Exam 5: Communicating and Interpreting Accounting Information
Exam 1: Financial Statements and Business Decisions124 Questions
Exam 2: Investing and Financing Decisions and the Balance Sheet120 Questions
Exam 3: Operating Decisions and the Income Statement119 Questions
Exam 4: Adjustments,Financial Statements,and the Quality of Earnings135 Questions
Exam 5: Communicating and Interpreting Accounting Information111 Questions
Exam 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash123 Questions
Exam 7: Reporting and Interpreting Cost of Goods Sold and Inventory127 Questions
Exam 8: Reporting and Interpreting Property, Plant, and Equipment; Natural Resources; and Intangibles125 Questions
Exam 9: Reporting and Interpreting Liabilities117 Questions
Exam 10: Reporting and Interpreting Bonds101 Questions
Exam 11: Reporting and Interpreting Owners Equity101 Questions
Exam 12: Reporting and Interpreting Investments in Other Corporations110 Questions
Exam 13: Statement of Cash Flows120 Questions
Exam 14: Analyzing Financial Statements119 Questions
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The Nellie Company has provided the following information:
Operating expenses were $115,000;
Gross profit was $629,000;
Cost of goods sold was $470,000
Interest expense was $17,000;
Extraordinary loss was $29,000;
Income tax expense was $199,000.
What was Nellie's income before taxes?
(Multiple Choice)
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The Financial Accounting Standards Board (FASB)oversees the work of the Public Company Accounting Oversight Board (PCAOB).
(True/False)
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Conservatism requires that special care must be taken to avoid which of the following?
(Multiple Choice)
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Which of the following would not be classified as a current asset?
(Multiple Choice)
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Which of the following is not a responsibility of the chief executive officer (CEO)and the chief financial officer (CFO)?
(Multiple Choice)
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The return on assets ratio is calculated by dividing income from continuing operations by average total assets.
(True/False)
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Discontinued operations and extraordinary items are reported on the income statement as a component of income from continuing operations.
(True/False)
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The balance sheet for Glenwood Corporation at December 31,2011,showed the following subtotals:
Current assets \ 140,000 Current liabilities 80,000 Property, plant and equipment 420,000 Total stockholders' equity 420,000 Retained earnings 120,000 Total liabilities 210,000 Other long-term assets 70,000 Based on the above data,calculate the following amounts: A. Total assets $-------
B. Long-term liabilities $-------
C. Contributed capital $-------
D. Total liabilities and stockholders' equity $-------
(Short Answer)
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The Nellie Company has provided the following information:
Operating expenses were $115,000;
Gross profit was $629,000;
Cost of goods sold was $470,000
Interest expense was $17,000;
Extraordinary loss was $29,000;
Income tax expense was $199,000.
What was Nellie's operating income?
(Multiple Choice)
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Marino Company has provided the following information:
Net sales,$480,000
Net income,$24,000
Average total assets,$200,000
What is Marino's return on assets ratio?
(Multiple Choice)
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Superior has provided the following information for its recent year of operation:
The common stock account balance at the beginning of the year was $20,000 and the year-end balance was $25,000.
The additional paid-in capital account balance increased $2,500 during the year.
The retained earnings balance at the beginning of the year was $75,000 and the year-end balance was $91,000.
Net income was $26,000.
How much were Superior's dividend declarations during its recent year of operation?
(Multiple Choice)
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In which of the following classifications would cash dividend payments to stockholders be reported?
(Multiple Choice)
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The primary responsibility for the information in a corporation's financial statements lies with the chief executive officer (CEO)and the chief financial officer (CFO).
(True/False)
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Where are acquisitions of previously issued stock for cash reported on a statement of cash flows?
(Multiple Choice)
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Common stock and additional-paid in capital represent the capital contributed by shareholders.
(True/False)
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Huron has provided the following year-end balances:
Cash,$25,000
Patents,$7,900
Accounts receivable,$9,300
Property,plant,and equipment,$98,700
Prepaid insurance,$3,600
Accumulated depreciation,$10,000
Inventory,$37,000
Trademarks,$12,600
Goodwill,$11,000
How much are Huron's current assets?
(Multiple Choice)
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The form 10-Q contains an unaudited set of quarterly financial statements containing a condensed income statement and balance sheet.
(True/False)
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