Exam 2: Financial Statements and the Annual Report

Skyline, Inc. The balance sheet of Skyline Inc.includes the following items: -Read the information about Skyline, Inc.What is Skyline's working capital?

(Multiple Choice)

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Question 141

Which one of the following items is reported as a current asset on a classified balance sheet?

(Multiple Choice)

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Question 142

Most businesses have an operating cycle of less than one year.

(True/False)

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Question 143

One significant difference between a classified and a non-classified balance sheet is the distinction between which of the following items?

(Multiple Choice)

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Question 144

Which of the following would appear on a multiple-step income statement but not on a single-step income statement?

(Multiple Choice)

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Question 145

Bartlett Industries Bartlett Industries began operations on January 2, 2015, with an investment of $50,000 by each of its two stockholders.Net income for its first year of business was $240,000.Bartlett Industries paid a total of $100,000 in dividends to its stockholders during the year. -Read the information about Bartlett Industries.If the company's revenues were $500,000 for the year ended December 31, 2015, how much were total expenses?

(Multiple Choice)

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Question 146

are cash and other assets that are reasonably expected to be realized in cash during the normal operating cycle of the business.

(Short Answer)

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Question 147

Income from operations does not include interest revenue and interest expense because these items are considered to be non-operating in nature.

(True/False)

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Question 148

is the quality of accounting information that allows a user to analyze two or more companies and look for similarities and differences.

(Short Answer)

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Question 149

Which of the following items will be found in a corporate annual report?

(Multiple Choice)

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Question 150

A balance sheet shows cash, $75,000; marketable securities, $115,000; accounts receivable, $150,000 and $222,500 of inventories.Current liabilities are $225,000.The current ratio is 2.5 to 1.

(True/False)

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Question 151

Guinther & Sons, Inc. Guinther & Sons, Inc.a retailer of men's clothing, earned a net profit of $77,000 for 2014.The balance sheet for Guinther & Sons includes the following items: -Read the information for Guinther & Sons, Inc.Calculate the current ratio for Guinther & Sons.

(Multiple Choice)

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Question 152

Which of the following statements is true concerning external users of financial information?

(Multiple Choice)

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Question 153

The Financial Accounting Standards Board created the objectives of financial reporting.

(True/False)

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Question 154

Madden Company applies the consistency convention.What does this mean?

(Multiple Choice)

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Question 155

If an investor can use accounting information for two different companies to evaluate the types and amounts of expenses, the information is said to have the quality of

(Multiple Choice)

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Question 156

Which one of the following is an operating activity of a business?

(Multiple Choice)

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Question 157

Showing 141 - 157 of 157

Skyline, Inc. The balance sheet of Skyline Inc.includes the following items: -Read the information about Skyline, Inc.What is Skyline's working capital?

Which one of the following items is reported as a current asset on a classified balance sheet?

Most businesses have an operating cycle of less than one year.

One significant difference between a classified and a non-classified balance sheet is the distinction between which of the following items?

Which of the following would appear on a multiple-step income statement but not on a single-step income statement?

are cash and other assets that are reasonably expected to be realized in cash during the normal operating cycle of the business.

Income from operations does not include interest revenue and interest expense because these items are considered to be non-operating in nature.

is the quality of accounting information that allows a user to analyze two or more companies and look for similarities and differences.

Which of the following items will be found in a corporate annual report?

A balance sheet shows cash, $75,000; marketable securities, $115,000; accounts receivable, $150,000 and $222,500 of inventories.Current liabilities are $225,000.The current ratio is 2.5 to 1.

Guinther & Sons, Inc. Guinther & Sons, Inc.a retailer of men's clothing, earned a net profit of $77,000 for 2014.The balance sheet for Guinther & Sons includes the following items: -Read the information for Guinther & Sons, Inc.Calculate the current ratio for Guinther & Sons.

Which of the following statements is true concerning external users of financial information?

The Financial Accounting Standards Board created the objectives of financial reporting.

Madden Company applies the consistency convention.What does this mean?

If an investor can use accounting information for two different companies to evaluate the types and amounts of expenses, the information is said to have the quality of

Which one of the following is an operating activity of a business?

Accounting As a Form of Communication

Processing Accounting Information

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, Plant, and Equipment, and Intangibles

Current Liabilities, Contingencies, and the Time Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

International Financial Reporting Standards

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