Question 1

Which of the following is not a cash equivalent?

Accepted Answer

A) commercial paper maturing in 75 days 
B) bond sinking fund 
C) money market funds 
D) treasury bill maturing in 30 days 
A) commercial paper maturing in 75 days 
B) bond sinking fund 
C) money market funds 
D) treasury bill maturing in 30 days

Question 2

The account format lists assets on the left side and liabilities and stockholders' equity on the right side of the statement.

Accepted Answer

A) True 
 B)False

Question 3

What are long-term liabilities for San Marcos Corporation?

Accepted Answer

A) $900 
B) $960 
C) $985 
D) $1,070 
A) $900 
B) $960 
C) $985 
D) $1,070

Question 4

When preparing a balance sheet using GAAP,the term "net assets" is used.

Accepted Answer

A) True 
 B)False

Question 5

Presented below are activities from Ford Enterprises,Inc.
   Required: Please indicate whether each of these activities is classified as an (O)perating,(I)nvesting,or (F)inancing Activity on the statement of cash flows.

Accepted Answer

The answer of Presented below are activities from Ford Enterprises,Inc.
...

Question 6

List the types of opinions that may be issued by an auditor on a company's financial statements and explain the circumstances under which is issued.

Accepted Answer

There are five types of opinions that ma

Question 7

When preparing the operating activities section of the statement of cash flows under the direct method,an increase in accounts receivable is subtracted from sales.

Accepted Answer

A) True 
 B)False

Question 8

The interest coverage ratio for Teague Industries is ________.

Accepted Answer

A) 54.3 
B) 53.3 
C) 38.31 
D) 70.29 
A) 54.3 
B) 53.3 
C) 38.31 
D) 70.29

Question 9

Working capital for Teague Industries is ________.

Accepted Answer

A) $6,250 
B) $6,912 
C) $1,726 
D) $11,436 
A) $6,250 
B) $6,912 
C) $1,726 
D) $11,436

Question 10

Williams Corporation reported Cost of Goods Sold of $950,000 for December 31,2017.Accounts payable on the balance sheet were $65,000 for December 31,2016 and $58,000 for December 31,2017.Merchandise Inventory was $82,000 for December 31,2016 and $96,000 for December 31,2017.Cash paid for purchases during 2017 was ________.

Accepted Answer

A) $957,000 
B) $971,000 
C) $929,000 
D) $943,000 
A) $957,000 
B) $971,000 
C) $929,000 
D) $943,000

Question 11

Which of the following adjustments to net income is incorrect when using the indirect method for computing cash flows from operating activities?

Accepted Answer

A) Deduct depreciation expense from net income. 
B) Add a decrease in inventory to net income. 
C) Deduct an increase in prepaid expenses from net income. 
D) Add an increase in accounts payable to net income. 
A) Deduct depreciation expense from net income. 
B) Add a decrease in inventory to net income. 
C) Deduct an increase in prepaid expenses from net income. 
D) Add an increase in accounts payable to net income.

Question 12

In order to sustain operations a firm must have positive cash flows from operating activities over the long run.

Accepted Answer

A) True 
 B)False

Question 13

What are total assets for San Marcos Corporation?

Accepted Answer

A) $2,573 
B) $2,618 
C) $2,628 
D) $2,673 
A) $2,573 
B) $2,618 
C) $2,628 
D) $2,673

Question 14

The return on equity for Teague Industries is ________.

Accepted Answer

A) 83.9% 
B) 53.7% 
C) 93.6% 
D) 65.5% 
A) 83.9% 
B) 53.7% 
C) 93.6% 
D) 65.5%

Question 15

Explain the additional footnote disclosures to financial statements that are required by IFRS.

Accepted Answer

While IFRS requires similar information

Question 16

Solvency is a measure of a firm's ability to pay its obligations as they mature.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is classified as an operating activity on a statement of cash flows?

Accepted Answer

A) payment of dividends 
B) sale of equipment 
C) issuance of common stock 
D) purchase of inventory 
A) payment of dividends 
B) sale of equipment 
C) issuance of common stock 
D) purchase of inventory

Question 18

Which financial statement is the last to be prepared?

Accepted Answer

A) statement of comprehensive income 
B) statement of stockholders' equity 
C) statement of cash flows 
D) balance sheet 
A) statement of comprehensive income 
B) statement of stockholders' equity 
C) statement of cash flows 
D) balance sheet

Question 19

Management is responsible for the fair presentation of a company's financial statements.

Accepted Answer

A) True 
 B)False

Question 20

Moore Corporation reported net income of $210,000 for the current year ended June 30.Accounts receivable had a beginning balance of $35,000 and an ending balance of $39,000.Accounts payable had a beginning balance of $29,000 and an ending balance of $32,000.Assuming that this is all of the relevant information,Moore's cash flows from operating activities are ________.

