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___c_    5.The excess of sales price of treasury stock over its cost should be credited to:

a.	Treasury Stock Receivable
b.	Premium on Capital Stock
c.	Paid-In Capital from Sale of Treasury Stock
d.	Income from Sale of Treasury Stock

_a___     6.         A corporation purchased 1,000 shares of its $5 par common stock at $10 and subsequently sold 500 of the shares at $20.  What is the amount of revenue realized from the sale?

a.	$0
b.	$5,000
c.	$2,500
d.	$10,000

 

___a_     7.         A corporation has 40,000 shares of $25 par value stock outstanding.  If the corporation issues a 4-for-1 stock split, the number of shares outstanding after the split will be:

a.	160,000 shares
b.	40,000 shares
c.	120,000 shares
d.	10,000 shares

____c   8.A corporation has 50,000 shares of $28 par value stock outstanding that has a current market value of $160.  If the corporation issues a 4-for-1 stock split, the market value of the stock will fall to approximately:

a.	$7
b.	$112
c.	$40
d.	$640

 

__d__     9.The charter of a corporation provides for the issuance of 100,000 shares of common stock.  Assume that 50,000 shares were originally issued and 5,000 were subsequently reacquired.  What is the amount of cash dividends to be paid if a $1 per share dividend is declared?

a.	$50,000
b.	$5,000
c.	$100,000
d.	$45,000

 

__D__    11.        If the market rate of interest is 8%, the price of 6% bonds paying interest annually with a face value of $100,000 will be:

a.	Equal to $100,000
b.	Greater than $100,000
c.	Less than $100,000
d.	Greater than or less than $100,000, depending on the maturity date of the bonds

___c_12.A corporation issues for cash $8,000,000 of 8%, 30-year bonds, interest payable annually.  The amount received for the bonds will be:

a.	present value of 60 semiannual interest payments of $320,000, plus present value of $8,000,000 to be repaid in 30 years
b.	present value of 30 annual interest payments of $640,000
c.	present value of 30 annual interest payments of $640,000, plus present value of $8,000,000 to be repaid in 30 years
d.	present value of $8,000,000 to be repaid in 30 years, less present value of 60 semiannual interest payments of $320,000

 

___b_     13.The entry to record the amortization of a discount on bonds payable is:

a.	debit Discount on Bonds Payable, credit Interest Expense
b.	debit Interest Expense, credit Discount on Bonds Payable
c.	debit Interest Expense, credit Cash
d.	debit Bonds Payable, credit Interest Expense

 

__c __14.When the market rate of interest was 12%, Newman Corporation issued $1,000,000, 11%, 10-year bonds that pay interest annually.  The selling price of this bond issue was:

a.	$ 352,180
b.	$1,000,000
c.	$ 943,494
d.	$588,963

___d_   15.        The journal entry a company records for the issuance of bonds when the stated rate and the market rate are the same is:

a.	debit Bonds Payable, credit Cash
b.	debit Cash and Discount on Bonds Payable, credit Bonds Payable
c.	debit Cash, credit Premium on Bonds Payable and Bonds Payable
d.	debit Cash, credit Bonds Payable

 

__c__     16.       The journal entry a company records for the issuance of bonds when the stated rate is greater than the market rate would be:

a.	debit Bonds Payable, credit Cash
b.	debit Cash and Discount on Bonds Payable, credit Bonds Payable
c.	debit Cash, credit Premium on Bonds Payable and Bonds Payable
d.	debit Cash, credit Bonds Payable

 

___d      17.        The Raymore Company issued 10-year bonds on January 1, 2006. The 15% bonds have a face value of $100,000 and pay interest every January 1.  The bonds were sold for $116,951 based on the market interest rate of 12%.  Raymore uses the effective-interest method to amortize bond discounts and premiums.  On January 1, 2007, Raymore should record interest expense (round to the nearest dollar) of:

a.	$7,032
b.	$7,500
c.	$8,790
d.	$14,034

 

__c_       18.One of the objectives of management accounting is to provide

a.	stockholders and potential investors with useful information for decision making
b.	banks and other creditors with information useful in making credit decisions
c.	management with information useful for planning and controlling operations
d.	the Internal Revenue Service with information about taxable income

 

 

___c_     19.Management accounting is primarily concerned with which of the following?

a.	Following GAAP.
b.	Preparing a full set of financial statements for external users.
c.	Producing information for management.
d.	Preparing tax returns for submission to the Internal Revenue Service

 

 

__c_       20.Mulholland Company manufactures various wooden furniture products. If the cost object is a product, such as a chair, what costs would be considered direct?

a.	manufacturing supervisor's salary
b.	depreciation on the factory building
c.	salary of the worker that glues the legs to the seat of the chair
d.	insurance on the factory

 

 

___c       21.        Which of the following costs would NOT be directly traceable to the manufacture of an automobile?

a.	the cost of the engine
b.	the cost of the tires
c.	the cost of lubricants
d.	the cost of the steering column

____       22.        Which of the following costs would be classified as an indirect cost in the manufacturing of custom built dining tables?

a.	the cost of the table base
b.	the cost of the table legsÂ
c.	the cost of the person assembling the table
d.	the cost of the rent on the manufacturing facility

 

___a_    23.        The wood in an oak desk is an example of which of the following?

a.	direct materials
b.	indirect materials
c.	direct labor
d.	indirect labor

 

__b__     24.        The grease used to maintain the production equipment in working order is an example of which of the following?

a.	direct material
b.	indirect material
c.	direct labor
d.	indirect labor

 

__d__     25.c__b__         26.The wages of a production equipment operator would be classified as which of the following?

a.	direct materials
b.	direct labor
c.	manufacturing overhead
d.	selling and administrative costs

 

_b___     27.        Which of the following is a product cost?

a.	advertising expenditures
b.	insurance on the office buildings
c.	depreciation of the salesmen's cars
d.	depreciation of the production facilities