Question 1

The balance sheet discloses

Accepted Answer

A) Stocks 
B) Flows 
C) Both stocks andf lows 
D) Neither stocks nor flows 
A) Stocks 
B) Flows 
C) Both stocks andf lows 
D) Neither stocks nor flows

Question 2

The basis for classifying assets as current or noncurrent is the period of time normally elapsed from the time the accounting entity expends cash to the time it converts

Accepted Answer

A) Inventory back to cash or 12 months,whichever is shorter 
B) Receivable s back into cash or 12 months,whichever is longer 
C) Tangible fixed assets back into cash or 12 months,whichever is longer 
D) Inventory back to cash or 12 month,whichever is longer 
A) Inventory back to cash or 12 months,whichever is shorter 
B) Receivable s back into cash or 12 months,whichever is longer 
C) Tangible fixed assets back into cash or 12 months,whichever is longer 
D) Inventory back to cash or 12 month,whichever is longer

Question 3

A firm's ability to obtain cash for business operations change is the definition of

Accepted Answer

A) Liquidity 
B) Solvency 
C) Financial flexibility 
D) Working capital 
A) Liquidity 
B) Solvency 
C) Financial flexibility 
D) Working capital

Question 4

Which of the following should theoretically be presented in a statement of changes in financial position only because of the all-financial-resources concept?

Accepted Answer

A) Conversion of preferred stock to common stock 
B) Purchase of treasury stock 
C) Sale of common stock 
D) Declaration of cash dividend 
A) Conversion of preferred stock to common stock 
B) Purchase of treasury stock 
C) Sale of common stock 
D) Declaration of cash dividend

Question 5

Which of the following s the lowest level of the SFAS 157 FASB ASC 820)fair value hierarchy?

Accepted Answer

A) Unobservable inputs that are corroborated by observable market data) 
B) Unobservable inputs that are not corroborated by observable market data) 
C) Observable market-based inputs or unobservable inputs that are corroborated by market data) 
D) Quoted market prices for identical assets or liabilities in active markets 
A) Unobservable inputs that are corroborated by observable market data) 
B) Unobservable inputs that are not corroborated by observable market data) 
C) Observable market-based inputs or unobservable inputs that are corroborated by market data) 
D) Quoted market prices for identical assets or liabilities in active markets

Question 6

Which of the following is nota component of equity?

Accepted Answer

A) Common stock 
B) Treasury stock 
C) Retained earnings 
D) Unearned revenue 
A) Common stock 
B) Treasury stock 
C) Retained earnings 
D) Unearned revenue

Question 7

There would probably be a major difference between a statement of source and application of working capital and a cash flow statement in the treatment of

Accepted Answer

A) Dividends declared and paid 
B) Sales of noninventory assets for cash at a loss 
C) Payment of long-term debt 
D) A change during the period in the accounts payable balance 
A) Dividends declared and paid 
B) Sales of noninventory assets for cash at a loss 
C) Payment of long-term debt 
D) A change during the period in the accounts payable balance

Question 8

The SFAS No 157 FASB ASC 820)fair value hierarchy contains

Accepted Answer

A) Two level 
B) Three levels 
C) Four levels 
D) Five levels 
A) Two level 
B) Three levels 
C) Four levels 
D) Five levels

Question 9

Investments in equity securities are disclosed as current assets on a company's balance sheet if

Accepted Answer

A) Management intends to sell them within a year and they have a ready market exists. 
B) The fair market value cannot be determined. 
C) Management intends to convert them into common stock within one year. 
D) Management owns less than 50% of the outstanding stock. 
A) Management intends to sell them within a year and they have a ready market exists. 
B) The fair market value cannot be determined. 
C) Management intends to convert them into common stock within one year. 
D) Management owns less than 50% of the outstanding stock.

Question 10

A gain on the sale of plant assets in the ordinary course of business should be presented in a statement of cash flows as a an)

Accepted Answer

A) Source and use of cash 
B) Use of cash 
C) Addition to income from continuing operations 
D) Deduction from income from continuing operations 
A) Source and use of cash 
B) Use of cash 
C) Addition to income from continuing operations 
D) Deduction from income from continuing operations

Question 11

A basic objective of the statement of cash flows is to

Accepted Answer

A) Supplant the income statement and balance sheet 
B) Disclose changes during the period in all asset and all liability accounts 
C) Disclose the change in working capital during the period 
D) Provide essential information for financial statements users in making economic decisions 
A) Supplant the income statement and balance sheet 
B) Disclose changes during the period in all asset and all liability accounts 
C) Disclose the change in working capital during the period 
D) Provide essential information for financial statements users in making economic decisions

The balance sheet discloses

The basis for classifying assets as current or noncurrent is the period of time normally elapsed from the time the accounting entity expends cash to the time it converts

A firm's ability to obtain cash for business operations change is the definition of

Which of the following should theoretically be presented in a statement of changes in financial position only because of the all-financial-resources concept?

Which of the following s the lowest level of the SFAS 157 FASB ASC 820)fair value hierarchy?

Which of the following is nota component of equity?

There would probably be a major difference between a statement of source and application of working capital and a cash flow statement in the treatment of

The SFAS No 157 FASB ASC 820)fair value hierarchy contains

Investments in equity securities are disclosed as current assets on a company's balance sheet if

A gain on the sale of plant assets in the ordinary course of business should be presented in a statement of cash flows as a an)

A basic objective of the statement of cash flows is to

The Development of Accounting Theory

The Pursuit of the Conceptual Framework

International Accounting

Research Methodology and Theories on the Uses of Accounting Information

Income Concepts,revenue Recognition and Matching

Financial Statement I: the Income Statement

Working Capital

Long-Term Assets I: Property,plant,and Equipment

Long-Term Assets Ii: Investments and Intangibles

Long-Term Liabilities

Accounting for Income Taxes

Leases

Pensions and Other Postretirement Benefits

Equity

Accounting for Multiple Entities

Financial Reporting Disclosure Requirements and Ethical Responsibilities

Filters

Exam 7: Financial Statements Ii: the Balance Sheet and the Statement of Cash Flows

The balance sheet discloses

The basis for classifying assets as current or noncurrent is the period of time normally elapsed from the time the accounting entity expends cash to the time it converts

A firm's ability to obtain cash for business operations change is the definition of

Which of the following should theoretically be presented in a statement of changes in financial position only because of the all-financial-resources concept?

Which of the following s the lowest level of the SFAS 157 FASB ASC 820)fair value hierarchy?

Which of the following is nota component of equity?

There would probably be a major difference between a statement of source and application of working capital and a cash flow statement in the treatment of

The SFAS No 157 FASB ASC 820)fair value hierarchy contains

Investments in equity securities are disclosed as current assets on a company's balance sheet if

A gain on the sale of plant assets in the ordinary course of business should be presented in a statement of cash flows as a an)

A basic objective of the statement of cash flows is to

The Development of Accounting Theory

The Pursuit of the Conceptual Framework

International Accounting

Research Methodology and Theories on the Uses of Accounting Information

Income Concepts,revenue Recognition and Matching

Financial Statement I: the Income Statement

Working Capital

Long-Term Assets I: Property,plant,and Equipment

Long-Term Assets Ii: Investments and Intangibles

Long-Term Liabilities

Accounting for Income Taxes

Leases

Pensions and Other Postretirement Benefits

Equity

Accounting for Multiple Entities

Financial Reporting Disclosure Requirements and Ethical Responsibilities

Filters