Post ACC305
Unit 1 Self Quiz
Question 1
0 out of 0 points
Which of the following is a user of a company's financial
statements?
Question 2
0 out of 0 points
By law, the setting of accounting standards is the
responsibility of the
Question 3
0 out of 0 points
The accounting equation could be expressed as:
Question 4
0 out of 0 points
The major sections of the statement of cash flows are:
Question 5
0 out of 0 points
Understating assets and revenues is justified based on
Question 6
0 out of 0 points
Who is responsible for the preparation and integrity of
financial statements?
Question 7
0 out of 0 points
Which of the following is not a type of audit opinion?
Audit opinion types are unqualified opinion, qualified
opinion, adverse opinion, and disclaimer of opinion.
Question 8
0 out of 0 points
Which of the following is a permanent account?
Question 9
0 out of 0 points
Which of the following is a temporary account?
Question 10
0 out of 0 points
The materiality concept involves the relative size and
importance of an item to a firm.
Post ACC305
Unit 1 Self Quiz Ch 1-2
Question 1
0 out of 1 points
Which of the following is a characteristic of information
provided by external financial reports?
Question 2
0 out of 1 points
Which of the following is not an objective of financial
reporting?
Question 3
0 out of 1 points
According to SFAC No. 6, assets can be defined by which of
the following?
Question 4
1 out of 1 points
According to SFAC No. 6, expenses can be defined by which of
the following?
Correct Outflows or other consumption or using up of assets
or incurrences of liabilities ( or a combination of both) from delivering or
producing goods, rendering services, or carrying out other activities that
constitute the entity’s ongoing major or central operations.
Question 5
1 out of 1 points
If assets are $ 40,000 and stockholders’ equity is $ 10,000,
how much are liabilities?
Question 6
1 out of 1 points
In addition to the company’s principal financial statements,
the Form 10- K and shareholder annual reports must include the following:
Question 7
0 out of 1 points
Audit opinions cannot be classified as which of the
following?
Question 8
0 out of 1 points
From the point of
view of analysis, which classification of an audit opinion indicates that the
financial statements carry the highest degree of reliability?
Question 9
1 out of 1 points
This item need not be provided with a complete set of
financial statements:
Question 10
1 out of 1 points
Which party has the primary responsibility for the financial
statements?
Post ACC305
Unit 2 Self Quiz
Question 1
0 out of 0 points
Each method of depreciation will result in the same total
amount of depreciation at the end of the asset's life.
Question 2
0 out of 0 points
Accounts receivable is a current asset.
Question 3
0 out of 0 points
Accounts payable is a current asset.
Question 4
0 out of 0 points
Capital and retained earnings are classified as assets.
Question 5
0 out of 0 points
On a balance sheet liabilities are listed before assets.
Question 6
0 out of 0 points
In practice, the income statement is frequently considered
to be the least important financial statement.
Question 7
0 out of 0 points
An income statement is a summary of revenues and expenses
and gains and losses, ending with net income for a particular period of time.
Question 8
0 out of 0 points
Earnings per share is earnings divided by the number of shares
of outstanding common stock.
Question 9
0 out of 0 points
Gross profit will be a prominent figure on a single-step
income statement.
Question 10
0 out of 0 points
Retained earnings are an asset.
Post ACC305
Unit 2 Self Quiz Ch 3-4
Question 1
0 out of 1 points
________ are normally classified as a current liability on
the balance sheet.
Question 2
1 out of 1 points
________ is considered a tangible asset.
Question 3
0 out of 1 points
Which of the following is seldomly a preferred stock
characteristic?
Question 4
0 out of 1 points
A quasi-reorganization:
Question 5
1 out of 1 points
Employee Stock Ownership Plans (ESOPs):
Question 6
0 out of 1 points
Gross profit is the difference between:
Question 7
0 out of 1 points
The following relate to Data Original in 2008. What is the
ending inventory?
Question 8
1 out of 1 points
Which of the following would be classified as an
extraordinary item on the income statement?
Question 9
1 out of 1 points
Which of the following will be disclosed in the
reconciliation of retained earnings?
Question 10
1 out of 1 points
If the Investor Company owns 20% of the stock of Investee
Company and Investee Company reports profits of $100,000, then Investor Company
reports equity income of:
Post ACC305
Unit 3 Chapter 5 Quiz
Question 1
1 out of 1 points
Which of the following statements is incorrect?
Question 2
1 out of 1 points
A figure from this year’s statement is compared with a base
selected from the current year.
Question 3
1 out of 1 points
Fremont Electronics has income of $ 1,000,000. Columbus
Electronics has income of $ 2,000,000. Which of the following statements is a
correct statement?
