Accounting Financial Statement Multiple Choice Questions Homework Help
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1) A projected excess cash balance for the month may be
a. financed with long-term securities.
b. invested in marketable securities.
c. financed with short-term securities.
d. invested in long-term securities.
2) In the month of August, a firm had total cash receipts of $10,000, total cashdisbursements of $8,000, depreciation expense of $1,000, a minimum cash
balance of $3,000, and a beginning cash balance of $500. The excess cash
balance (required financing) for August is
a. required total financing of $500.
b. required total financing of $2,500.
c. excess cash balance of $500.
d. excess cash balance of $5,500.
3) The key inputs for preparing pro forma income statements using the simplifed approaches are the
a. sales forecast for the preceding year and financial statements for the comingyear.
b. sales forecast for the coming year and the cash budget for the preceding year.
c. cash budget for the coming year and sales forecast for the preceding year.
d. sales forecast for the coming year and financial statements for the precedingyear.
4) The ________ method of developing a pro forma balance sheet estimates valuesof certain balance sheet accounts while others are calculated. In thismethod, the firm’s external financing is used as a balancing, or plug, figure.
5) The strict application of the percent-of-sales method to prepare a pro formaincome statement assumes the firm has no fixed costs. Therefore, the use ofthe past cost and expense ratios generally tends to ________ profits when sales are increasing.
a. have no effect on
b. accurately predict
6) A firm plans to retire outstanding bonds in the next planning period. Thestatements that will be affected are the
a. pro forma balance sheet and cash budget.
b. pro forma income statement and pro forma balance sheet.
c. cash budget and statement of retained earnings.
d. pro forma income statement, pro forma balance sheet, cash budget, andstatement of retained earnings.
7) Utilizing past cost and expense ratios (percent-of-sales method) when preparingpro forma financial statements will tend to
a. overstate profits when sales are increasing.
b. neither understate nor overstate profits.
c. understate profits when sales are increasing.
d. understate profits when sales are decreasing.
8) In a period of rising sales utilizing past cost and expense ratios (percent of-
sales method), when preparing pro forma financial statements and planning
financing, will tend to
a. overstate retained earnings and understate the financing needed.
b. overstate retained earnings and overstate the additional financing needed.
c. understate retained earnings and overstate the financing needed.
d. understate retained earnings and understate the additional financing needed.
9) For positive interest rates, the future value interest factor is
a. sometimes negative.
b. always greater than 1.0.
c. never greater than 25.
d. always less than 0.
10) The amount of money that would have to be invested today at a given interest
rate over a specified period in order to equal a future amount is called
a. present value.
b. future value.
c. future value interest factor.
d. present value interest factor.
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11) The present value of $200 to be received 10 years from today, assuming anopportunity cost of 10 percent, is
12) The future value of a dollar ________ as the interest rate increases and________ the farther in the future an initial deposit is to be received.
a. increases; increases
b. decreases; increases
c. decreases; decreases
d. increases; decreases
13) The present value of a $25,000 perpetuity at a 14 percent discount rate is
14) The future value of $100 received today and deposited in an account for fouryears paying semiannual interest of 6 percent is
15) The future value of an annuity of $1,000 each quarter for 10 years, deposited at 12 percent compounded quarterly is
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