29 Jun Question 1. Which of the followi
Question
1. Which of the following is a potential limitation of financial statement analysis? (Points : 2)
Lack of comparability of firms in different industries
The impact of changing economic conditions
The impact of having more than one acceptable alternative accounting principle for accounting for a given transaction or economic event
All of the above
Question 2. 2. You are considering an investment in Ingram Company stock and wish to assess the company’s position in the stock market. All of the following ratios can be used for this purpose except: (Points : 2)
current ratio.
earnings per share.
dividend yield.
price-earnings ratio.
Question 3. 3. Select the incorrect statement regarding net margin. (Points : 2)
Net margin refers to the average amount of each sales dollar remaining after all expenses are subtracted.
Net margin may be calculated in several ways.
The smaller the net margin the better.
The amount of net margin is affected by a company’s choices of accounting principles.
Question 4. 4. Current financial reporting standards assume that users of accounting information: (Points : 2)
have a reasonably informed knowledge of business.
have only minimal knowledge of business.
have an expert’s understanding of economic and financial events and conditions.
have widely differing levels of knowledge about business, and that financial reporting must meet these differing needs.
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