Question 4
1 out of 1 points
Industry ratios should not be considered as absolute norms
for a given industry because of all but which of the following?
Question 5
1 out of 1 points
Which of the following is a publication of the federal
government for manufacturing, mining, and trade corporations?
Question 6
1 out of 1 points
Which service represents a compilation of corporate tax
return data?
Question 7
1 out of 1 points
Which service includes over 800 different lines of business?
Question 8
1 out of 1 points
Suppose you are comparing two firms in the coal industry.
Which type of numbers would be most meaningful for statement analysis?
Question 9
1 out of 1 points
Question 10
1 out of 1 points
A horizontal analysis compares each amount with its base amount
for a selected base year.
Post ACC305
Unit 3 Chapter 5 Self Quiz
Question 1
0 out of 0 points
Absolute figures usually have more meaning than ratio
comparisons.
Question 2
0 out of 0 points
In order to determine the meaning of a ratio, some kind of
comparison, such as an industry average or trend analysis, is helpful.
Question 3
0 out of 0 points
Typically, the largest expense to a manufacturing firm is
cost of goods sold.
Question 4
0 out of 0 points
Liquidity ratios measure the degree of protection of
long-term suppliers of funds.
Question 5
0 out of 0 points
The ideal way to compare income statement figures, such as
sales, to balance sheet figures, such as receivables, is to use a measure of
the average for the balance sheet figures.
Question 6
0 out of 0 points
Different accounting methods can cause some ratios to differ
substantially.
Question 7
0 out of 0 points
The descriptive information in annual reports is not useful
in statement analysis; only the financial statements themselves are of value.
Question 8
0 out of 0 points
In the set of numbers below, the median is 4:
Question 9
0 out of 0 points
Only managers use financial analysis tools.
Question 10
0 out of 0 points
Financial statement analysis is a judgmental process.
Post ACC305
Unit 4 Self Quiz Chapter 6
Question 1
0 out of 0 points
A firm that has been on lifo for many years may have some
inventory costs that go back ten years or more.
Question 2
0 out of 0 points
The operating cycle is the time between the acquisition of
inventory and the realization of cash from selling the inventory.
Question 3
0 out of 0 points
To qualify as a marketable security, the investment must be
readily marketable and it must be the intent of management to convert the
investment to cash within the current operating cycle or a year, whichever is
longer.
Question 4
0 out of 0 points
Long term assets are assets that are in the form of cash or
that will be realized in cash or that conserve the use of cash within the
operating cycle of a business, or one year, whichever is the longer period of
time.
Question 5
0 out of 0 points
Current liabilities are obligations whose liquidation is
reasonably expected to require the use of existing current assets or the
creation of other current liabilities within a year or an operating cycle,
whichever is longer.
Post ACC305 Unit 4 Chapter 6 Quiz
Question 1
10 out of 10 points
Match the ratio with the formula.
•
Question
Sales
Average Working Capital
Net Sales
Average Gross Receivables
Current Assets - Current Liabilities
Cash Equivalents + Marketable Securities + Net Receivables
Current Liabilities
Gross Receivables
Net Sales/365
Average Gross Receivables
Net Sales/365
Average Inventory
Cost of Goods Sold/365
Cash Equivalents + Marketable Securities
Current Liabilities
Current Assets
Current Liabilities
Accounts Receivable + Inventory Turnover
Turnover in Days
in Days
Cost of Goods Sold
Average Inventory
Ending Inventory
Cost of Goods Sold/365
•
All Answer Choices
A.
days' sales in receivables
B.
accounts receivable turnover
C.
accounts receivable turnover in days
D.
days' sales in inventory
E.
inventory turnover
F.
inventory turnover in days
G.
operating cycle
H.
working capital
I.
current ratio
J.
acid-test ratio
K.
cash ratio
L.
sales to working capital
•
Post ACC305
Unit 5 Ch 7 Self Quiz
Question 1
0 out of 0 points
When doing financial
analysis it is not important to analyze a firm's debt.
Question 2
0 out of 0 points
Discontinued operations and extraordinary items would be
excluded when analyzing a firm's ability to carry debt.
Question 3
0 out of 0 points
A good times interest earned record would be indicated by a
relatively high, stable coverage for the times interest earned coverage.
Question 4
0 out of 0 points
If an employee is in the pension plan, rights under this
plan will be lost if the employee leaves the firm prior to receiving a vested
interest.
Question 5
0 out of 0 points
Capitalization of interest results in interest being
deducted from a fixed asset instead of expensed.
Question 6
0 out of 0 points
Some revenue and expense items never go on the tax return,
but do go on the income statement.
