Financial Accounting Principles MCQs Homework Help
- November 16, 2017
- Posted by:
- Category: Accounting QA
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1) The rule-setting body, which authorizes generally accepted accounting principles is
a. FASB.
b. Federal Reserve System.
c. SEC.
d. GAAP.
2) Candy Corporation had pretax profits of $1.2 million, an average tax rate of 34 percent, and it paid preferred stock dividends of $50,000. There were100,000 shares outstanding and no interest expense. What were Candy Corporation’s earnings per share?
a. $4.52
b. $7.59
c. $7.42
d. $3.91
3) The analyst should be careful when evaluating a ratio analysis that
a. the dates of the financial statements being compared are the same time.
b. pre-audited statements are used.
c. neither A nor B.
d. both A and B.
4) The ________ is useful in evaluating credit and collection policies.
a. current asset turnover
b. current ratio
c. average collection period
d. average payment period
5) The ________ ratio may indicate poor collections procedures or a lax creditpolicy.
a. average collection period
b. average payment period
c. inventory turnover
d. quick
6) ________ are especially interested in the average payment period, since itprovides them with a sense of the bill-paying patterns of the firm.
a. Lenders and suppliers
b. Borrowers and buyers
c. Stockholders
d. Customers
7) If the inventory turnover is divided into 365, it becomes a measure of
a. sales turnover.
b. the average collection period.
c. sales efficiency.
d. the average age of the inventory.
8) The ________ ratio may indicate that the firm will not be able to meet interest obligations due on outstanding debt.
a. times interest earned
b. return on total assets
c. net profit margin
d. debt
9) The ________ measures the percentage of profit earned on each sales dollar before interest and taxes.
a. net profit margin
b. operating profit margin
c. earnings available to common shareholders
d. gross profit margin
10) In the DuPont system, the return on total assets (asset) is equal to
a. (net profit margin) × (fixed asset turnover).
b. (return on equity) × (total asset turnover).
c. (return on equity) × (financial leverage multiplier).
d. (net profit margin) × (total asset turnover).
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11) The financial leverage multiplier is an indicator of how much ________ a corporation is utilizing.
a. long-term debt
b. total debt
c. operating leverage
d. total assets
12) Allocation of the historic costs of fixed assets against the annual revenue they generate is called
a. amortization.
b. net profits.
c. depreciation.
d. gross profits.
13) The cash flows from operating activities section of the statement of cash flows considers
a. interest expense.
b. stock repurchases.
c. dividends paid.
d. cost of raw materials.
14) The key aspects of the financial planning process are
a. cash planning and investment planning.
b. cash planning and profit planning.
c. investment planning and profit planning.
d. cash planning and financing.
15) A firm has projected sales in May, June, and July of $100, $200, and $300,
respectively. The firm makes 20 percent of sales for cash and collects thebalance one month following the sale. The firm’s total cash receipts in July
a. are $200.
b. are $220.
c. are $180.
d. cannot be determined with the information provided.
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