Post ACC305 Unit 1 Self Quiz Question 1 0 out of 0 points Which of the following

Post ACC305 Unit 1 Self Quiz Question 1 0 out of 0 points Which of the following is a user of a company's financial statements? Question 2 0 out of 0 points By law, the setting of accounting standards is the responsibility of the Question 3 0 out of 0 points The accounting equation could be expressed as: Question 4 0 out of 0 points The major sections of the statement of cash flows are: Question 5 0 out of 0 points Understating assets and revenues is justified based on Question 6 0 out of 0 points Who is responsible for the preparation and integrity of financial statements? Question 7 0 out of 0 points Which of the following is not a type of audit opinion? Audit opinion types are unqualified opinion, qualified opinion, adverse opinion, and disclaimer of opinion. Question 8 0 out of 0 points Which of the following is a permanent account? Question 9 0 out of 0 points Which of the following is a temporary account? Question 10 0 out of 0 points The materiality concept involves the relative size and importance of an item to a firm. Post ACC305 Unit 1 Self Quiz Ch 1-2 Question 1 0 out of 1 points Which of the following is a characteristic of information provided by external financial reports? Question 2 0 out of 1 points Which of the following is not an objective of financial reporting? Question 3 0 out of 1 points According to SFAC No. 6, assets can be defined by which of the following? Question 4 1 out of 1 points According to SFAC No. 6, expenses can be defined by which of the following? Correct Outflows or other consumption or using up of assets or incurrences of liabilities ( or a combination of both) from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity’s ongoing major or central operations. Question 5 1 out of 1 points If assets are $ 40,000 and stockholders’ equity is $ 10,000, how much are liabilities? Question 6 1 out of 1 points In addition to the company’s principal financial statements, the Form 10- K and shareholder annual reports must include the following: Question 7 0 out of 1 points Audit opinions cannot be classified as which of the following? Question 8 0 out of 1 points From the point of view of analysis, which classification of an audit opinion indicates that the financial statements carry the highest degree of reliability? Question 9 1 out of 1 points This item need not be provided with a complete set of financial statements: Question 10 1 out of 1 points Which party has the primary responsibility for the financial statements? Post ACC305 Unit 2 Self Quiz Question 1 0 out of 0 points Each method of depreciation will result in the same total amount of depreciation at the end of the asset's life. Question 2 0 out of 0 points Accounts receivable is a current asset. Question 3 0 out of 0 points Accounts payable is a current asset. Question 4 0 out of 0 points Capital and retained earnings are classified as assets. Question 5 0 out of 0 points On a balance sheet liabilities are listed before assets. Question 6 0 out of 0 points In practice, the income statement is frequently considered to be the least important financial statement. Question 7 0 out of 0 points An income statement is a summary of revenues and expenses and gains and losses, ending with net income for a particular period of time. Question 8 0 out of 0 points Earnings per share is earnings divided by the number of shares of outstanding common stock. Question 9 0 out of 0 points Gross profit will be a prominent figure on a single-step income statement. Question 10 0 out of 0 points Retained earnings are an asset. Post ACC305 Unit 2 Self Quiz Ch 3-4 Question 1 0 out of 1 points ________ are normally classified as a current liability on the balance sheet. Question 2 1 out of 1 points ________ is considered a tangible asset. Question 3 0 out of 1 points Which of the following is seldomly a preferred stock characteristic? Question 4 0 out of 1 points A quasi-reorganization: Question 5 1 out of 1 points Employee Stock Ownership Plans (ESOPs): Question 6 0 out of 1 points Gross profit is the difference between: Question 7 0 out of 1 points The following relate to Data Original in 2008. What is the ending inventory? Question 8 1 out of 1 points Which of the following would be classified as an extraordinary item on the income statement? Question 9 1 out of 1 points Which of the following will be disclosed in the reconciliation of retained earnings? Question 10 1 out of 1 points If the Investor Company owns 20% of the stock of Investee Company and Investee Company reports profits of $100,000, then Investor Company reports equity income of: Post ACC305 Unit 3 Chapter 5 Quiz Question 1 1 out of 1 points Which of the following statements is incorrect? Question 2 1 out of 1 points A figure from this year’s statement is compared with a base selected from the current year. Question 3 1 out of 1 points Fremont Electronics has income of $ 1,000,000. Columbus Electronics has income of $ 2,000,000. Which of the following statements is a correct statement? Question 4 1 out of 1 points Industry ratios should not be considered as absolute norms for a given industry because of all but which of the following? Question 5 1 out of 1 points Which of the following is a publication of the federal government for manufacturing, mining, and trade corporations? Question 6 1 out of 1 points Which service represents a compilation of corporate tax return data? Question 7 1 out of 1 points Which service includes over 800 different lines of business? Question 8 1 out of 1 points Suppose you are comparing two firms in the coal industry. Which type of numbers would be most meaningful for statement analysis? Question 9 1 out of 1 points Question 10 1 out of 1 points A horizontal analysis compares each amount