Question 1

Fixed assets are property and buildings that a firm expects to use for more than which of the following periods of time?

Accepted Answer

A)  six months 
B)  one year 
C)  one month 
D)  two years 
A)  six months 
B)  one year 
C)  one month 
D)  two years

Question 2

Revenues are the dollar amount of sales plus any other income received from sources such as interest,dividends,and rent.

Accepted Answer

A) True 
 B)False

Question 3

An example of an intangible asset is accounts receivable because the firm does not see or feel it until it is paid in full.

Accepted Answer

A) True 
 B)False

Question 4

____________________ are items on the balance sheet that can be converted into cash within the next 12 months.

Accepted Answer

The answer of ____________________ are items on the balance sheet...

Question 5

____________________ are amounts owed to the firm by customers who bought goods and services on credit.

Accepted Answer

The answer of ____________________ are amounts owed to the firm...

Question 6

The usual expression of the accounting equation is Assets = Liabilities + Owners' Equity.

Accepted Answer

A) True 
 B)False

Question 7

Wehrmann-Longo sells landscape rocks to retailers.It recently purchased a trainload of lava rocks from a mine in Hawaii.Until Wehrmann-Longo pays the bill,the purchase will be carried on the Hawaiian company's books as which of the following?

Accepted Answer

A)  an account payable 
B)  an account receivable 
C)  an intangible asset 
D)  a current asset 
A)  an account payable 
B)  an account receivable 
C)  an intangible asset 
D)  a current asset

Question 8

What is another term for an operating statement or an earnings statement?

Accepted Answer

A)  a cash flow statement 
B)  an income statement 
C)  a balance sheet 
D)  a transaction ledger 
A)  a cash flow statement 
B)  an income statement 
C)  a balance sheet 
D)  a transaction ledger

Question 9

What is the accountant's term used to describe the $15,000 Petra Jabon borrowed to turn her carport into a closed garage?

Accepted Answer

The answer of What is the accountant's term used to...

Question 10

Which of the following is an example of an intangible asset for a manufacturer of padlocks?

Accepted Answer

A)  a patent on a titanium lock mechanism 
B)  money owed to the company by a superstore chain 
C)  a machine for forming the locks out of sheet metal 
D)  a warehouse for storing locks 
A)  a patent on a titanium lock mechanism 
B)  money owed to the company by a superstore chain 
C)  a machine for forming the locks out of sheet metal 
D)  a warehouse for storing locks

Question 11

How would the monthly charges that customers make at a hardware store be classified on the store's balance statement?

Accepted Answer

The answer of How would the monthly charges that customers...

Question 12

Net sales is BEST described by which of the following?

Accepted Answer

A)  total sales for the accounting period 
B)  profit after cost of goods sold is deducted 
C)  amount after deducting sales discount and returns and allowances from gross sales 
D)  profit after all expenses are paid 
A)  total sales for the accounting period 
B)  profit after cost of goods sold is deducted 
C)  amount after deducting sales discount and returns and allowances from gross sales 
D)  profit after all expenses are paid

Question 13

Which of the following statements BEST describes the accounting profession?

Accepted Answer

A)  Accountants need a masters degree to obtain their designation. 
B)  Many CGA's own their own business. 
C)  Managerial accountants become Certified Management Accountants when they complete a degree and apply to the association. 
D)  Most CGAs work only in industry. 
A)  Accountants need a masters degree to obtain their designation. 
B)  Many CGA's own their own business. 
C)  Managerial accountants become Certified Management Accountants when they complete a degree and apply to the association. 
D)  Most CGAs work only in industry.

Question 14

Which of the following is an example of a liability that might be owed by a discount shoe store?

Accepted Answer

A)  promotional signs 
B)  money owed to shoe distributors 
C)  money in the cash register 
D)  the reduced prices paid by customers 
A)  promotional signs 
B)  money owed to shoe distributors 
C)  money in the cash register 
D)  the reduced prices paid by customers

Question 15

Which of the following deals with reporting to outsiders?

Accepted Answer

A)  financial accounting 
B)  auditing 
C)  bookkeeping 
D)  internal accounting 
A)  financial accounting 
B)  auditing 
C)  bookkeeping 
D)  internal accounting

Question 16

International Financial Reporting Standards will first be adopted by which of the following in Canada?

Accepted Answer

A)  firms with government loans owing 
B)  publicly accountable organizations 
C)  for-profit firms only 
D)  all firms 
A)  firms with government loans owing 
B)  publicly accountable organizations 
C)  for-profit firms only 
D)  all firms

Question 17

The ____________________ refers to the process of generating financial statements,beginning with a business transaction and ending with the preparation of the report.

Accepted Answer

The answer of The ____________________ refers to the process of...

Question 18

Retained earnings are the amounts left over from profitable operations since the firm's beginning.They are equal to total profits minus all dividends paid to shareholders.

Accepted Answer

A) True 
 B)False

Question 19

All publicly held companies must include a statement of cash flows in their financial reports to shareholders.

