Financial Accounting Concepts And Principles Multiple Choice Questions Homework Help
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1) 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.
2) 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
3) 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.
4) 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.
5) 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.
D. post-balance-sheet events.
6) 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.
7) 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.
8) 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.
9) Which of the following ratios measures long-term solvency?
A. Receivables turnover
B. Current ratio
C. Acid-test ratio
D. Debt to total assets
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10) The rate of return on common stock equity is calculated by dividing
A. net income less preferred dividends by average common stockholders’ equity.
B. net income less preferred dividends by ending common stockholders’ equity.
C. net income by average common stockholders’ equity.
D. net income by ending common stockholders’ equity.
11) The first step in the preparation of the statement of cash flows requires the use of information included in which comparative financial statements?
A. Statements of cash flows
B. Income statements
C. Statements of retained earnings
D. Balance sheets
12) A company borrows $10,000 and signs a 90-day nontrade note payable. In preparing a statement of cash flows (indirect method), this event would be reflected as a(n)
A. addition adjustment to net income in the cash flows from operating activities section.
B. cash inflow from investing activities.
C. cash inflow from financing activities.
D. cash outflow from investing activities.
13) An increase in inventory balance would be reported in a statement of cash flows using the indirect method (reconciliation method) as a(n)
A. addition to net income in arriving at net cash flow from operating activities.
B. cash outflow from investing activities.
C. cash outflow from financing activities.
D. deduction from net income in arriving at net cash flow from operating activities.
14) In a statement of cash flows, the cash flows from investing activities section should report
A. the issuance of common stock in exchange for a factory building.
B. a major repair to machinery charged to accumulated depreciation.
C. the assignment of accounts receivable.
D. stock dividends received.
15) Riley Company reports its income from investments under the equity method and recognized income of $25,000 from its investment in Wood Co. during the current year, even though no dividends were declared or paid by Wood during the year. On Riley’s statement of cash flows (indirect method), the $25,000 should
A. not be shown.
B. be shown as cash outflow from financing activities.
C. be shown as a deduction from net income in the cash flows from operating activities section.
D. be shown as cash inflow from investing activities.
16) Which of the following would be classified as a financing activity on a statement of cash flows?
A. Declaration and distribution of a stock dividend
B. Sale of a loan receivable
C. Payment of interest to a creditor
D. Deposit to a bond sinking fund
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