with its base amount for a selected base year. Post ACC305 Unit 3 Chapter 5 Self Quiz Question 1 0 out of 0 points Absolute figures usually have more meaning than ratio comparisons. Question 2 0 out of 0 points In order to determine the meaning of a ratio, some kind of comparison, such as an industry average or trend analysis, is helpful. Question 3 0 out of 0 points Typically, the largest expense to a manufacturing firm is cost of goods sold. Question 4 0 out of 0 points Liquidity ratios measure the degree of protection of long-term suppliers of funds. Question 5 0 out of 0 points The ideal way to compare income statement figures, such as sales, to balance sheet figures, such as receivables, is to use a measure of the average for the balance sheet figures. Question 6 0 out of 0 points Different accounting methods can cause some ratios to differ substantially. Question 7 0 out of 0 points The descriptive information in annual reports is not useful in statement analysis; only the financial statements themselves are of value. Question 8 0 out of 0 points In the set of numbers below, the median is 4: Question 9 0 out of 0 points Only managers use financial analysis tools. Question 10 0 out of 0 points Financial statement analysis is a judgmental process. Post ACC305 Unit 4 Self Quiz Chapter 6 Question 1 0 out of 0 points A firm that has been on lifo for many years may have some inventory costs that go back ten years or more. Question 2 0 out of 0 points The operating cycle is the time between the acquisition of inventory and the realization of cash from selling the inventory. Question 3 0 out of 0 points To qualify as a marketable security, the investment must be readily marketable and it must be the intent of management to convert the investment to cash within the current operating cycle or a year, whichever is longer. Question 4 0 out of 0 points Long term assets are assets that are in the form of cash or that will be realized in cash or that conserve the use of cash within the operating cycle of a business, or one year, whichever is the longer period of time. Question 5 0 out of 0 points Current liabilities are obligations whose liquidation is reasonably expected to require the use of existing current assets or the creation of other current liabilities within a year or an operating cycle, whichever is longer. Post ACC305 Unit 4 Chapter 6 Quiz Question 1 10 out of 10 points Match the ratio with the formula. • Question Sales Average Working Capital Net Sales Average Gross Receivables Current Assets – Current Liabilities Cash Equivalents + Marketable Securities + Net Receivables Current Liabilities Gross Receivables Net Sales/365 Average Gross Receivables Net Sales/365 Average Inventory Cost of Goods Sold/365 Cash Equivalents + Marketable Securities Current Liabilities Current Assets Current Liabilities Accounts Receivable + Inventory Turnover Turnover in Days in Days Cost of Goods Sold Average Inventory Ending Inventory Cost of Goods Sold/365 • All Answer Choices A. days' sales in receivables B. accounts receivable turnover C. accounts receivable turnover in days D. days' sales in inventory E. inventory turnover F. inventory turnover in days G. operating cycle H. working capital I. current ratio J. acid-test ratio K. cash ratio L. sales to working capital • Post ACC305 Unit 5 Ch 7 Self Quiz Question 1 0 out of 0 points When doing financial analysis it is not important to analyze a firm's debt. Question 2 0 out of 0 points Discontinued operations and extraordinary items would be excluded when analyzing a firm's ability to carry debt. Question 3 0 out of 0 points A good times interest earned record would be indicated by a relatively high, stable coverage for the times interest earned coverage. Question 4 0 out of 0 points If an employee is in the pension plan, rights under this plan will be lost if the employee leaves the firm prior to receiving a vested interest. Question 5 0 out of 0 points Capitalization of interest results in interest being deducted from a fixed asset instead of expensed. Question 6 0 out of 0 points Some revenue and expense items never go on the tax return, but do go on the income statement. Question 7 0 out of 0 points Repayment of a long-term bank loan would increase the debt ratio. Question 8 0 out of 0 points Under generally accepted accounting principles, an item must clearly represent a commitment to pay out funds in the future in order to be classified as a liability. Question 9 0 out of 0 points Deferred taxes do not need to be accounted for using the liability method. Question 10 0 out of 0 points The tax code allows a corporation reporting an operating loss for income tax purposes in the current year to carry that loss back and forward to offset reported taxable income. Post ACC305 Unit 5 Chapter 7 Quiz • Question 1 0 out of 1 points All but which of these ratios are considered to be debt ratios? • Question 2 1 out of 1 points In computing the debt ratio, which of the following is subtracted in the denominator? • Question 3 0 out of 1 points Which of the following ratios can be used as a guide to a firm’s ability to carry debt from an income perspective? • Question 4 1 out of 1 points In computing debt to tangible net worth, which of the following is not subtracted in the denominator? • Question 5 1 out of 1 points Under the Employee Retirement Income Security Act, a company can be liable for its pension plan up to • Question 6 5 out of 5 points Match the five ratios with their formulas. o Question times interest earned fixed charge coverage debt ratio debt/equity ratio debt to tangible net worth o All Answer Choices A. Total Liabilities Shareholders' Equity – Intangible Assets B. Total Liabilities Total Assets C. Recurring Earnings, Excluding Interest Expense, Tax Expense, Equity Earnings, and