Question 1 5 / 5 points Use the information below to answer the following question. ABC Company purchases five products for sale in the order and at the costs shown below. Unit Cost per Unit 1 $10 2 $12 3 $15 4 $18 5 $13 Assume ABC uses the average cost method of inventory valuation. What unit cost would be used to determine the amount in ending inventory or cost of goods sold? Question options: $12.67 $13.60 $15.00 $13.00 Question 2 5 / 5 points When will a firm regard goodwill on its books? Question options: When one company acquires another company for a price in excess of the fair market value of the net identifiable assets acquired. When the firm donates property to charities. When it is determined that there has been a loss of value of long-term assets. When fixed assets are impaired. Question 3 5 / 5 points Assume the following purchases of inventory for ABC Company and use this information to answer the question below. ABC Company purchases five products for sale in the order and at the costs shown below. Purchase # Purchase Price 1 $3 2 $4 3 $5 4 $6 5 $7 Assume ABC sells three items and uses the LIFO method of inventory valuation. What amount would appear for cost of goods sold on the income statement? Question options: $18 $12 $15 $25 Question 4 5 / 5 points Which of the following statements is true? Question options: Land should be depreciated over the period of time it benefits the firm. Accelerated depreciation must be used for financial reporting purposes. Fixed assets are reported at historical cost plus accumulated depreciation. The total amount of depreciation over the asset’s life is the same regardless of depreciation method, although the rate of depreciation varies. Question 5 5 / 5 points Which stockholders’ equity account represents the sum of every dollar a company has earned since its inception, less any payments made to shareholders in the form of dividends? Question options: Treasury stock Accumulated other comprehensive income Retained earnings Preferred stock Question 6 5 / 5 points __________ is (are) a form of vertical ratio analysis that allows for comparison of firms with different levels of sales or total assets by introducing a common denominator. Question options: Consolidated statements Common size financial statements Income Statements Comparative Data Statements Question 7 5 / 5 points Which of the following accounts would be classified as current assets on the balance sheet? Question options: Accounts receivable, inventory, cash equivalents Marketable securities, accounts payable, property, plant and equipment Prepaid expenses, goodwill, long-term investments Property, plant and equipment, inventory, goodwill Question 8 5 / 5 points __________ include those assets expected to be converted into cash within one year or operating cycle. Question options: Current assets Long-term assets Current liabilities Long-term liabilities Question 9 5 / 5 points What does the term “net realizable value” mean with regard to the accounts receivable account? Question options: The gross amounts owed by customers for credit purchases Total accounts receivable plus an amount estimated for bad debts The allowance for doubtful accounts less bad debt expense Actual amounts of accounts receivable less an allowance for doubtful accounts Question 10 5 / 5 points Marketable securities are also referred to as __________ investments. Question options: guaranteed high risk/low return long-term short-term Question 11 5 / 5 points Which of the following marketable securities are reported at fair value? Question options: Held to maturity and trading securities Trading securities and securities available for sale Held to maturity and securities available for sale Corporate bonds and convertible debt Question 12 5 / 5 points Use the information below to answer the following question. ABC Company purchases five products for sale in the order and at the costs shown below. Unit Cost per Unit 1 $10 2 $1…
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