Financial Accounting Concepts And Principles MCQ’s Homework Help
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1)The income statement reveals
A.resources and equities of a firm for a period of time.
B.resources and equities of a firm at a point in time.
C.net earnings (net income) of a firm at a point in time.
D.net earnings (net income) of a firm for a period of time.
2)Which of the following would represent the least likely use of an income statement prepared for a business enterprise?
A.Use by labor unions to examine earnings closely as a basis for salary discussions.
B.Use by customers to determine a company”s ability to provide needed goods and services.
C.Use by government agencies to formulate tax and economic policy.
D.Use by investors interested in the financial position of the entity.
3)The single-step income statement emphasizes
A.total revenues and total expenses.
B.the gross profit figure.
C.extraordinary items and accounting changes more than these are emphasized in the multiple-step income statement.
D.the various components of income from continuing operations.
4)Which of the following is not a reason why revenue is recognized at time of sale?
A.The sale is the critical event.
B.Realization has occurred.
C.Title legally passes from seller to buyer.
D.All of these are reasons to recognize revenue at time of sale.
5)The process of formally recording or incorporating an item in the financial statements of an entity is
6)The FASB concluded that if a company sells its product but gives the buyer the right to return the product, revenue from the sales transaction shall be recognized at the time of sale only if all of six conditions have been met. Which of the following is not one of these six conditions?
A.The seller”s price is substantially fixed or determinable at time of sale.
B.The buyer is obligated to pay the seller upon resale of the product.
C.The amount of future returns can be reasonably estimated.
D.The buyer”s obligation to the seller would not be changed in the event of theft or damage of the product.
7)The basis for classifying assets as current or noncurrent is conversion to cash within
A.the operating cycle or one year, whichever is longer.
B.the operating cycle or one year, whichever is shorter.
C.the accounting cycle or one year, whichever is shorter.
D.the accounting cycle or one year, whichever is longer.
8)The balance sheet contributes to financial reporting by providing a basis for all of the following except
A.evaluating the capital structure of the enterprise.
B.assessing the liquidity and financial flexibility of the enterprise.
C.computing rates of return.
D.determining the increase in cash due to operations.
9)Which of the following should be disclosed in a Summary of Significant Accounting Policies?
A.Amount for cumulative effect of change in accounting principle
B.Depreciation method followed
C.Types of executory contracts
D.Claims of equity holders
10)An example of an inventory accounting policy that should be disclosed in a Summary of Significant Accounting Policies is the
A.major backlogs of inventory orders.
B.composition of inventory into raw materials, work-in-process, and finished goods.
C.amount of income resulting from the involuntary liquidation of LIFO.
D.method used for pricing inventory.
11)The full disclosure principle, as adopted by the accounting profession, is best described by which of the following?
A.Information about each account balance appearing in the financial statements is to be included in the notes to the financial statements.
B.Disclosure of any financial facts significant enough to influence the judgment of an informed reader.
C.All information related to an entity”s business and operating objectives is required to be disclosed in the financial statements.
D.Enough information should be disclosed in the financial statements so a person wishing to invest in the stock of the company can make a profitable decision.
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12)Companies should disclose all of the following in interim reports except
A.changes in accounting principles.
B.seasonal revenue, cost, or expenses.
C.basic and diluted earnings per share.
13)A financial forecast per professional pronouncements presents to the best of the responsible party”s knowledge and belief,
A.an assessment of the company”s ability to be successful in the future.
B.an assessment of the company”s ability to be successful in the future under a number of different assumptions.
C.an entity”s expected financial position, results of operations, and cash flows.
D.given one or more hypothetical assumptions, an entity”s expected financial position, results of operations, and cash flows.
14)The MD&A section of an enterprise”s annual report is to cover the following three items:
A.income statement, balance sheet, and statement of cash flows.
B.changes in the stock price, mergers, and acquisitions.
C.income statement, balance sheet, and statement of owners” equity.
D.liquidity, capital resources, and results of operations.
15)The payout ratio is calculated by dividing
A.cash dividends by net income plus preferred dividends.
B.cash dividends by net income less preferred dividends.
C.dividends per share by earnings per share.
D.cash dividends by market price per share.
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