Lesson 1 – 5 100 question

LESSON 1

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1.      Which of the following would result in a decrease in cash flow and a use of cash?
A. A decrease in notes payable
B. An increase in long-term debt
C.A decrease in inventory
D. A decrease in common stock

 

2.      In the United States, for the 2007 tax year, federal corporate income tax rates never exceeded an average rate of
A. 15%.     C. 39%.
B. 35%.     D. 34%.

 

 

 

3.      A firm has assets of $60,000 and owners’ equity of $33,000. Which of the following is the correct balance of the firm’s liabilities?
A. $33,000            C. $93,000
B. $27,000            D. $60,000

 

 

 

4.      Which of the following would result in an increase in cash flow and a source of cash?
A. A decrease in notes payable
B. A decrease in long-term debt
C. An increase in inventory
D. An increase in common stock

 

 

 

5.      A firm has current assets of $10,000 and current liabilities of $7,000. Which of the following is the correct net working capital for the firm?
A. $10,000 C. $3,000
B. $7,000 D. $13,000

 

6.       If a firm has an accounts receivable balance of $18,800 at the end of 2007 and $16,500 at the end of 2008, which of the following statements about accounts receivable is correct?
A. Accounts receivable decreased by $2,300 and represented a use of cash.
B. Accounts receivable increased by $2,300 and represented a source of cash.
C. Accounts receivable decreased by $2,300 and represented a source of cash.
D. Accounts receivable increased by $2,300 and represented a use of cash.

 

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