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Exam 14: Using Financial Information and Accounting

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Question 41

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International Financial Reporting Standards will first be adopted by which of the following in Canada?

A) firms with government loans owing
B) publicly accountable organizations
C) for-profit firms only
D) all firms

E) A) and D)
F) A) and B)

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Question 42

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The ____________________ refers to the process of generating financial statements,beginning with a business transaction and ending with the preparation of the report.

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Question 43

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____________________ are items on the balance sheet that can be converted into cash within the next 12 months.

The usual expression of the accounting equation is Assets = Liabilities + Owners' Equity.

What is another term for an operating statement or an earnings statement?

Which of the following is an example of a liability that might be owed by a discount shoe store?

An example of an intangible asset is accounts receivable because the firm does not see or feel it until it is paid in full.

How would the monthly charges that customers make at a hardware store be classified on the store's balance statement?

Which of the following statements BEST describes the accounting profession?

Net sales is BEST described by which of the following?

Which of the following deals with reporting to outsiders?

Fixed assets are property and buildings that a firm expects to use for more than which of the following periods of time?

All publicly held companies must include a statement of cash flows in their financial reports to shareholders.

What is the accountant's term used to describe the $15,000 Petra Jabon borrowed to turn her carport into a closed garage?

____________________ are amounts owed to the firm by customers who bought goods and services on credit.

Revenues are the dollar amount of sales plus any other income received from sources such as interest,dividends,and rent.

Myriad Canning Company has the following balance sheet figures for the year ending December 31,200X: Cash $1,000 Marketable securities $5,000 Inventory $3,000 Total current assets $9,000 Accounts payable $2,000 Notes payable $1,000 Total current liabilities $3,000 What is its net working capital?

Which of the following is an example of an intangible asset for a manufacturer of padlocks?

Wehrmann-Longo sells landscape rocks to retailers.It recently purchased a trainload of lava rocks from a mine in Hawaii.Until Wehrmann-Longo pays the bill,the purchase will be carried on the Hawaiian company's books as which of the following?

Retained earnings are the amounts left over from profitable operations since the firm's beginning.They are equal to total profits minus all dividends paid to shareholders.