Accepted Answer

A) $203,000 
B) $209,000 
C) $211,000 
D) $217,000 
A) $203,000 
B) $209,000 
C) $211,000 
D) $217,000

Which of the following is not a cash equivalent?

The account format lists assets on the left side and liabilities and stockholders' equity on the right side of the statement.

What are long-term liabilities for San Marcos Corporation?

When preparing a balance sheet using GAAP,the term "net assets" is used.

Presented below are activities from Ford Enterprises,Inc. Required: Please indicate whether each of these activities is classified as an (O)perating,(I)nvesting,or (F)inancing Activity on the statement of cash flows.

List the types of opinions that may be issued by an auditor on a company's financial statements and explain the circumstances under which is issued.

When preparing the operating activities section of the statement of cash flows under the direct method,an increase in accounts receivable is subtracted from sales.

The interest coverage ratio for Teague Industries is ________.

Working capital for Teague Industries is ________.

Which of the following adjustments to net income is incorrect when using the indirect method for computing cash flows from operating activities?

In order to sustain operations a firm must have positive cash flows from operating activities over the long run.

What are total assets for San Marcos Corporation?

The return on equity for Teague Industries is ________.

Explain the additional footnote disclosures to financial statements that are required by IFRS.

Solvency is a measure of a firm's ability to pay its obligations as they mature.

Which of the following is classified as an operating activity on a statement of cash flows?

Which financial statement is the last to be prepared?

Management is responsible for the fair presentation of a company's financial statements.

The Financial Reporting Environment

Financial Reporting Theory

Judgment and Applied Financial Accounting Research

Review of the Accounting Cycle

Statements of Net Income and Comprehensive Net Income

Accounting and the Time Value of Money

Revenue Recognition

OL: Revenue Recognition

Short-Term Operating Assets: Cash and Receivables

Short-Term Operating Assets: Inventory

Long-Term Operating Assets: Acquisition, cost Allocation, and Derecognition

Long-Term Operating Assets: Departures From Historical Cost

Operating Liabilities and Contingencies

OL: Operating Liabilities and Contingencies

Financing Liabilities

Accounting for Stockholders Equity

Investing Assets

Accounting for Income Taxes

Accounting for Employee Compensation and Benefits

Earnings Per Share

Accounting Corrections and Error Analysis

Filters

Exam 6: Statements of Financial Position and Cash Flows and the Annual Report

Which of the following is not a cash equivalent?

The account format lists assets on the left side and liabilities and stockholders' equity on the right side of the statement.

What are long-term liabilities for San Marcos Corporation?

When preparing a balance sheet using GAAP,the term "net assets" is used.

Presented below are activities from Ford Enterprises,Inc. Required: Please indicate whether each of these activities is classified as an (O)perating,(I)nvesting,or (F)inancing Activity on the statement of cash flows.

List the types of opinions that may be issued by an auditor on a company's financial statements and explain the circumstances under which is issued.

When preparing the operating activities section of the statement of cash flows under the direct method,an increase in accounts receivable is subtracted from sales.

The interest coverage ratio for Teague Industries is ________.

Working capital for Teague Industries is ________.

Which of the following adjustments to net income is incorrect when using the indirect method for computing cash flows from operating activities?

In order to sustain operations a firm must have positive cash flows from operating activities over the long run.

What are total assets for San Marcos Corporation?

The return on equity for Teague Industries is ________.

Explain the additional footnote disclosures to financial statements that are required by IFRS.

Solvency is a measure of a firm's ability to pay its obligations as they mature.

Which of the following is classified as an operating activity on a statement of cash flows?

Which financial statement is the last to be prepared?

Management is responsible for the fair presentation of a company's financial statements.

The Financial Reporting Environment

Financial Reporting Theory

Judgment and Applied Financial Accounting Research

Review of the Accounting Cycle

Statements of Net Income and Comprehensive Net Income

Accounting and the Time Value of Money

Revenue Recognition

OL: Revenue Recognition

Short-Term Operating Assets: Cash and Receivables

Short-Term Operating Assets: Inventory

Long-Term Operating Assets: Acquisition, cost Allocation, and Derecognition

Long-Term Operating Assets: Departures From Historical Cost

Operating Liabilities and Contingencies

OL: Operating Liabilities and Contingencies

Financing Liabilities

Accounting for Stockholders Equity

Investing Assets

Accounting for Income Taxes

Accounting for Employee Compensation and Benefits

Earnings Per Share

Accounting Corrections and Error Analysis

Filters