Assets Copyright © 2019 coursesexams. Multiple Choice Question 166 Your answer is correct. To ensure the accuracy and reliability of accounting records and information. Statement of Changes in Equity 18. Net Income is — a. The current ratio is a.
As a result of this event: a. In a classified balance sheet, assets are usually classified as current assets; long-term investments; tangible assets; and intangible assets. What is a non-current asset? Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules? Having one person responsible for the related activities of ordering merchandise, receiving goods, and paying for them A increases the potential for errors and fraud B decreases the potential for errors and fraud C is an example of good internal control D is a good example of safeguarding the company's assets 47. Oslo's net income for 2006 was: a. Which one of the following would be considered a long-term solvency ratio? C Assets, liabilities, and dividends D Assets, expenses, and dividends 12. Save the document and submit. To safeguard the assets of the firm.
Use the following data to determine the total amount of working capital. Which financial statement is prepared first? Total assets at the end of 2006 are: a. Multiple Choice Question 143 Your answer is correct. Two primary external users of accounting information are investors and creditors. Multiple Choice Question 150 Your answer is correct.
Consistency is one of the biggest concerns when a change in accounting principle is undertaken. The total dollar amount of assets to be classified as current assets is a. The asset turnover ratio is A net sales divided by net income B average total assets divided by net income C net sales divided by average total assets D average total assets divided by net sales 40. Two primary external users of accounting information are investors and creditors. B The use of the cash basis of accounting violates both the revenue recognition and matching principles. Changes in accounting principles are allowed when new principles are preferable to old ones. A The information system that identifies, records, and communicates the economic events of an organization to interested users B A means of collecting information C The interconnected network of subsystems necessary to operate a business D Electronic collection, organization, and communication of vast amounts of information 2.
Under the accrual basis of accounting A cash must be received before revenue is recognized B net income is calculated by matching cash outflows against cash inflows C events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received D the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles 27. The right side of an account A is the correct side B reflects all transactions for the accounting period C shows all the balances of the accounts in the system D is the credit side 8. The current ratio expressed as a proportion is. A very small company would have the most difficulty in implementing which of the following internal control activities? Internal control is defined, in part, as a plan that safeguards A all balance sheet accounts B Assets C Liabilities D capital stock 45. When using a periodic inventory system, which statement concerning the computation of cost of goods sold is correct? The amount of ending inventory is determined on the last day of the accounting period.
Multiple Choice Question 118 Your answer is correct. Which of the following would appear in the cash flow from operations section of the statement of cash flows? An adjusting entry would not include which of the following accounts? Prepare the journal entry, if any,to record the reduction in value. Prepaid Rent was debited for the full amount. The following amounts were drawn from the records of Gregory Co. Which of the following is a measure of liquidity? Financing activities for corporations include borrowing money and selling shares of their own stock. External users of accounting information are managers who plan, organize, and run a business.
Baker would credit an asset. A As long as a company consistently uses the cash basis of accounting, generally accepted accounting principles allow its use. A fiscal year is an accounting time period encompassing less than 12 months. Adjusting entries are necessary to bring the general ledger accounts in line with the budget. .
What is the debt to total assets? A Receivables turnover B Return on total assets C Current cash debt coverage ratio D Debt to total assets ratio 36. Which accounts normally have debit balances? Multiple Choice Question 123 Your answer is correct. Multiple Choice Question 80 Your answer is correct. It is determined that this loss in value is other than temporary. Which of the following is not one of the main factors that contribute to fraudulent activity? A Safeguard company assets B Overstate liabilities in order to be conservative C Enhance the accuracy and reliability of accounting records D Reduce the risks of errors 44. The current ratio is A calculated by dividing current liabilities by current assets B used to evaluate a company's liquidity and short-term debt paying ability C used to evaluate a company's solvency and long-term debt paying ability D calculated by subtracting current liabilities from current assets 37. Multiple Choice Question 74 Your answer is correct.
Multiple Choice Question 176 Your answer is correct. Final Exam Guide Set of 30 Questions 1 Which of the following statements is true? What is the depreciation expense for year 2 under the double-declining-balance method of depreciation? The group of users of accounting information charged with achieving the goals of the business is its Which of the following financial statements…. Round answers to 2 decimal places, e. Retained earnings at the end of the period is equal to A retained earnings at the beginning of the period plus net income minus liabilities B retained earnings at the beginning of the period plus net income minus dividends C net income D assets plus liabilities 22. The amount of its liabilities is: a. Most changes in accounting principles are retroactively reported.