Question 7
0 out of 0 points
Repayment of a long-term bank loan would increase the debt
ratio.
Question 8
0 out of 0 points
Under generally accepted accounting principles, an item must
clearly represent a commitment to pay out funds in the future in order to be
classified as a liability.
Question 9
0 out of 0 points
Deferred taxes do not need to be accounted for using the
liability method.
Question 10
0 out of 0 points
The tax code allows a corporation reporting an operating
loss for income tax purposes in the current year to carry that loss back and
forward to offset reported taxable income.
Post ACC305
Unit 5 Chapter 7 Quiz
• Question
1
0 out of 1 points
All but which of these ratios are
considered to be debt ratios?
• Question
2
1 out of 1 points
In computing the debt ratio,
which of the following is subtracted in the denominator?
• Question
3
0 out of 1 points
Which of the following ratios can
be used as a guide to a firm’s ability to carry debt from an income
perspective?
• Question
4
1 out of 1 points
In computing debt to tangible net
worth, which of the following is not subtracted in the denominator?
• Question
5
1 out of 1 points
Under the Employee Retirement
Income Security Act, a company can be liable for its pension plan up to
• Question
6
5 out of 5 points
Match the five ratios with their
formulas.
o
Question
times interest earned
fixed charge coverage
debt ratio
debt/equity ratio
debt to tangible net worth
o
All Answer Choices
A.
Total Liabilities
Shareholders' Equity - Intangible Assets
B.
Total Liabilities
Total Assets
C.
Recurring Earnings, Excluding
Interest Expense, Tax Expense,
Equity Earnings, and Minority Expense
Interest Expense, Including
Capitalized Interest
D.
Recurring Earnings, Excluding
Interest Expense, Tax Expense,
Equity Earnings, and Minority Earnings
+ Interest Portion of Rentals
Interest Expense, including
Capitalized Interest + Interest
Portion of Rentals
E.
Total Liabilities
Shareholders' Equity
o
Post ACC305
Unit 6 Self Test Ch 8-9 Quiz
Question 1
0 out of 0 points
Profitability is the ability of the firm to generate
earnings.
Question 2
0 out of 0 points
In profitability analysis, absolute numbers are more
meaningful than relative numbers because the analyst needs to know if one firm
earned more dollars than the other.
Question 3
0 out of 0 points
Changes in the cost of goods sold can have a substantial
impact on gross profit margin
Question 4
0 out of 0 points
An interim
period is a fiscal period less than one year.
Question 5
0 out of 0 points
In In order to compute gross profit margin, the
income statement must be in single-step format.
Question 6
0 out of 0 points
Nonrecurring items such as extraordinary income and disposal
of a segment require separate earnings per share disclosure.
Question 7
0 out of 0 points
When a stock split
occurs, earnings per share must be adjusted retroactively.
Question 8
0 out of 0 points
Book value per share
measures the current value of the net assets on a per share basis.
Question 9
0 out of 0 points
Stock appreciation rights give the employee compensation at
a future date, based on the market price at the date of exercise in excess of a
pre-established dollar market.
Question 10
0 out of 0 points
Financing leverage refers to the existence of fixed
operating costs.
Post ACC305
Unit 6 Quiz Ch 8-9
Question
1
1
out of 1 points
Which
of the following items will be reported on the income statement as part of net
income?
Question
2
1
out of 1 points
Earnings
based on percent of holdings by outside owners of consolidated subsidiaries are
termed
Question
3
1
out of 1 points
Which
of the following is not a type of operating asset ?
Question
4
1
out of 1 points
Which
of the following is considered to be a recurring item ?
Question
5
0
out of 1 points
If
a firm’s gross profit has declined substantially, this could be attributed to
all but which of the following reasons?
Question
6
1
out of 1 points
Book
value per share may not approximate market value per share because
Question
7
1
out of 1 points
Increasing
financial leverage can be a risky strategy from the viewpoint of stockholders
of companies having
Question
8
1
out of 1 points
Correct
Which
of the following ratios gives a perspective on risk in the capital structure ?
Degree
of financial leverage gives a perspective on risk in the capital structure.
Question
9
1
out of 1 points
A
firm has a degree of financial leverage of 1.3. If earnings before interest and
tax increase by 10%, then net income
Question
10
1
out of 1 points
The
earnings per share ratio is computed for
Post ACC305
Unit 7 Self Quiz Chapter 10-11
Question 1
0 out of 0 points
The income statement does not fairly represent the cash from
operations.
Question 2
0 out of 0 points
Depreciation expense reduces operating income but does not
require the use of cash.
