Final+Exam+Guide

Here is the final exam guide:



AC211 Spring 2010 Hot topics for the final
 * · Accrual accounting


 * · Matching principle


 * · Accounting equation


 * · Effect of an adjusting entry


 * · Effect of overstating sales


 * · Cash flow classifications (operating, investing, financing)


 * · Depreciation calculations


 * · Lifo/Fifo concepts/calculations


 * · Operating cash flow –indirect method


 * · Aging of accounts receivable method


 * · Recording purchase of assets


 * · Inventory calculations; relation to cost of goods sold


 * · Simple stock transactions


 * · Analysis of a company using ratios **
 * · Analysis of a company using ratios **


 * · Interest revenue on a note


 * · SEC common filing forms


 * · Preparing a balance sheet given missing information


 * · Allowance method for doubtful accounts


 * · Cash and stock dividend accounting


 * · Accounts receivable write off and recovery


 * · Bond price, premium/discount


 * · Cash flow conceptual issues


 * · Treatment of depreciation


 * **1.** ||  || The functions of an accounting system include all of the following //except//: ||   ||   || a. || gather marketing data. ||


 * || b. || handle routine bookkeeping tasks. ||


 * || c. || structure information so that it can be used to evaluate performance of a business. ||

||
 * || d. || analyze transactions. ||  ||   ||   ||   ||
 * **2.** ||  || The statement of financial position is also known as the: ||   ||   || a. || statement of cash flows. ||


 * || b. || balance sheet. ||


 * || c. || income statement. ||

||
 * || d. || retained earnings statement. ||  ||   ||   ||   ||
 * **3.** ||  || Caldwell Company made a payment on a loan of $15,000 and the interest due of $1,000. The journal entry to record this transaction would include a: ||   ||   || a. || debit to cash. ||


 * || b. || credit to loan payable. ||


 * || c. || credit to interest expense. ||

||
 * || d. || debit to interest expense. ||  ||   ||   ||   ||
 * **4.** ||  || Accounting is designed to accumulate and report the results of a company's transactions in order to make the information useful for: ||   ||   || a. || record keeping. ||


 * || b. || decision making. ||


 * || c. || analyzing transactions. ||

||
 * || d. || detecting fraud. ||  ||   ||   ||   ||
 * **5.** ||  || The set of entries that brings all nominal account balances to zero are called: ||   ||   || a. || adjusting entries. ||


 * || b. || journal entries. ||


 * || c. || closing entries. ||

||
 * || d. || zeroing entries. ||  ||   ||   ||   ||
 * **6.** ||  || Review of adjustments, sample of selected accounts, and review of accounting systems are procedures that are conducted by: ||   ||   || a. || the Audit Committee. ||


 * || b. || the Controllor. ||


 * || c. || the Board of Directors. ||

||
 * || d. || the External Auditor. ||  ||   ||   ||   ||
 * **7.** ||  || Which of the following is typically a reason for managing earnings? ||   ||   || a. || Desire for personal gain. ||


 * || b. || Pressure from family members. ||


 * || c. || Pressure to meet internal expectations. ||

||
 * || d. || None of these are a reason for managing earnings. ||  ||   ||   ||   ||
 * **8.** ||  || Which of the following is //not// a valid control procedure? ||   ||   || a. || Segregation of duties. ||


 * || b. || Adequate documents and records. ||


 * || c. || Independent checks on performance. ||

||
 * || d. || Management assurances. ||  ||   ||   ||   ||
 * **9.** ||  || David Company had the following account balances: Sales Revenue, $300,000; Sales Returns and Allowances, $6,000; Sales Discounts, $7,200; and Bad Debts, $1,200. Given these balances, the amount of net sales is: ||   ||   || a. || $300,000 ||


 * || b. || $294,000 ||


 * || c. || $286,800 ||

||
 * || d. || $285,600 ||  ||   ||   ||   ||
 * **10.** ||  || Tran Company sold inventory valued at $225 for $50 cash and $300 on account. The journal entry to record this transaction would include: ||   ||   || a. || a debit to Sales Revenue of $350. ||


