29 Jun Question Part A–MULTIPLE CHOICE an
Question
Part A–MULTIPLE CHOICE and TRUE/FALSE (1 mark each x 15 questions = 15 marks). Choose the one alternative that best completes the statement or answers the question.
1. The globalization of business activity has resulted in which of the following?
a. Increased corruption and unethical behavior.
b. The FASB and IASB working jointly on a project to converge accounting standards.
c. The requirement that major Canadian companies use International Financial Reporting Standards.
d. All of the above.
e. b and c.
2. The manipulation of the allowance for doubtful accounts by management would be best indicated by when a company:
a. tightens its credit standards and the allowance account decreases.
b. lowers its credit standards and the allowance account decreases.
c. tightens its credit standards and the allowance account increases.
d. lowers its credit standards and the allowance account increases.
3. The best measure for determining how well a firm operates within its industry is
a. Gross Profit
b. Operating Profit
c. Earnings before Taxes
d. Net profit
4. A change in retained earnings from one year end to the next can result from cash flows related to both operating and financing activities. (True/false)
5. Consider the following statements
I. The cash conversion cycle of a firm can be improved by decreasing the days inventory held and days payable outstanding, while decreasing the average collection period.
II. The DuPont System helps the analyst see how a firm’s decisions and activities over an accounting period interact to produce return on equity.
a. Only Statement I is true.
b. Only Statement II is true.
c. Both Statements I and II are true.
d. Both Statements I and II are false.
6. How should a company report total comprehensive income?
a. On the face of its income statement.
b. In a separate statement of comprehensive income.
c. In its statement of stockholders’ equity.
d. All of the above ways are acceptable.
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