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ACC 291 Principles Of Accounting II Week 5 Practice Questions Chapter 13 Answers

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Phoenix ACC 291 Week 5 Practice Questions Chapter 13 Answers (2017)

  1. Sustainable income is equal to net income.
  2. Which of the following is not an irregular item on the income statement?

  3. Sudley Shoppe had severe damage done to its Christmas inventory due to an escaped circus elephant rampaging through the store. The inventory loss was $80,000 before applicable taxes of $20,000. How should Sudley Shoppe report the loss?

  4. Which of the following is income that includes all changes in stockholders' equity during a period except those resulting from investments by stockholders and distributions to stockholders?

  5. Assume the following cost of goods sold data for a company:

    2014

    1,600,000

    2013

    1,500,000

    2012

    1,200,000


    If 2012 is the base year, what is the percentage increase in cost of goods sold from 2012 to 2014?

  6. In vertical analysis, what is the base amount for depreciation expense?

  7. Profitability ratios provide information about a firm’s success in generating income from operations.

  8. The following information is available for Barkley Company:

     

     

    2014

     

    2013

    Accounts receivable

     

    $ 360,000

     

    $400,000

    Inventory

     

    280,000

     

    320,000

    Net credit sales

     

    3,000,000

     

    1,400,000

    Cost of goods sold

     

    1,200,000

     

    1,060,000

    Net income

     

    300,000

     

    170,000


    How much is the inventory turnover for 2014?

  9. Which measure(s) is (are) an evaluation of a company’s ability to pay current liabilities?

  10. Which of the following is true for reporting extraordinary items under IFRS?

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