 * || b. || a credit to Sales Revenue of $225. ||


 * || c. || a debit to Accounts Receivable of $50. ||

||
 * || d. || a debit to Accounts Receivable of $300. ||  ||   ||   ||   ||
 * **11.** ||  || A firm using the periodic inventory method purchased $8,000 of inventory on terms 1/10, n/30. The journal entry to record this transaction would include a debit to: ||   ||   || a. || Purchases. ||


 * || b. || Purchase Discounts. ||


 * || c. || Inventory. ||

||
 * || d. || Accounts Payable. ||  ||   ||   ||   ||
 * **12.** ||  || When the current year's ending inventory amount is understated: ||   ||   || a. || the current year's cost of goods sold is overstated. ||


 * || b. || the current year's beginning assets are understated. ||


 * || c. || the current year's net income is overstated. ||

||
 * || d. || the current year's beginning inventory must be understated. ||  ||   ||   ||   ||
 * **13.** ||  || Many companies collect sales tax at the time of sale. Between the collection of this tax and its payment to a government, the tax is classified as a(n): ||   ||   || a. || current liability. ||


 * || b. || long-term liability. ||


 * || c. || asset. ||

||
 * || d. || expense. ||  ||   ||   ||   ||
 * **14.** ||  || Which of the following is true regarding taxes deducted from an employee's earnings? ||   ||   || a. || These items are expenses to the employer. ||


 * || b. || These items are liabilities that must be paid to federal state and local governments. ||


 * || c. || These items are debited within the entry to record wage or salary expense. ||

||
 * || d. || The employer must pay an equal amount of all the taxes deducted to federal and state governments. ||  ||   ||   ||   ||
 * **15.** ||  || How is depreciation affected when a change in the estimate of remaining life occurs? ||   ||   || a. || The remaining book value is still allocated over the original life. ||


 * || b. || The remaining book value is allocated over the new life. ||


 * || c. || The original cost is allocated over the new life. ||

||
 * || d. || The fair value is allocated over the new life. ||  ||   ||   ||   ||
 * **16.** ||  || Beeline Deliveries purchased a delivery truck on January 1, at a cost of $11,200. The truck has an estimated useful life of 4 years or 40,000 miles and a salvage value of $400. If the truck was driven 5,200 miles during the year, the depreciation expense for the year under the straight-line method would be: ||   ||   || a. || $2,700 ||


 * || b. || $1,404 ||


 * || c. || $1,350 ||

||
 * || d. || $752 ||  ||   ||   ||   ||
 * **17.** ||  || Mortgage payments usually include: ||   ||   || a. || interest. ||


 * || b. || principal. ||


 * || c. || both interest and principal. ||

||
 * || d. || neither interest nor principal. ||  ||   ||   ||   ||
 * **18.** ||  || The entry to record the annual lease payments on an operating lease would include a: ||   ||   || a. || credit to lease obligation. ||


 * || b. || debit to interest expense. ||


 * || c. || credit to lease liability. ||

||
 * || d. || debit to lease expense. ||  ||   ||   ||   ||
 * **19.** ||  || The type of stock that usually carries preference as to voting rights is: ||   ||   || a. || preferred stock. ||


 * || b. || common stock. ||


 * || c. || treasury stock. ||

||
 * || d. || none of these choices. ||  ||   ||   ||   ||
 * **20.** ||  || To determine if treasury stock is sold at a loss, the selling price is compared to its: ||   ||   || a. || par value. ||


 * || b. || original selling price. ||


 * || c. || cost when repurchased. ||

||
 * || d. || None of these choices because a loss cannot be recognized on the sale of treasury stock. ||  ||   ||   ||   ||
 * **21.** ||  || When an investor uses the equity method to account for investments in common stock, earnings announced by the investee should be recorded by the investor as: ||   ||   || a. || an increase in the investment account. ||


 * || b. || a deduction in the investment account. ||


 * || c. || interest revenue. ||

||
 * || d. || revenue from investments. ||  ||   ||   ||   ||
 * **22.** ||  || Marksbury Company is recording a loss in value of its trading securities. The entry to record this change in value would include a: ||   ||   || a. || credit to a market adjustment account. ||


