Question 1
The following information is available for Oakland Company:
20142013
Accounts receivable$ 360,000$ 400,000
Inventory 340,000400,000
Net credit sales 2,470,0001,400,000
Cost of goods sold1,850,0001,060,000
Net income 300,000170,000
The inventory turnover ratio for 2014 is
5.0 times.
5.4 times.
4.6 times.
6.7 times.
Question 2
Swiss Clothing Store had a balance in the Accounts Receivable account of $920,000 at the beginning of the year and a balance of $980,000 at the end of the year. Net credit sales during the year amounted to $6,650,000. The average collection period of the receivables in terms of days was
50.7 days.
52.1 days.
53.7 days.
30 days.
Question 3
Assume the following sales data for a company:
2014$1,050,000
2013950,000
2012800,000
2011650,000
If 2011 is the base year, what is the percentage increase in sales from 2011 to 2013?
100%
61.5%
46.2%
68.4%
Question 4
The current assets of Myers Company are $250,000. The current liabilities are $100,000. The current ratio expressed as a proportion is
2.5 : 1
.25 : 1
250%.
$250,000 ÷ $100,000.
Question 5
Nord Company had $375,000 of current assets and $150,000 of current liabilities before borrowing $70,000 from the bank with a 3-month note payable. What effect did the borrowing transaction have on the amount of Nord Company’s working capital?
No effect
$70,000 decrease
$140,000 increase
$70,000 increase
Question 6
If a company has an acid-test ratio of 1.2:1, what respective effects will the borrowing of cash by short-term debt and collection of accounts receivable have on the ratio?
Short-term Borrowing Collection of Receivable
Increase Increase
Decrease Decrease
Decrease No effect
Increase No effect
Question 7
If an item meets one (but not both) of the criteria for an extraordinary item, it
is reported as an “other revenue or gain” or “other expense and loss,” net of tax.
only needs to be disclosed in the footnotes of the financial statements.
is reported at its gross amount as an “other revenue or gain” or “other expense or loss.”
may be treated as sales revenue (if it is a gain) and as an operating expense (if it is a loss).
Question 8
In ratio analysis, the ratios are never expressed as a
percentage.
simple proportion.
negative figure.
rate.
Question 9
An aircraft company would most likely have
low profit margin.
a high inventory turnover.
high volume.
a low inventory turnover.
Question 10
The disposal of a significant component of a business is called
a change in accounting principle.
an extraordinary item.
discontinued operations.
an other expense.
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