable income was determined by using a declining-balance method of depreciation which resulted in a depreciation expense of $40,000. For financial reporting purposes, the straight-line depreciation method was used, which resulted in a depreciation expense of $25,000. What was the amount of the deferred income taxes?
A)$15,000
B)$4,500
C)$19,500
D)$12,000





To learn more about the book this website supports, please visit its Information Center.
Copyright (c)2015 McGraw-Hill Education .
Any use is subject to the Terms of Use and Privacy Notice | Report Piracy


Williams FinMan Accounting 17eOnline Learning Center

Home > Chapter 10 > Multiple Choice Quiz