 * || b. || debit to a securities-equity account. ||


 * || c. || credit to a realized loss account. ||

||
 * || d. || credit to a trading securities account. ||  ||   ||   ||   ||
 * **23.** ||  || Which of the following would be added to net income on a statement of cash flows prepared by the indirect method? ||   ||   || a. || An increase in accounts payable. ||


 * || b. || An increase in accounts receivable. ||


 * || c. || A gain from the sale of equipment. ||

||
 * || d. || An increase in prepaid insurance. ||  ||   ||   ||   ||
 * **24.** ||  || If sales revenue for the period is $200,000 and beginning and ending Accounts Receivable balances are $15,000 and $20,000, respectively, cash collected from customers is: ||   ||   || a. || $200,000 ||


 * || b. || $210,000 ||


 * || c. || $235,000 ||

||
 * || d. || $195,000 ||  ||   ||   ||   ||
 * **25.** ||  || Which of the following methods of financial statement analysis represents a systematic approach for breaking down return on equity into three ratios? ||   ||   || a. || Common-size financial statements ||


 * || b. || Leverage ratios ||


 * || c. || Efficiency ratios ||


 * || d. || DuPont framework ||  ||   ||   ||

**1. ** ||  ||    || The functions of an accounting system include all of the following //except //: || ||   || a. || gather marketing data. || || b. || handle routine bookkeeping tasks. || || c. || structure information so that it can be used to evaluate performance of a business. || || d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">analyze transactions. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: green; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">a //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">a //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Correct. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">2. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">The statement of financial position is also known as the: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">statement of cash flows. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">balance sheet. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">income statement. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">retained earnings statement. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: green; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">b //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">b //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Correct. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">3. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Caldwell Company made a payment on a loan of $15,000 and the interest due of $1,000. The journal entry to record this transaction would include a: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">debit to cash. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">credit to loan payable. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">credit to interest expense. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">debit to interest expense. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: green; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">d //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">d //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Correct. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">4. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Accounting is designed to accumulate and report the results of a company's transactions in order to make the information useful for: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">record keeping. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">decision making. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">analyzing transactions. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">detecting fraud. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: green; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">b //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">b //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Correct. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">5. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">The set of entries that brings all nominal account balances to zero are called: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">adjusting entries. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">journal entries. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">closing entries. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">zeroing entries. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: green; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">c //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">c //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Correct. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">6. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Review of adjustments, sample of selected accounts, and review of accounting systems are procedures that are conducted by: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">the Audit Committee. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">the Controllor. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">the Board of Directors. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">the External Auditor. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: green; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">d //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">d //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Correct. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">7. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Which of the following is typically a reason for managing earnings? || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Desire for personal gain. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Pressure from family members. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Pressure to meet internal expectations. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">None of these are a reason for managing earnings. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: red; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">incorrect ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">0.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">c //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">d //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Incorrect. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">8. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Which of the following is //<span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">not // <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a valid control procedure? || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Segregation of duties. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Adequate documents and records. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Independent checks on performance. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Management assurances. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: green; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">d //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">d //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Correct. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">9. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">David Company had the following account balances: Sales Revenue, $300,000; Sales Returns and Allowances, $6,000; Sales Discounts, $7,200; and Bad Debts, $1,200. Given these balances, the amount of net sales is: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">$300,000 || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">$294,000 || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">$286,800 || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">$285,600 || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: green; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">c //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">c //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Correct. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">10. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Tran Company sold inventory valued at $225 for $50 cash and $300 on account. The journal entry to record this transaction would include: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a debit to Sales Revenue of $350. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a credit to Sales Revenue of $225. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a debit to Accounts Receivable of $50. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a debit to Accounts Receivable of $300. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: green; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">d //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">d //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Correct. