Which one of the following would not be considered a current
asset: A. inventory B. accounts receivable C. cash D. advance from
a customer E. none, they are all current assets

Which one of the following is not required to record revenues:
A. we must provide the goods or services B. we receive cash C. we
are reasonably certain we will collect the payment D. we receive
payment or a promise to pay E. they are ALL necessary to record
revenues

On September 1, 2016 Packer Inc. borrowed $1,000,000 from
Citibank. The annual interest rate is 6.0 percent. They make
payments in February and July of each year. The first payment will
be on February 1, 2017. At fiscal year end, December 31, 2016, what
entry would Packer make ? A. None. B. Loan payable will decrease by
$20,000. C. Loan payable will decrease by $15,000. D. Interest
expense will be $20,000 E. Cant tell, need to know the loan term
(number of years)

Patriot Inc. paid dividends of $85 in 2017. The retained
earnings were $700 at the start of the year and $680 at the end of
the year. What was Patriot’s Net Income in 2017 ? A. $105 B. $65 C.
$-20 D. $765 E. $785

At the start of 2017, Dolphin Corp’s allowance for bad debts had
a balance of $260. During 2017 Dolphin wrote off $90 of accounts
receivable. As a result of this transaction: A. Dolphin’s had a bad
debt expense of $90. B. Dolphin Corp’s net income was $90 lower. C.
The allowance increased to $350. D. Owners Equity decreased $90 E.
none of the above

Buccaneer Corp decided to make two changes in their depreciation
accounting estimates for 2017. They decided to decrease the salvage
value by $500 and shorten the life of the asset by two years. As a
result what will happen to the depreciation expense relative to the
prior year ? A. It will be unchanged. B. It will increase. C. It
will decrease. D. It will decrease by $500. E. Don’t know, not
enough information

Which one of the following accounts would not be part of the
current ratio ? A. Accounts payable B. Salary payable C. Inventory
D. Bonds payable E. Accounts receivable

The production costs for Jaguar are increasing over time. Which
inventory method will result in the company reporting the lowest
annual ending inventory level ? A. LIFO B. FIFO C. MIFO D. WIFO E.
OHOH