Exam 5: Communicating and Interpreting Accounting Information

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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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Which of the following is false?

(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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Which of the following statements is false?

(Multiple Choice)
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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 \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad $------- B. Long-term liabilities \quad \quad \quad \quad \quad \quad \quad \quad $------- C. Contributed capital \quad \quad \quad \quad \quad \quad \quad \quad $------- D. Total liabilities and stockholders' equity \quad \quad $-------

(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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Which of the following statements is false?

(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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