Question 1

Which of the following are the two types of expenses recorded on the income statement?

Accepted Answer

A)  cost of goods sold and production costs 
B)  sales expense and administrative expenses` 
C)  operating expenses and administrative expenses 
D)  cost of goods sold and operating expenses 
A)  cost of goods sold and production costs 
B)  sales expense and administrative expenses` 
C)  operating expenses and administrative expenses 
D)  cost of goods sold and operating expenses

Question 2

Which of the following is the most significant current trend in accounting in Canada?

Accepted Answer

A)  the importance of knowledge assets 
B)  the move to IFRS 
C)  the importance of intellectual capital 
D)  the expanded role of accountants 
A)  the importance of knowledge assets 
B)  the move to IFRS 
C)  the importance of intellectual capital 
D)  the expanded role of accountants

Question 3

List three measures of a company's liquidity.

Accepted Answer

the current ratio,th

Question 4

What is the ratio of net profit to the number of shares of common share outstanding?

Accepted Answer

A)  equity earnings 
B)  share-to-earnings ratio 
C)  earnings for profit 
D)  earnings per share (EPS) 
A)  equity earnings 
B)  share-to-earnings ratio 
C)  earnings for profit 
D)  earnings per share (EPS)

Question 5

____________________ are things of value owned by the firm,such as cash,equipment,and buildings.

Accepted Answer

The answer of ____________________ are things of value owned by...

Question 6

A ____________________ is the financial statement based on the accounting equation and that summarizes a firm's financial position at a specific point in time.

Accepted Answer

The answer of A ____________________ is the financial statement based...

Question 7

Watts Regulator makes hydroponic pressure valves used in water pumps and water heaters.Watts had $100,000 in net sales for the month.Cost of goods sold was $42,000.On an income statement,how would the remaining $58,000 be classified?

Accepted Answer

A)  as gross profit 
B)  as net revenues 
C)  as general income 
D)  as gross revenues 
A)  as gross profit 
B)  as net revenues 
C)  as general income 
D)  as gross revenues

Question 8

What are things of value owned by a firm?

Accepted Answer

A)  intangibles 
B)  assets 
C)  owners' equity 
D)  tangibles 
A)  intangibles 
B)  assets 
C)  owners' equity 
D)  tangibles

Question 9

Which of the following are debts that are to be paid within 12 months?

Accepted Answer

A)  current assets 
B)  fixed assets 
C)  current liabilities 
D)  fixed liabilities 
A)  current assets 
B)  fixed assets 
C)  current liabilities 
D)  fixed liabilities

Question 10

Land,buildings,machinery,equipment,and furniture are called ____________________ assets.

Accepted Answer

The answer of Land,buildings,machinery,equipment,and furniture are called ____________________ assets....

Question 11

Managerial accounting provides which of the following financial information?

Accepted Answer

A)  monthly sales records 
B)  income statements 
C)  reports for bankers and other investors 
D)  reports for shareholders 
A)  monthly sales records 
B)  income statements 
C)  reports for bankers and other investors 
D)  reports for shareholders

Question 12

Accounting is the process of collecting,recording,classifying,summarizing,reporting,and analyzing the financial condition of an organization.

Accepted Answer

A) True 
 B)False

Question 13

A current asset is one that can or will be converted into cash within one year.

Accepted Answer

A) True 
 B)False

Question 14

What the two main types of operating expenses?

Accepted Answer

selling expenses and

Question 15

What is the acceptable inventory turnover ratio?

Accepted Answer

A)  once every sixty days 
B)  once per year 
C)  once every ninety days 
D)  it is different for each industry 
A)  once every sixty days 
B)  once per year 
C)  once every ninety days 
D)  it is different for each industry

Question 16

Which of the following is a yearly document that describes a firm's financial status and usually discusses a firm's financial activities during the past year and its prospects for the future?

Accepted Answer

A)  an earnings report 
B)  a trial balance 
C)  an annual report 
D)  a firm summary 
A)  an earnings report 
B)  a trial balance 
C)  an annual report 
D)  a firm summary

Question 17

How would the building,the parking lot,and the land owned by a superstore be listed on the store's balance sheet?

Accepted Answer

The answer of How would the building,the parking lot,and the...

Question 18

Humphrey Mattress Company sold $130,000 worth of merchandise in May.The manufacturer gave no discounts and had no returns.Which of the following statements BEST describes the information seen on the company's income statement?

