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1. The appropriate section in the statement of cash flows for reporting the purchase of equipment for cash is: A. Operating activities. B. Financing activities. C. Investing activities. D. Schedule of noncash investing or financing activity. E. None of these. This is not reported on the statement of cash flows. 2. The appropriate section in the statement of cash flows for reporting the cash payment of wages is: A. Operating activities. B. Financing activities. C. Investing activities. D. Schedule of noncash investing or financing activity. E. None of these. This is not reported on the statement of cash flows. 3. The appropriate section in the statement of cash flows for reporting the receipt of cash dividends from investments in securities is: A. Operating activities. B. Financing activities. C. Investing activities. D. Schedule of noncash investing or financing activity. E. None of these. This is not reported on the statement of cash flows. 4. The appropriate section in the statement of cash flows for reporting the purchase of land in exchange for common stock is: A. Operating activities. B. Financing activities. C. Investing activities. D. Schedule of noncash investing or financing activity. E. None of these. This is not reported on the statement of cash flows. 5. A company's Inventory balance at 12/31/09 was $200,000 and was $188,000 at 12/31/08. Its Accounts Payable balance at 12/31/09 was $80,000 and was $84,000 at 12/31/08, and its cost of goods sold for 2010 was $720,000. The company's total amount of cash payments for merchandise in 2010 equals: A. $704,000. B. $712,000. C. $720,000. D. $728,000. E. $736,000. 6. Use the following information to calculate cash paid for wages and salaries: A. $157,400. B. $163,800. C. $168,000. D. $172,200. E. $174,400. 7. Internal users of financial information: A. Are not directly involved in operating a company. B. Are those individuals involved in managing and operating the company. C. Include shareholders and lenders. D. Include directors and customers. E. Include suppliers, regulators, and the press. 8. The ability to generate future revenues and meet long-term obligations is referred to as: A. Liquidity and efficiency. B. Solvency. C. Profitability. D. Market prospects. E. Creditworthiness. 9. Selected current year company information follows: The return on total assets is: A. 2.24% B. 2.81% C. 3.64% D. 4.67% E. 6.28% 10. Selected current year company information follows: The total asset turnover is: A. 2.24 times B. 2.81 times C. 3.64 times D. 4.67 times E. 6.28 times 11. One of several ratios that reflects solvency includes the: A. Acid-test ratio. B. Current ratio. C. Times interest earned ratio. D. Total asset turnover. E. Days' sales in inventory. 12. A component of operating efficiency and profitability, calculated by expressing net income as a percent of net sales, is the: A. Acid-test ratio. B. Merchandise turnover. C. Price earnings ratio. D. Accounts receivable turnover. E. Profit margin ratio. 13. Classifying costs by behavior involves: A. Identifying fixed cost and variable cost. B. Identifying cost of goods sold and operating costs. C. Identifying all costs. D. Identifying costs in a physical manner. E. Identifying both quantitative and qualitative cost factors. 14. Last year, Smith Company sold 10,000 units of its only product. If sales increase by 15% in the current year, how will unit variable cost and unit fixed cost be affected? A. Choice A B. Choice B C. Choice C D. Choice D E. Choice E 15. Costs that are first assigned to inventory are called: A. Period costs. B. Product costs. C. General costs. D. Administrative costs. E. Fixed costs. 16. A manufacturing company has a beginning finished goods inventory of $14,600, raw material purchases of $18,000, cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost of goods sold for this company is: A. $21,200. B. $29,300. C. $32,500. D. $47,100. E. $27,600. 17. Juliet Corporation has accumulated the following accounting data for the year: The cost of goods manufactured for the year is: A. $ 200. B. $1,000. C. $5,000. D. $6,400. E. $8,200 18. A company's prime costs total $3,000,000 and its conversion costs total $7,000,000. If direct materials are $1,000,000 and factory overhead is $5,000,000, then direct labor is: A. $4,000,000. B. $14,000,000. C. $2,000,000. D. $1,000,000. E. $3,000,000. 19. A job order production system would be appropriate for a company that produces which one of the following items? A. A landscaping design for a new hospital. B. Seedlings for sale in a nursery. C. Sacks of yard fertilizer. D. Packets of flower seeds. E. Small gardening tools, including rakes, shovels, and hoes. 20. The job order cost sheets used by Garza Company revealed the following: Job No. 125 was completed during May and Jobs No. 124 and 125 were shipped to customers in May. What were the company's cost of goods sold for May and the goods in process inventory on May 31? A. $3,200; $ 900. B. $2,900; $1,200. C. $1,200; $2,900. D. $1,700; $1,200. E. $4,100; $ 0. 21. The Goods in Process Inventory account for the AB Corp. follows: The cost of units transferred to finished goods is: A. $ 97,000. B. $105,900. C. $ 88,100. D. $ 95,200. E. $ 92,500 22. A company's overhead rate is 60% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used. A. $106,400. B. $113,120. C. $ 30,240. D. $211,680. E. $324,800. 23. A source document that an employee uses to report how much time was spent working on a job or on overhead activities and that is used to determine the amount of direct labor to charge to the job or to determine the amount of indirect labor to charge to factory overhead is called a: A. Payroll Register. B. Factory payroll record. C. General Ledger. D. Time ticket. E. Factory Overhead Ledger. 24. A company has an overhead application rate of 125% of direct labor costs. How much overhead would be allocated to a job if it required total labor costing $20,000? A. $ 5,000. B. $ 16,000. C. $ 25,000. D. $125,000. E. $250,000