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">11. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">A firm using the periodic inventory method purchased $8,000 of inventory on terms 1/10, n/30. The journal entry to record this transaction would include a debit to: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Purchases. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Purchase Discounts. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Inventory. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Accounts Payable. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: green; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">a //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">a //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Correct. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">12. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">When the current year's ending inventory amount is understated: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">the current year's cost of goods sold is overstated. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">the current year's beginning assets are understated. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">the current year's net income is overstated. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">the current year's beginning inventory must be understated. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: green; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">a //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">a //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Correct. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">13. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Many companies collect sales tax at the time of sale. Between the collection of this tax and its payment to a government, the tax is classified as a(n): || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">current liability. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">long-term liability. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">asset. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">expense. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: red; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">incorrect ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">0.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">a //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">c //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Incorrect. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">14. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Which of the following is true regarding taxes deducted from an employee's earnings? || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">These items are expenses to the employer. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">These items are liabilities that must be paid to federal state and local governments. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">These items are debited within the entry to record wage or salary expense. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">The employer must pay an equal amount of all the taxes deducted to federal and state governments. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: red; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">incorrect ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">0.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">b //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">d //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Incorrect. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">15. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">How is depreciation affected when a change in the estimate of remaining life occurs? || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">The remaining book value is still allocated over the original life. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">The remaining book value is allocated over the new life. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">The original cost is allocated over the new life. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">The fair value is allocated over the new life. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: red; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">incorrect ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">0.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">b //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">c //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Incorrect. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">16. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Beeline Deliveries purchased a delivery truck on January 1, at a cost of $11,200. The truck has an estimated useful life of 4 years or 40,000 miles and a salvage value of $400. If the truck was driven 5,200 miles during the year, the depreciation expense for the year under the straight-line method would be: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">$2,700 || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">$1,404 || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">$1,350 || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">$752 || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">not answered **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">17. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Mortgage payments usually include: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">interest. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">principal. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">both interest and principal. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">neither interest nor principal. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: green; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">c //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">c //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Correct. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">18. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">The entry to record the annual lease payments on an operating lease would include a: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">credit to lease obligation. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">debit to interest expense. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">credit to lease liability. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">debit to lease expense. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: green; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">d //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">d //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Correct. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">19. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">The type of stock that usually carries preference as to voting rights is: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">preferred stock. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">common stock. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">treasury stock. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">none of these choices. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: green; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">b //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">b //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Correct. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">20. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">To determine if treasury stock is sold at a loss, the selling price is compared to its: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">par value. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">original selling price. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">cost when repurchased. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">None of these choices because a loss cannot be recognized on the sale of treasury stock. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: green; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">c //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">c //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Correct. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">21. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">When an investor uses the equity method to account for investments in common stock, earnings announced by the investee should be recorded by the investor as: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">an increase in the investment account. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a deduction in the investment account. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">interest revenue. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">revenue from investments. