Question 1.1. (TCOs A, B, and C) Which type of corporate information is available to investors? (Points : 3)Sales budgetOperating expense budget Cash provided by investing activitiesFive-year strategic plan Question 2.2. (TCO C) Paying back long-term debt is an example of a(n) (Points : 3)non-cash investing activity.investing activity.financing activity.operating activity. Question 3.3. (TCO C) Buying a new plant would be an example of which type of activity? (Points : 3)OperatingFinancingInvestingNone of the above Question 4.4. (TCO A) Which of the following should not be classified as a current liability? (Points : 3)Accounts Payable A note payable due in 15 monthsIncome Tax PayableUnearned Revenue Question 5.5. (TCO B) For 2012, LBJ Corporation reported net income of $75,000; net sales $750,000; and weighted average shares outstanding of 7,500. There were no preferred stock dividends. What was the 2012 earnings per share? (Points : 3)$100.00$50.00$10.00$110.00 Question 6.6. (TCO D) Which of the following describes the normal balance and classification of the Unearned Revenue account? (Points : 3)debit, Expensecredit, Liabilitycredit, Stockholders’ equitydebit, Liability Question 7.7. (TCO E) The accrual accounting term used to indicate an item paid in advance or the receipt of cash in advance is (Points : 3)prepayment.depreciation.deferral.accrual. Question 8.8. (TCOs A and B) A periodic inventory system would most likely be used by a(n) (Points : 3)automobile dealership. jewelry store. furniture store. local neighborhood restaurant. Question 9.9. (TCOs A and B) LBJ Company recorded the following events involving a recent purchase of merchandise. – Received goods for $100,000, terms 2/10, n/30 – Returned $5,000 of the shipment for a credit due to damaged goods – Paid $1,500 for freight in – Paid the invoice within the discount periodAs a result of these events, the company’s merchandise inventory (Points : 3)increased by $96,500.increased by $95,000.increased by $94,500.increased by $94,600. Question 10.10. (TCO A) In periods of rising prices, which of the following inventory methods results in the lowest income taxes? (Points : 3)FIFO methodAverage cost methodLIFO methodCannot determine based on the information given
Question 1.1. (TCOs A, B, and C) Which type of corporate information is available to investors?(Points : 3)Sales budgetOperating expense budgetCash provided by investing activitiesFive-year…
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