Acct 2 Final Exam Best Version
ACCT 2102 Summer 2010
Final Exam – Version A Name:___________________________ Instructor:________________________
The exam is 42 questions worth 7.5 points apiece. Maximum score is 300
SELECT THE BEST ANSWER. MARK THE SCANTRON WHEN YOU ARE COMPLETELY FINISHED (to avoid erasures). ANSWERS RECORDED ON THE SCANTRON ARE FINAL. THE BOOK EXHIBIT OF IMPORTANT FINANCIAL RATIOS IS ATTACHED TO THIS EXAM. USE THESE RATIOS FOR THE EXAM CALCULATIONS.
Use the information for Pets, Inc. (provided separately) to answer questions 1-18.
1. Compare the speed with which Pets Inc. collects cash from its customers to the industry average for 2008 and 2007. How did Pets Inc. compare to the industry? 2008 2007
a. Better Better
b. Worse Worse
c. Worse Better
d. Better Worse
2. Compare the speed with which Pets Inc. pays for the inventory it purchases to the industry average for 2008 and 2007. Did Pets Inc. pay its vendors faster or slower than the industry average? 2008 2007
a. Faster Faster
b. Slower Slower
c. Slower Faster
d. Faster Slower
3. In 2007, approximately how many days, on average, did it take from the time Pets, Inc. purchased its inventory until it collected the cash from its customers? (Hint: Use days in collection period plus days in the selling period. Pick the closest number)
a. 138 days
b. 155 days
c. 189 days
d. 300 days
4. Pets Inc.’s total assets at the end of 2007 were:
a. $564,000
b. $612,000
c. $650,000
d. $780,000
e. $852,000
5. Pets Inc.’s total liabilities and Shareholders’ Equity at the end of 2008 were:
a. $283,000
b. $539,896
c. $739,896
d. $882,000
e. $950,000
6. Pets Inc.’s 2008 return on assets was:
a. 5.40%
b. 5.70%
c. 5.79%
d. 7.28%
e. 13.34%
7. If using the indirect method for Pets Inc.’s statement of cash flow, the change in utilities payable balance from 2006 to 2007 would be reported on the 2007 statement of cash flows as:
a. an addition to net income in the operating section
b. a deduction from net income in the operating
Final Exam – Version A Name:___________________________ Instructor:________________________
The exam is 42 questions worth 7.5 points apiece. Maximum score is 300
SELECT THE BEST ANSWER. MARK THE SCANTRON WHEN YOU ARE COMPLETELY FINISHED (to avoid erasures). ANSWERS RECORDED ON THE SCANTRON ARE FINAL. THE BOOK EXHIBIT OF IMPORTANT FINANCIAL RATIOS IS ATTACHED TO THIS EXAM. USE THESE RATIOS FOR THE EXAM CALCULATIONS.
Use the information for Pets, Inc. (provided separately) to answer questions 1-18.
1. Compare the speed with which Pets Inc. collects cash from its customers to the industry average for 2008 and 2007. How did Pets Inc. compare to the industry? 2008 2007
a. Better Better
b. Worse Worse
c. Worse Better
d. Better Worse
2. Compare the speed with which Pets Inc. pays for the inventory it purchases to the industry average for 2008 and 2007. Did Pets Inc. pay its vendors faster or slower than the industry average? 2008 2007
a. Faster Faster
b. Slower Slower
c. Slower Faster
d. Faster Slower
3. In 2007, approximately how many days, on average, did it take from the time Pets, Inc. purchased its inventory until it collected the cash from its customers? (Hint: Use days in collection period plus days in the selling period. Pick the closest number)
a. 138 days
b. 155 days
c. 189 days
d. 300 days
4. Pets Inc.’s total assets at the end of 2007 were:
a. $564,000
b. $612,000
c. $650,000
d. $780,000
e. $852,000
5. Pets Inc.’s total liabilities and Shareholders’ Equity at the end of 2008 were:
a. $283,000
b. $539,896
c. $739,896
d. $882,000
e. $950,000
6. Pets Inc.’s 2008 return on assets was:
a. 5.40%
b. 5.70%
c. 5.79%
d. 7.28%
e. 13.34%
7. If using the indirect method for Pets Inc.’s statement of cash flow, the change in utilities payable balance from 2006 to 2007 would be reported on the 2007 statement of cash flows as:
a. an addition to net income in the operating section
b. a deduction from net income in the operating