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: red; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">incorrect ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">0.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">a //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">b //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Incorrect. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">22. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Marksbury Company is recording a loss in value of its trading securities. The entry to record this change in value would include a: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">credit to a market adjustment account. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">debit to a securities-equity account. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">credit to a realized loss account. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">credit to a trading securities account. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: red; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">incorrect ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">0.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">a //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">c //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Incorrect. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">23. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Which of the following would be added to net income on a statement of cash flows prepared by the indirect method? || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">An increase in accounts payable. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">An increase in accounts receivable. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">A gain from the sale of equipment. || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">An increase in prepaid insurance. || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: red; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">incorrect ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">0.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">a //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">c //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Incorrect. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">24. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">If sales revenue for the period is $200,000 and beginning and ending Accounts Receivable balances are $15,000 and $20,000, respectively, cash collected from customers is: || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">$200,000 || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">$210,000 || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">$235,000 || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">$195,000 || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: red; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">incorrect ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">0.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">d //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">c //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Incorrect. $15,000 + $200,000 - X = $20,000; X = $195,000 //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || || **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">25. **<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="color: dimgray; font-family: "Verdana","sans-serif"; font-size: 8.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">   || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Which of the following methods of financial statement analysis represents a systematic approach for breaking down return on equity into three ratios? || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;"> <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">a. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Common-size financial statements || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">b. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Leverage ratios || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">c. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">Efficiency ratios || || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">d. || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";">DuPont framework || || || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">status: **<span style="color: red; font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">incorrect ** <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> score: **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">0.0 **<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">correct answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">d //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">your answer: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">b //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || <span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">rejoinder: //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Incorrect. //<span style="font-family: "Verdana","sans-serif"; font-size: 5.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> || || ||
 * || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;">[[image:file:///C:/DOCUME~1/HANNON~1/LOCALS~1/Temp/msohtmlclip1/01/clip_image004.gif width="16" height="16" caption="http://webquiz.ilrn.com/media/img/MC_circle16x16_cut.gif"]] <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> ||
 * || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;">[[image:file:///C:/DOCUME~1/HANNON~1/LOCALS~1/Temp/msohtmlclip1/01/clip_image004.gif width="16" height="16" caption="http://webquiz.ilrn.com/media/img/MC_circle16x16_cut.gif"]] <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> ||
 * || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;">[[image:file:///C:/DOCUME~1/HANNON~1/LOCALS~1/Temp/msohtmlclip1/01/clip_image004.gif width="16" height="16" caption="http://webquiz.ilrn.com/media/img/MC_circle16x16_cut.gif"]] <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> ||
 * || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;">[[image:file:///C:/DOCUME~1/HANNON~1/LOCALS~1/Temp/msohtmlclip1/01/clip_image002.gif width="16" height="16" caption="http://webquiz.ilrn.com/media/img/MC_circle16x16_checked_cut.gif"]] <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> ||
 * || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;">[[image:file:///C:/DOCUME~1/HANNON~1/LOCALS~1/Temp/msohtmlclip1/01/clip_image004.gif width="16" height="16" caption="http://webquiz.ilrn.com/media/img/MC_circle16x16_cut.gif"]] <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> ||
 * || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;">[[image:file:///C:/DOCUME~1/HANNON~1/LOCALS~1/Temp/msohtmlclip1/01/clip_image004.gif width="16" height="16" caption="http://webquiz.ilrn.com/media/img/MC_circle16x16_cut.gif"]] <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> ||
 * || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;">[[image:file:///C:/DOCUME~1/HANNON~1/LOCALS~1/Temp/msohtmlclip1/01/clip_image004.gif width="16" height="16" caption="http://webquiz.ilrn.com/media/img/MC_circle16x16_cut.gif"]] <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> ||
 * || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;">[[image:file:///C:/DOCUME~1/HANNON~1/LOCALS~1/Temp/msohtmlclip1/01/clip_image004.gif width="16" height="16" caption="http://webquiz.ilrn.com/media/img/MC_circle16x16_cut.gif"]] <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> ||
 * || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;">[[image:file:///C:/DOCUME~1/HANNON~1/LOCALS~1/Temp/msohtmlclip1/01/clip_image002.gif width="16" height="16" caption="http://webquiz.ilrn.com/media/img/MC_circle16x16_checked_cut.gif"]] <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> ||
 * || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;">[[image:file:///C:/DOCUME~1/HANNON~1/LOCALS~1/Temp/msohtmlclip1/01/clip_image002.gif width="16" height="16" caption="http://webquiz.ilrn.com/media/img/MC_circle16x16_checked_cut.gif"]] <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> ||
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 * || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;">[[image:file:///C:/DOCUME~1/HANNON~1/LOCALS~1/Temp/msohtmlclip1/01/clip_image004.gif width="16" height="16" caption="http://webquiz.ilrn.com/media/img/MC_circle16x16_cut.gif"]] <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> ||
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 * || <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman"; mso-no-proof: yes;">[[image:file:///C:/DOCUME~1/HANNON~1/LOCALS~1/Temp/msohtmlclip1/01/clip_image004.gif width="16" height="16" caption="http://webquiz.ilrn.com/media/img/MC_circle16x16_cut.gif"]] <span style="font-family: "Arial","sans-serif"; font-size: 6.0pt; mso-fareast-font-family: "Times New Roman";"> ||
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