Final Exam Part I_ Multiple Choice
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Final Exam Part I: Multiple Choice
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Unit 11: Final Exam: Summative Case Analysis 18 March - 24 March
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Final Exam Part I: Multiple Choice
S
tarted on
Saturday, 23 March 2024, 12:06 PM
S
tate
Finished
C
ompleted on
Saturday, 23 March 2024, 12:46 PM
T
ime taken
40 mins 5 secs
Question 1
Complete
Marked out of 1.00
Callable preferred shares
Select one:
a. Have rights to participate in any new share issuance.
b. Usually have voting rights.
c. May be called or redeemed at the option of the issuing corporation.
d. May be redeemed at any time at the shareholder’s option.
3/24/24, 4:18 PM
Final Exam Part I: Multiple Choice
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Question 2
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On January 1, 2020, Raptors Corp. changed its inventory valuation method from weighted-average cost to
FIFO for ±nancial statement and income tax purposes, to make their reporting as reliable and more relevant.
The change resulted in a $ 900,000 increase in the beginning inventory at January 1, 2020. Assume a 25%
income tax rate. The cumulative effect of this accounting change reported for the year ended December 31,
2020 is
Select one:
a. $225,000
b. $0
c. $675,000
d. $900,000
Question 3
Complete
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The times interest earned ratio measures
Select one:
a. An enterprise’s ability to meet interest payments as they come due.
b. The percentage of total assets ±nanced by creditors.
c. The amount of interest expense related to long-term debt.
d. The pro±tability of an enterprise.
3/24/24, 4:18 PM
Final Exam Part I: Multiple Choice
https://courses.yorkvilleu.ca/mod/quiz/review.php?attempt=312350
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Question 4
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On September 1, 2021, Espresso Corp. issued a $1,800,000, 12% note to Big 5 Bank, payable in three equal
annual principal payments of $600,000. On this date, the bank's prime rate was 11%. The ±rst payment for
interest and principal was made on September 1, 2022. At December 31, 2022, Espresso should record
accrued interest payable of
Select one:
a. $ 48,000
b. $ 44,000
c. $ 66,000
d. $ 72,000
Question 5
Complete
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Which of the following is NOT considered to be an accounting error?
Select one:
a. Changing depreciation methods from declining balance to straight line
b. Changing from the cash basis to the accrual basis
c. Failing to accrue wages payable at year end
d. Expensing the cost of a new machine
3/24/24, 4:18 PM
Final Exam Part I: Multiple Choice
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Question 6
Complete
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If bonds are initially sold at a discount and the straight-line method of amortization is used, interest expense
in the earlier years will be
Select one:
a. The same as it would have been had the effective-interest method of amortization been used.
b. Less than it would have been had the effective-interest method of amortization been used.
c. Higher than it would have been had the effective-interest method of amortization been used.
d. Less than the stated rate of interest.
Question 7
Complete
Marked out of 1.00
On January 1, 2020, Jeep Corp. issued $ 2,000,000, 5% bonds, which mature on January 1, 2027. The bonds
were issued for $2,120,045 to yield 4%. Jeep uses the effective-interest method of amortizing bond premium.
Interest is payable annually on December 31. At December 31, 2020, the adjusted balance in the Bonds
Payable account should be
Select one:
a. $ 2,104,847
b. $ 2,120,045
c. $ 2,000,000
d. $ 2,135,243
3/24/24, 4:18 PM
Final Exam Part I: Multiple Choice
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Question 8
Complete
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Which of the following is NOT a potential advantage of leasing?
Select one:
a. 100% ±nancing at ±xed rates
b. Cheaper ±nancing
c. No tax advantages for the lessor
d. Protection against obsolescence
3/24/24, 4:18 PM
Final Exam Part I: Multiple Choice
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Question 9
Complete
Marked out of 1.00
Information concerning the capital structure of Catan Corporation follows
D
ec. 31, 2020
D
ec. 31, 2019
Common shares outstanding
100,000 shares
100,000 shares
Convertible preferred shares outstanding
10,000 shares
10,000 shares
9% convertible bonds
$ 2,000,000
$ 2,000,000
During 2020, Catan paid dividends of $ 1.00 per common share and $ 2.50 per preferred share. The preferred
shares are non-cumulative, and convertible into 20,000 common shares. The 9% convertible bonds are
convertible into 50,000 common shares. Net income for calendar 2020 was $500,000. Assume the income
tax rate is 30%. Basic earnings per share for 2020 is
Select one:
a. $ 3.65
b. $ 4.75
c. $ 3.33
d. $ 5.00
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