You passed this Milestone
1
Unearned revenue is a(n) __________ account and carries a
normal __________ balance.
liability; credit
revenue; credit
equity; debit
asset; debit
2
Which of the following internal controls has Jim implemented at his company if he
hires an outside auditing firm to review the company's financial records?
Monitoring processes
Information and communication systems
Control environment
Risk assessment
CONCEPT
3
LONG TERM ASSET
ASSET: ASSEMBLY EQUIPMENT
COST $15,000
ACCUMULATED DEPRECIATION $2,500
PREPAID INSURANCE $500
MAINTENANCE COSTS $1,500
BOOK VALUE ______
Based on the information shown here, which of the following is the book value of
the assembly equipment?
$13,500
$12,500
$12,000
$10,500
4
Which of the assets below CANNOT depreciate?
Two cabins
Two chainsaws
Two all-terrain vehicles
This study source was downloaded by 100000836546216 from CourseHero.com on 03-10-2022 04:25:53 GMT -06:00
https://www.coursehero.com/file/58876995/Unit-4-Milestone-4-with-answersdocx/
, Two acres of land
5
Which of the following examples can be classified as an accounts receivable?
The building management company agreed that The Animal Shop could pay
September's rent in October.
Due to an extra shipment, the Animal Shop had a special this week on kitty litter.
The Animal Shop decided a goldfish could stay for a week and they'd be paid
when it was picked up.
The Animal Shop signed up for a new credit card to receive 0% financing for the
first six months.
6
Marian received an extra principal payment on the loan her business made to another
company.
What activity does this exemplify?
Financing activity
No activity to record on the statement of cash flows
Operating activity
Investing activity
7
Using the information shown here, which of the following is the asset turnover
ratio?
2.00
0.09
1.67
0.14
8
This study source was downloaded by 100000836546216 from CourseHero.com on 03-10-2022 04:25:53 GMT -06:00
https://www.coursehero.com/file/58876995/Unit-4-Milestone-4-with-answersdocx/
1
Unearned revenue is a(n) __________ account and carries a
normal __________ balance.
liability; credit
revenue; credit
equity; debit
asset; debit
2
Which of the following internal controls has Jim implemented at his company if he
hires an outside auditing firm to review the company's financial records?
Monitoring processes
Information and communication systems
Control environment
Risk assessment
CONCEPT
3
LONG TERM ASSET
ASSET: ASSEMBLY EQUIPMENT
COST $15,000
ACCUMULATED DEPRECIATION $2,500
PREPAID INSURANCE $500
MAINTENANCE COSTS $1,500
BOOK VALUE ______
Based on the information shown here, which of the following is the book value of
the assembly equipment?
$13,500
$12,500
$12,000
$10,500
4
Which of the assets below CANNOT depreciate?
Two cabins
Two chainsaws
Two all-terrain vehicles
This study source was downloaded by 100000836546216 from CourseHero.com on 03-10-2022 04:25:53 GMT -06:00
https://www.coursehero.com/file/58876995/Unit-4-Milestone-4-with-answersdocx/
, Two acres of land
5
Which of the following examples can be classified as an accounts receivable?
The building management company agreed that The Animal Shop could pay
September's rent in October.
Due to an extra shipment, the Animal Shop had a special this week on kitty litter.
The Animal Shop decided a goldfish could stay for a week and they'd be paid
when it was picked up.
The Animal Shop signed up for a new credit card to receive 0% financing for the
first six months.
6
Marian received an extra principal payment on the loan her business made to another
company.
What activity does this exemplify?
Financing activity
No activity to record on the statement of cash flows
Operating activity
Investing activity
7
Using the information shown here, which of the following is the asset turnover
ratio?
2.00
0.09
1.67
0.14
8
This study source was downloaded by 100000836546216 from CourseHero.com on 03-10-2022 04:25:53 GMT -06:00
https://www.coursehero.com/file/58876995/Unit-4-Milestone-4-with-answersdocx/
