ACCT 105
American Public University
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Act105 week 7.1 Exam 2023 Questions and Answers (100% Correct)
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Question 1 of 10 10.0/ 10.0 Points 
Effective internal control systems successfully eliminate all misstatements in financial 
statements. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
SEC rules do not allow management to assert that a company has effective internal controls 
if: 
A.one or more material weaknesses exist. 
B.two or more material weaknesses exist. 
C.two or more immaterial weaknesses exist. 
D.one material weakness and one immaterial 
weakness exist. ...
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Exam 2023 Questions and Answers (100% Correct)2023 Questions and Answers (100% Correct)
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Question 1 of 10 10.0/ 10.0 Points 
Section 404 of Sarbanes-Oxley levies duties on both management and outside auditors of 
public reporting companies. 
A. True 
B. 
False 
Answer Key: 
True 
Question 2 of 10 10.0/ 10.0 Points 
Internal controls, as defined in Sarbanes-Oxley Section 404, are: 
A.the processes a company implements to prevent theft by employees. 
B.the processes a company implements to prevent fraternization within 
departments. 
C.the processes a company implements to ensure its ...
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Act105 week 7.2 Exam 2023 Questions and Answers (100% Correct)
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Question 1 of 10 10.0/ 10.0 Points 
Section 404 of Sarbanes-Oxley levies duties on both management and outside auditors of 
public reporting companies. 
A. True 
B. 
False 
Answer Key: 
True 
Question 2 of 10 10.0/ 10.0 Points 
Which of the following is not one of the four specific responsibilities that PCAOB Auditing 
Standard No. 2 levies on company management? 
A.Accept responsibility for the effectiveness of the company’s internal control over 
financial reporting. 
B.Evaluate the effectiv...
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Act105 week 6.1 Exam 2023 Questions and Answers (100% Correct)
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Question 1 of 10 0.0/ 10.0 Points 
The data on a materials requisition are entered as debits to the Materials Inventory account. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 0.0/ 10.0 Points 
Which of the following statements does not apply to managerial accounting? 
A.Relates to the part of the company that the manager oversees. 
B.Helps managers make good decisions in financing, resource allocation, 
marketing, and production. 
C.Information is intended for internal use. 
D.Inform...
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Act105 week 6 Exam 2023 Questions and Answers (100% Correct)
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Question 1 of 10 10.0/ 10.0 Points 
Because automobiles differ so much, their manufacture is likely to be accounted for in a job 
costing system. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
Which of the following would be classified as manufacturing overhead? (1) marketing 
research; (2) depreciation on president’s office facilities; (3) advertising; (4) factory taxes; 
(5) indirect materials; (6) machinery maintenance. 
A.1, 3, 4 are manufacturing overhead 
co...
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Act105 week 5 |100% COMPLETE QUESTIONS AND ANSWERS
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Question 1 of 10 10.0/ 10.0 Points 
The most important reason for preparing a statement of cash flows is to compute the 
change in cash. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
What is the stockholders’ equity to debt ratio for the following data? Total current liabilities 
(noninterest bearing) - $300,000; bonds payable, 5% (issued in 2007, due in 20 years) - 
$600,000; preferred 6% stock, $200 par - $240,000; common stock, $20 par - $480,000; 
premium on ...
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Act105 week 5.2 |100% COMPLETE QUESTIONS AND ANSWERS
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Question 1 of 10 10.0/ 10.0 Points 
Any reputable company has a cash flow liquidity ratio of greater than 1.0. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
The amount of depreciation expense in a period is added back to net income under the 
indirect method. 
A. True 
B. 
False 
Answer Key: 
True 
Question 3 of 10 0.0/ 10.0 Points 
What is the current ratio for the following data? Cash - $34,000; marketable securities - 
$16,000; accounts and notes receivable, net...
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Act105 week 5.3 Exam 2023 Questions and Answers (100% Correct)
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Question 1 of 10 10.0/ 10.0 Points 
Depreciation provides cash for replacing plant assets; and this is the reason depreciation is 
shown as an inflow of cash on the statement of cash flows. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
Cash received from the issuance of long-term debt is a financing activity. 
A. True 
B. 
False 
Answer Key: 
True 
Question 3 of 10 10.0/ 10.0 Points 
When net income is used as a starting point in measuring cash flows from operating...
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Act105 week 4.1 Exam 2023 Questions and Answers (100% Correct)
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Question 1 of 10 0.0/ 10.0 Points 
An overstated ending inventory leads to understated net income. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
During a period of rising prices, which inventory costing method might be expected to give 
the lowest valuation for inventory on the balance sheet? 
A.LIFO 
B.FIFO 
C.Weighted-average 
cost 
D.Specific 
identification 
Answer Key: 
A 
Question 3 of 10
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Act105 week 4.2 |100% COMPLETE QUESTIONS AND ANSWERS,
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Question 1 of 10 10.0/ 10.0 Points 
When the periodic method of inventory accounting is used, purchases are recorded in the 
Inventory account. 
A. True 
B. 
False 
Answer Key: 
True 
Question 2 of 10 10.0/ 10.0 Points 
On January 1, 2007, Nichols Company’s inventory of Item X consisted of 2,000 units that 
cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it 
sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using LIFO is: 
A.$20,...
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