Accepted Answer

A) True 
 B)False

Question 20

Myriad Canning Company has the following balance sheet figures for the year ending December 31,200X: Cash	$1,000
Marketable securities	$5,000
Inventory	 	$3,000
Total current assets	$9,000
Accounts payable	$2,000
Notes payable	 	$1,000
Total current liabilities	$3,000
What is its net working capital?

Accepted Answer

A)  $6,000 
B)  $9,000 
C)  $1,000 
D)  $3,000 
A)  $6,000 
B)  $9,000 
C)  $1,000 
D)  $3,000

Fixed assets are property and buildings that a firm expects to use for more than which of the following periods of time?

Revenues are the dollar amount of sales plus any other income received from sources such as interest,dividends,and rent.

An example of an intangible asset is accounts receivable because the firm does not see or feel it until it is paid in full.

____________________ are items on the balance sheet that can be converted into cash within the next 12 months.

____________________ are amounts owed to the firm by customers who bought goods and services on credit.

The usual expression of the accounting equation is Assets = Liabilities + Owners' Equity.

Wehrmann-Longo sells landscape rocks to retailers.It recently purchased a trainload of lava rocks from a mine in Hawaii.Until Wehrmann-Longo pays the bill,the purchase will be carried on the Hawaiian company's books as which of the following?

What is another term for an operating statement or an earnings statement?

What is the accountant's term used to describe the $15,000 Petra Jabon borrowed to turn her carport into a closed garage?

Which of the following is an example of an intangible asset for a manufacturer of padlocks?

How would the monthly charges that customers make at a hardware store be classified on the store's balance statement?

Net sales is BEST described by which of the following?

Which of the following statements BEST describes the accounting profession?

Which of the following is an example of a liability that might be owed by a discount shoe store?

Which of the following deals with reporting to outsiders?

International Financial Reporting Standards will first be adopted by which of the following in Canada?

The ____________________ refers to the process of generating financial statements,beginning with a business transaction and ending with the preparation of the report.

Retained earnings are the amounts left over from profitable operations since the firm's beginning.They are equal to total profits minus all dividends paid to shareholders.

All publicly held companies must include a statement of cash flows in their financial reports to shareholders.

Myriad Canning Company has the following balance sheet figures for the year ending December 31,200X: Cash $1,000 Marketable securities $5,000 Inventory $3,000 Total current assets $9,000 Accounts payable $2,000 Notes payable $1,000 Total current liabilities $3,000 What is its net working capital?

understanding Evolving Economic Systems and Competition

the Global Marketplace and Governments’ Roles

Social Trends, social Responsibility, and Making Ethical Decisions in Business

Using Technology to Manage Information and for Business Success

Forms of Business Ownership

Entrepreneurship and Small Business

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Achieving World-class Operations Management

Understanding the Customer

Creating Marketing Strategies

Understanding Money, financial Institutions, and the Securities Markets

Managing the Firm’s Finances

Filters

Exam 14: Using Financial Information and Accounting

Fixed assets are property and buildings that a firm expects to use for more than which of the following periods of time?

Revenues are the dollar amount of sales plus any other income received from sources such as interest,dividends,and rent.

An example of an intangible asset is accounts receivable because the firm does not see or feel it until it is paid in full.

____________________ are items on the balance sheet that can be converted into cash within the next 12 months.

____________________ are amounts owed to the firm by customers who bought goods and services on credit.

The usual expression of the accounting equation is Assets = Liabilities + Owners' Equity.

Wehrmann-Longo sells landscape rocks to retailers.It recently purchased a trainload of lava rocks from a mine in Hawaii.Until Wehrmann-Longo pays the bill,the purchase will be carried on the Hawaiian company's books as which of the following?

What is another term for an operating statement or an earnings statement?

What is the accountant's term used to describe the $15,000 Petra Jabon borrowed to turn her carport into a closed garage?

Which of the following is an example of an intangible asset for a manufacturer of padlocks?

How would the monthly charges that customers make at a hardware store be classified on the store's balance statement?

Net sales is BEST described by which of the following?

Which of the following statements BEST describes the accounting profession?

Which of the following is an example of a liability that might be owed by a discount shoe store?

Which of the following deals with reporting to outsiders?

International Financial Reporting Standards will first be adopted by which of the following in Canada?

The ____________________ refers to the process of generating financial statements,beginning with a business transaction and ending with the preparation of the report.

Retained earnings are the amounts left over from profitable operations since the firm's beginning.They are equal to total profits minus all dividends paid to shareholders.

All publicly held companies must include a statement of cash flows in their financial reports to shareholders.

Myriad Canning Company has the following balance sheet figures for the year ending December 31,200X: Cash $1,000 Marketable securities $5,000 Inventory $3,000 Total current assets $9,000 Accounts payable $2,000 Notes payable $1,000 Total current liabilities $3,000 What is its net working capital?

understanding Evolving Economic Systems and Competition

the Global Marketplace and Governments’ Roles

Social Trends, social Responsibility, and Making Ethical Decisions in Business

Using Technology to Manage Information and for Business Success

Forms of Business Ownership

Entrepreneurship and Small Business

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Achieving World-class Operations Management

Understanding the Customer

Creating Marketing Strategies

Understanding Money, financial Institutions, and the Securities Markets

Managing the Firm’s Finances

Filters