Correct Answer
verified
Multiple Choice
A) internal audit
B) annual report
C) independent audit
D) certified audit
Correct Answer
verified
Multiple Choice
A) posting the information to the correct ledger accounts.
B) completing a balance sheet and ratio analysis.
C) preparing financial statements such as the balance sheet, income statement, and statement of cash flows.
D) classifying the transactions into logical categories.
Correct Answer
verified
Multiple Choice
A) $2.2 million.
B) $4.8 million.
C) $3.5 million.
D) $0.2 million.
Correct Answer
verified
True/False
Correct Answer
verified
True/False
Correct Answer
verified
True/False
Correct Answer
verified
True/False
Correct Answer
verified
True/False
Correct Answer
verified
True/False
Correct Answer
verified
True/False
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) Patents and copyrights are included with the firm's intangible assets on the balance sheet.
B) Patents and copyrights are included with the firm's long-term liabilities on the balance sheet.
C) Patents and copyrights are included with the firm's cost of goods sold on the income statement.
D) Patents and copyrights are included with the firm's fixed assets on the balance sheet.
Correct Answer
verified
Multiple Choice
A) public accountant whose work is mainly concerned with auditing.
B) public accountant whose work is mainly concerned with financial accounting.
C) private accountant whose work is mainly concerned with managerial accounting.
D) private accountant whose work is mainly concerned with financial accounting.
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) Owners' equity equals $182,000.
B) Current assets are worth $92,000.
C) Net income for the period is $112,000.
D) Owners' equity equals $112,000.
Correct Answer
verified
Multiple Choice
A) $7,000.00
B) $53,000.00
C) $23,000.00
D) $30,000.00
Correct Answer
verified
Multiple Choice
A) Yes, but if the company would increase sales, it could go ahead with borrowing more funds.
B) Not necessarily. She should investigate the debt to equity ratios of other firms in the same industry.
C) Yes, but the firm should pursue equity investment until the ratio equals 1:1.
D) Not necessarily. In poor economic times, it is good financial strategy for a firm to be highly leveraged.
Correct Answer
verified
Multiple Choice
A) income statement
B) statement of retained earnings
C) statement of changes in financial position
D) trial balance
Correct Answer
verified
True/False
Correct Answer
verified
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