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Aug 29, 2021 | Uncategorized

31. A credit balance in Cash Over and Short is reported as a(n) (Points : 3) asset.
liability.
miscellaneous expense.
miscellaneous revenue.

Question 32. 32. A petty cash fund of $100 is replenished when the fund contains $4 in cash and receipts for $94. The entry to replenish the fund would (Points : 3)

credit Cash Over and Short for $2.
credit Miscellaneous Revenue for $2.
debit Cash Over and Short for $2.
debit Miscellaneous Expense for $2.
Question 33. 33. The size of the petty cash fund is dependent on (Points : 3)

the wishes of the custodian of the fund.
anticipated disbursements for the year.
anticipated disbursements for a three- to four-week period.
the size of the regular cash account.
Question 34. 34. A note payable is in the form of (Points : 3)

a contingency that is reasonably likely to occur.
a written promissory note.
an oral agreement.
a standing agreement.
Question 35. 35. If a corporation issued $3,000,000 in bonds which pay 10% annual interest, what is the annual net cash cost of this borrowing if the income tax rate is 30%? (Points : 3)

$3,000,000
$90,000
$300,000
$210,000
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2. Mott Company uses the units-of-activity method in computing depreciation. A new plant asset is purchased for $36,000 that will produce an estimated 100,000 units over its useful life. Estimated salvage value at the end of its useful life is $3,000. What is the depreciation cost per unit? (Points : 3) ??       $3.30?       $3.60?       $.33?       $.36 5. In most companies, current liabilities are paid within (Points : 3) ??       one year through the creation of other current liabilities.?       the operating cycle through the creation of other current liabilities.?       one year or the operating cycle out of current assets.?       the operating cycle out of current assets.??? Question 6. 6. Cash receipts from interest and dividends are classified as (Points : 3) ??       financing activities.?       investing activities.?       operating activities.?       either financing or investing activities.??? Question 7. 7. From the standpoint of the issuing company, a disadvantage of using bonds as a means of long-term financing is that (Points : 3) ??       bond interest is deductible for tax purposes.?       interest must be paid on a periodic basis regardless of earnings.?       income to stockholders may increase as a result of trading on the equity.?       the bondholders do not have voting rights.??9. If a company has both an inflow and outflow of cash related to property, plant, and equipment, the (Points : 3) ??       two cash effects can be netted and presented as one item in the investing activities section.?       cash inflow and cash outflow should be reported separately in the investing activities section.?       two cash effects can be netted and presented as one item in the financing activities section.?       cash inflow and cash outflow should be reported separately in the financing activities section.??? Question 10. 10. With an interest-bearing note, the amount of assets received upon issuance of the note is generally (Points : 3) ??       equal…

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