26 May Question Question 1 Cost of goods sold is located on which financial statement? Statement of cash flows Balance sheet Income statement All of the above
Question
Question 1
Cost of goods sold is located on which financial statement?
| Statement of cash flows | ||
| Balance sheet | ||
| Income statement | ||
| All of the above |
Question 2
Which of the following was not identified as one of the four main financial objectives of a firm?
| timeliness | ||
| efficiency | ||
| stability | ||
| profitability | ||
| liquidity |
Question 3
Which of the following is an example of a long-term liability or debt?
| owner’s equity | ||
| current portion of real estate mortgage | ||
| real estate mortgage | ||
| accrued expenses | ||
| accounts payable |
Question 4
Which of the financial statements used by businesses to keep track of their financial affairs is the most similar to an ordinary person’s end-of-the month bank statement?
| statement of cash flows | ||
| balance sheet | ||
| statement of ratio analysis | ||
| income statement | ||
| statement of owners’ equity |
Question 5
A firm’s working capital is its:
| total assets minus its total liabilities | ||
| cash and cash equivalents minus its current liabilities | ||
| accounts receivable minus its total accounts payable | ||
| inventory and accounts receivable minus its current liabilities | ||
| current assets minus its current liabilities |
Question 7
________ reflect past performance and are usually prepared on a quarterly and annual basis.
| Pro forma financial statements | ||
| Ad-hoc financial statements | ||
| Concurrent financial statements | ||
| Historical financial statements | ||
| Chronological financial statements |
Question 8
________ are an estimate of a firm’s future income and expenses, based on its past performance, its current circumstances, and its future plans.
| Forecasts | ||
| Calculation statements | ||
| Prediction statements | ||
| Financial statements | ||
| Statements of cash flow | ||
Question 9
The strength and vigor of a firm’s overall financial posture is referred to as:
| profitability | |||||||||||||||||
| liquidity | |||||||||||||||||
| efficiency | |||||||||||||||||
| effectiveness | |||||||||||||||||
| Stability | |||||||||||||||||
| Question 10
Jamie Diehl has spent the past several days pouring over her historical financial statements and her projections for future sales periods based on forecasts. Jamie’s objective is to develop a set of financial statements that she can show to an investor, which will reflect the projected financial status of her firm for the next two-three years. Jamie is working on creating a set of ________ financial statements.
|
Question 11
Which of the following statements about pro forma financial statements is incorrect?
| Pro forma financial statements are projections for future periods based on forecasts. | ||
| Pro forma financial statements are typically completed for two to three years into the future. | ||
| Pro forma financial statements are required by the SEC. | ||
| Pro forma financial statements are strictly planning tools. | ||
| Most companies consider their pro forma financial statements to be confidential and reveal them to outsiders only on a “need to know basis.” |
Question 12
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