Question: Mod.4 FIN Mastery Exercise Category: Mastery Exercises Period: SPRING17-C-8 Router Tab My Submissions Tab Test/Quiz Tab - Selected Questions 1-10 of 10 | Page 1
Mod.4 FIN Mastery Exercise
Category: Mastery Exercises
Period: SPRING17-C-8
Router
Tab
My Submissions
Tab
Test/Quiz
Tab - Selected
Questions 1-10 of 10 | Page 1 of 1
multiple_choice402145816Question 1 (1 point)
Which of the following accounts would not be classified as an intangible?
| a | franchises |
| b | research and development |
| c | patent |
| d | trademarks |
| e | goodwill |
multiple_choice402145804Question 2 (1 point)
Which of the following is not a common characteristic of preferred stock?
| a | voting rights |
| b | preference as to dividends |
| c | preference in liquidation |
| d | callability by the corporation |
| e | none of the answers are correct |
true_false402145986Question 3 (1 point)
The assets for the balance sheet must equal the liabilities and stockholders' equity.
True
False
multiple_choice402145862Question 4 (1 point)
Which of the following will be disclosed in the reconciliation of retained earnings?
| a | adjustment for an error of a prior period |
| b | net income |
| c | net loss |
| d | dividends |
| e | all of the answers are correct |
multiple_choice402145802Question 5 (1 point)
Treasury stock is best classified as:
| a | a current asset |
| b | a long-term investment |
| c | a contra liability |
| d | a reduction of stockholders' equity |
| e | a reduction of retained earnings |
true_false402146090Question 6 (1 point)
The accountant records only the events that affect the financial position of the entity and that can be reasonably determined in monetary terms.
True
False
true_false402145890Question 7 (1 point)
Earnings per share is the earnings per share of outstanding common stock.
True
False
multiple_choice402145950Question 8 (1 point)
If liabilities total $70,000 and stockholders' equity totals $50,000, then total assets must be:
| a | $20,000 |
| b | $80,000 |
| c | $120,000 |
| d | $30,000 |
| e | $30,000 |
multiple_choice402145852Question 9 (1 point)
If Investor Company owns 20% of the stock of Investee Company and Investee Company reports profits of $100,000, then Investor Company reports equity income of:
| a | $80,000 |
| b | $20,000 |
| c | $40,000 |
| d | $60,000 |
| e | none of the answers are correct |
true_false402145896Question 10 (1 point)
A stock split merely increases the number of shares of stock; it usually does not change retained earnings or paid-in capital.
True
False
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