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BAM 110 BAM110 Exam 2 with Answers (CCU)

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In reference to a promissory note, the person who makes the promise to pay is called the ______.

Capital expenditure is reported on the ______.

Sometimes a(n) _____ is offered to buyers as a means of encouraging them to pay before the end of the credit period.

The Sarbanes-Oxley Act of 2002 requires companies and their independent accountants to ______.

If merchandise inventory is being valued at cost and the price level is consistently rising, which method of costing will yield the highest inventory?

Which of the following is the effect of purchasing merchandise for cash on a company’s liquidity and profitability metrics?

_____ occurs due to obsolescence that causes an asset to no longer provide services for which it was intended.

Which of the following warning signs could mean receipts are being pocketed before being deposited?

The amount of the total cash paid to the seller for merchandise purchased would normally include ______.

Which of the following is an example of a capital expenditure?

Under which method of inventory costing is the cost flow assumed to be in the reverse order in which the expenditures were made?

Which of the following should be included in the acquisition cost of a piece of equipment?

The cost of goods sold is subtracted from sales to arrive at _____.

The credit terms of a sale are normally indicated on a(n) ______.

If a revenue expenditure is treated as a capital expenditure, then ______.

The amount of the promissory note plus the interest earned on the due date is called the ______.

The Modified Accelerated Cost Recovery System is used to ______.

During a period of consistently rising prices, the method of inventory costing that will result in reporting the greatest cost of merchandise sold is ______.

On the bank’s accounting records, customers’ accounts are normally shown as a(n) ______.

The framework that has become widely accepted as the standard by which companies design, analyze, and evaluate internal controls is the ______.

A(n) _____ is a contract for the use of an asset for a period of time without having to buy the asset.

Accompanying the bank statement was a debit memorandum for an NSF check received from a customer. This item would require an adjusting entry including a ______.

A transaction in which a company sells its receivables and immediately receives cash for operating and other needs is called _____.

Which of the following expenditures would be included in the cost of a fixed asset?

Which element of internal control observes employees’ behavior and the accounting system for indicators of control problems?

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