Accepted Answer

A)  Liabilities equal assets. 
B)  Gross sales equal net sales. 
C)  Cost of goods sold exceeds gross sales. 
D)  Gross sales exceed net sales. 
A)  Liabilities equal assets. 
B)  Gross sales equal net sales. 
C)  Cost of goods sold exceeds gross sales. 
D)  Gross sales exceed net sales.

Question 19

Which of the following ratios is a measure of the firm's ability to pay its current liabilities once inventory is subtracted from current assets?

Accepted Answer

A)  the acid-test ratio 
B)  the net margin ratio 
C)  the profitability ratio 
D)  the inventory ratio 
A)  the acid-test ratio 
B)  the net margin ratio 
C)  the profitability ratio 
D)  the inventory ratio

Question 20

Which of the following classification of ratios reflects the speed with which resources are converted to cash or sales?

Accepted Answer

A)  leverage 
B)  equity 
C)  activity 
D)  profitability 
A)  leverage 
B)  equity 
C)  activity 
D)  profitability

Which of the following are the two types of expenses recorded on the income statement?

Which of the following is the most significant current trend in accounting in Canada?

List three measures of a company's liquidity.

What is the ratio of net profit to the number of shares of common share outstanding?

____________________ are things of value owned by the firm,such as cash,equipment,and buildings.

A ____________________ is the financial statement based on the accounting equation and that summarizes a firm's financial position at a specific point in time.

Watts Regulator makes hydroponic pressure valves used in water pumps and water heaters.Watts had $100,000 in net sales for the month.Cost of goods sold was $42,000.On an income statement,how would the remaining $58,000 be classified?

What are things of value owned by a firm?

Which of the following are debts that are to be paid within 12 months?

Land,buildings,machinery,equipment,and furniture are called ____________________ assets.

Managerial accounting provides which of the following financial information?

Accounting is the process of collecting,recording,classifying,summarizing,reporting,and analyzing the financial condition of an organization.

A current asset is one that can or will be converted into cash within one year.

What the two main types of operating expenses?

What is the acceptable inventory turnover ratio?

Which of the following is a yearly document that describes a firm's financial status and usually discusses a firm's financial activities during the past year and its prospects for the future?

How would the building,the parking lot,and the land owned by a superstore be listed on the store's balance sheet?

Humphrey Mattress Company sold $130,000 worth of merchandise in May.The manufacturer gave no discounts and had no returns.Which of the following statements BEST describes the information seen on the company's income statement?

Which of the following ratios is a measure of the firm's ability to pay its current liabilities once inventory is subtracted from current assets?

Which of the following classification of ratios reflects the speed with which resources are converted to cash or sales?

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

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Exam 14: Using Financial Information and Accounting

Which of the following are the two types of expenses recorded on the income statement?

Which of the following is the most significant current trend in accounting in Canada?

List three measures of a company's liquidity.

What is the ratio of net profit to the number of shares of common share outstanding?

____________________ are things of value owned by the firm,such as cash,equipment,and buildings.

A ____________________ is the financial statement based on the accounting equation and that summarizes a firm's financial position at a specific point in time.

Watts Regulator makes hydroponic pressure valves used in water pumps and water heaters.Watts had $100,000 in net sales for the month.Cost of goods sold was $42,000.On an income statement,how would the remaining $58,000 be classified?

What are things of value owned by a firm?

Which of the following are debts that are to be paid within 12 months?

Land,buildings,machinery,equipment,and furniture are called ____________________ assets.

Managerial accounting provides which of the following financial information?

Accounting is the process of collecting,recording,classifying,summarizing,reporting,and analyzing the financial condition of an organization.

A current asset is one that can or will be converted into cash within one year.

What the two main types of operating expenses?

What is the acceptable inventory turnover ratio?

Which of the following is a yearly document that describes a firm's financial status and usually discusses a firm's financial activities during the past year and its prospects for the future?

How would the building,the parking lot,and the land owned by a superstore be listed on the store's balance sheet?

Humphrey Mattress Company sold $130,000 worth of merchandise in May.The manufacturer gave no discounts and had no returns.Which of the following statements BEST describes the information seen on the company's income statement?

Which of the following ratios is a measure of the firm's ability to pay its current liabilities once inventory is subtracted from current assets?

Which of the following classification of ratios reflects the speed with which resources are converted to cash or sales?

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

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