Minority Expense Interest Expense, Including Capitalized Interest D. Recurring Earnings, Excluding Interest Expense, Tax Expense, Equity Earnings, and Minority Earnings + Interest Portion of Rentals Interest Expense, including Capitalized Interest + Interest Portion of Rentals E. Total Liabilities Shareholders' Equity o Post ACC305 Unit 6 Self Test Ch 8-9 Quiz Question 1 0 out of 0 points Profitability is the ability of the firm to generate earnings. Question 2 0 out of 0 points In profitability analysis, absolute numbers are more meaningful than relative numbers because the analyst needs to know if one firm earned more dollars than the other. Question 3 0 out of 0 points Changes in the cost of goods sold can have a substantial impact on gross profit margin Question 4 0 out of 0 points An interim period is a fiscal period less than one year. Question 5 0 out of 0 points In In order to compute gross profit margin, the income statement must be in single-step format. Question 6 0 out of 0 points Nonrecurring items such as extraordinary income and disposal of a segment require separate earnings per share disclosure. Question 7 0 out of 0 points When a stock split occurs, earnings per share must be adjusted retroactively. Question 8 0 out of 0 points Book value per share measures the current value of the net assets on a per share basis. Question 9 0 out of 0 points Stock appreciation rights give the employee compensation at a future date, based on the market price at the date of exercise in excess of a pre-established dollar market. Question 10 0 out of 0 points Financing leverage refers to the existence of fixed operating costs. Post ACC305 Unit 6 Quiz Ch 8-9 Question 1 1 out of 1 points Which of the following items will be reported on the income statement as part of net income? Question 2 1 out of 1 points Earnings based on percent of holdings by outside owners of consolidated subsidiaries are termed Question 3 1 out of 1 points Which of the following is not a type of operating asset ? Question 4 1 out of 1 points Which of the following is considered to be a recurring item ? Question 5 0 out of 1 points If a firm’s gross profit has declined substantially, this could be attributed to all but which of the following reasons? Question 6 1 out of 1 points Book value per share may not approximate market value per share because Question 7 1 out of 1 points Increasing financial leverage can be a risky strategy from the viewpoint of stockholders of companies having Question 8 1 out of 1 points Correct Which of the following ratios gives a perspective on risk in the capital structure ? Degree of financial leverage gives a perspective on risk in the capital structure. Question 9 1 out of 1 points A firm has a degree of financial leverage of 1.3. If earnings before interest and tax increase by 10%, then net income Question 10 1 out of 1 points The earnings per share ratio is computed for Post ACC305 Unit 7 Self Quiz Chapter 10-11 Question 1 0 out of 0 points The income statement does not fairly represent the cash from operations. Question 2 0 out of 0 points Depreciation expense reduces operating income but does not require the use of cash. Question 3 0 out of 0 points The statement of cash flows should be reviewed for several time periods in order to determine the major sources of cash and the major uses of cash. Question 4 0 out of 0 points The income statement fairly represents the cash from operations. The income statement does not fairly represent the cash from operations. Question 5 0 out of 0 points Cash flow per share can be viewed as a substitute for earnings per share in terms of a firm's profitability. Question 6 0 out of 0 points The acquisition of land using notes payable is an example of a cash transaction. Question 7 0 out of 0 points Most of the ratios given a high significance rating by commercial loan officers have a primary measure of liquidity or debt. Question 8 0 out of 0 points Presently, no regulatory agency, such as the Securities and Exchange Commission or the Financial Accounting Standards Board, accepts responsibility for determining either the content of financial ratios or the format of presentation in annual reports. Question 9 0 out of 0 points With the Altman model, the higher the Z score, the more likely the firm will go bankrupt. Question 10 0 out of 0 points An auditor can use financial ratios in analytical review procedures. Post ACC305 Unit 7 Quiz Chapter 10-11 Question 1 1 out of 1 points Which of the following could lead to cash flow problems? Question 2 1 out of 1 points Which of the following represents an internal source of cash? Question 3 1 out of 1 points Which of the following is not a typical cash flow under operating activities? Question 4 1 out of 1 points Working capital is defined as Question 5 1 out of 1 points Management should use the statement of cash flows for which of the following purposes ? Question 6 1 out of 1 points Notes to financial statements are beneficial in meeting the disclosure requirements of financial reporting. The notes should not be used to Question 7 1 out of 1 points The concept of conservatism is often considered important in accounting. The application of this concept means that in the event some doubt occurs as to how a transaction should be recorded, it should be recorded so as to Question 8 0 out of 1 points Which of the following ratios would best disclose effective management of working capital by a given firm relative to other firms in the same industry? Question 9 1 out of 1 points Which of the following would not be an example of the use of a multiple when valuing common equity? Question 10 1 out of 1 points Which of the following was not given as a reason for acquirers paying too much in an acquisition?

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