What is a non-current asset? On which of the following financial statements would you expect to find financing, operating, and investing activities? Which one of the following is not necessary in order for a corporation to pay a cash dividend? Debt securities sold to investors that must be repaid at a particular date some years in the future are called A accounts payable B notes receivable C taxes payable D bonds payable 16. Which of the following is correct? Financing activities for corporations include borrowing money and selling shares of their own stock. Which of the following is not one of the main factors that contribute to fraudulent activity? Statement of cash flows 33. Total assets at the end of 2006 are: a. Office equipment is classified on the balance sheet as a. Multiple Choice Question 95 Your answer is correct. The United States and the international standard-setting environment are primarily driven by meeting the needs of investors and creditors.
To measure compliance with management's prescribed policies and procedures. A As long as a company consistently uses the cash basis of accounting, generally accepted accounting principles allow its use. Multiple Choice Question 171 Your answer is correct. The amount of its liabilities is: a. The journal entry at December 31, 2012 would include a credit to 29 A company that owns more than 50% of the common stock of another company is known as the 30 If a parent company has two wholly owned subsidiaries, how many legal and economic entities are there from the viewpoint of the shareholders of the parent company? Which of the following would not be considered an internal user of accounting data for a company? Which one of the following is not a part of an account? Multiple Choice Question 55 Your answer is correct. Using accrual accounting, expenses are recorded and reported only A when they are incurred whether or not cash is paid B when they are incurred and paid at the same time C if they are paid before they are incurred D if they are paid after they are incurred 28. At the beginning of 2006 Oslo Co.
The total dollar amount of assets to be classified as investments is a. The following selected amounts are available for Sheffield Corp. The full amount was credited to the liability account Unearned Service Revenue. As a result of this event: a. The financial statement that summarizes the changes in retained earnings for a specific period of time is the A balance sheet B income statement C statement of cash flows D retained earnings statement 18. A Safeguard company assets B Overstate liabilities in order to be conservative C Enhance the accuracy and reliability of accounting records D Reduce the risks of errors 44. Internal control systems include all of the policies, practices and procedures employed by the organization to achieve 4 objectives.
Cash flow from financing activities would decrease. To promote efficiency of the firm's operations. Cash flow from investing activities would increase. Having one person responsible for the related activities of ordering merchandise, receiving goods, and paying for them A increases the potential for errors and fraud B decreases the potential for errors and fraud C is an example of good internal control D is a good example of safeguarding the company's assets 47. Multiple Choice Question 81 Your answer is correct.
Changes in accounting principles are allowed when new principles are preferable to old ones. Round answer to 2 decimal places, e. Which accounts normally have credit balances? The cash-basis method of accounting is accepted. Which one of the following is not a tool in financial statement analysis? Liabilities are generally classified on a balance sheet as a. The statement of cash flows. Return on common stockholders' equity ratio is most closely related to A gross profit rate and operating expenses to sales ratio B profit margin and free cash flow C times interest earned and debt to stockholders' equity ratio D return on asset ratio and leverage debt to total assets ratio 35.
The following information was taken from Bramble Corp. Cost of Goods Available for Sale includes net purchases plus the ending inventory. The double-entry system requires that each transaction must be recorded A in at least two different accounts B in two sets of books C in a journal and in a ledger D first as a revenue and then as an expense 10. The current assets of Whispering Winds Corp. To safeguard the assets of the firm. .
A debit to an asset account indicates a n error. King Company Queen Company Profit margin enter percentages rounded to 2 decimal places % enter percentages rounded to 2 decimal places % Gross profit rate enter percentages rounded to 2 decimal places % enter percentages rounded to 2 decimal places % Multiple Choice Question 176 Your answer is correct. What is the earnings per share? Debt to equity ratio 14. Which of the following is the most appropriate and modern definition of accounting? In a classified balance sheet, assets are usually classified as current assets; long-term investments; tangible assets; and intangible assets. Assets Copyright © 2019 coursesexams.
Multiple Choice Question 78 Your answer is correct. If a resource has been consumed but a bill has not been received at the end of the accounting period, then a. Which accounts normally have debit balances? Reporting investments at fair value is a conservative approach because only losses are recognized. Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time that has been arranged from the highest number to the lowest number. A The information system that identifies, records, and communicates the economic events of an organization to interested users B A means of collecting information C The interconnected network of subsystems necessary to operate a business D Electronic collection, organization, and communication of vast amounts of information 2.