Question 3
0 out of 0 points
The statement of cash flows should be reviewed for several
time periods in order to determine the major sources of cash and the major uses
of cash.
Question 4
0 out of 0 points
The income statement fairly represents the cash from
operations.
The income statement does not fairly represent the cash from
operations.
Question 5
0 out of 0 points
Cash flow per share can be viewed as a substitute for
earnings per share in terms of a firm's profitability.
Question 6
0 out of 0 points
The acquisition of land using notes payable is an example of
a cash transaction.
Question 7
0 out of 0 points
Most of the ratios given a high significance rating by
commercial loan officers have a primary measure of liquidity or debt.
Question 8
0 out of 0 points
Presently, no regulatory agency, such as the Securities and
Exchange Commission or the Financial Accounting Standards Board, accepts
responsibility for determining either the content of financial ratios or the
format of presentation in annual reports.
Question 9
0 out of 0 points
With the Altman model, the higher the Z score, the more
likely the firm will go bankrupt.
Question 10
0 out of 0 points
An auditor can use financial ratios in analytical review
procedures.
Post ACC305 Unit 7 Quiz Chapter 10-11
Question 1
1 out of 1 points
Which of the following could lead to cash
flow problems?
Question 2
1 out of 1 points
Which of the following represents an internal
source of cash?
Question 3
1 out of 1 points
Which of the following is not a typical cash
flow under operating activities?
Question 4
1 out of 1 points
Working capital is defined as
Question 5
1 out of 1 points
Management should use the statement of cash
flows for which of the following purposes ?
Question 6
1 out of 1 points
Notes to financial statements are beneficial
in meeting the disclosure requirements of financial reporting. The notes should
not be used to
Question 7
1 out of 1 points
The concept of conservatism is often
considered important in accounting. The application of this concept means that
in the event some doubt occurs as to how a transaction should be recorded, it
should be recorded so as to
Question 8
0 out of 1 points
Which of the following ratios would best
disclose effective management of working capital by a given firm relative to
other firms in the same industry?
Question 9
1 out of 1 points
Which of the following would not be an
example of the use of a multiple when valuing common equity?
Question 10
1 out of 1 points
Which of the following was not given as a
reason for acquirers paying too much in an acquisition?
Post ACC305 Unit 1 Ch 1 & Ch 2 Assignment
Please
complete the following list of assignments and upload using this link. Please
limit the number of files you create to a max of 2, one excel and one word
document.
Chapter1:
- P1-1 page 26-27
- P1-2 page 27-28
Chapter
2:
- P2-2 page 75-76 (you can complete
using journal entry or T-account format)
- P2-3 page 76 (you can complete
using journal entry or T-account format)
- P2-9 page 79
- P2-10 page 79-80
Post ACC305 Unit 2 Ch 3 Assignment
Please
complete the following list of assignments and upload using this link. Please
limit the number of files you create to a max of 2, one excel and one word
document. There are separate links for each chapter, as each chapter will
receive a separate grade.
- Q3-4, Q3-5, Q3-6, Q3-15 page 131
- P3-3 page 133
Post ACC305 Unit 2 Ch 4 Assignment
Please
complete the following list of assignments and upload using this link. Please
limit the number of files you create to a max of 2, one excel and one word
document. There are separate links for each chapter, as each chapter will
receive a separate grade.
- P4-4 page 180-181
- P4-16 page 185-186
- P4-17 page 186-188
Post ACC305 Unit 3 Chapter 5 Assignment
Please
complete the following list of assignments and upload using this link. Please
limit the number of files you create to a max of 2, one excel and one word
document.
- Question 5-2 page 216
- P5-3 page 218
- P5-5 page 218
- P5-6 page 218
Post ACC305 Unit 4 Chapter 6 Assignment
P6-
7 Page 252
P6-11
Page 253-254
P6-18
Page 256
P6-19
Page 256-257 *When calculating the ratio for working capital, please assume the
numbers are averages.
Post ACC305 Unit 5 Chapter 7 Assignment
P7-3
Page 302
P7-4
Page 302-303
P7-10
Page 306-307 Requirement A only (including #1-5), **Compute 2011 only**
P7-11
Page 307-309
Post ACC305 Unit 6 Ch 8
Assignment
P8-1
page 343
The average numbers are provided already so you DO NOT average the two years of
data together.
P8-7 page 346
P8-7 helpful information
The average numbers are provided already so you DO NOT average the two years of
data together.
For number 5:
Estimated tax rate:
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
(1) Provision for income taxes
|
$
|
116,473
|
|
$
|
113,616
|
|
$
|
105,560
|
|
(2) Earnings before income taxes
|
$
|
287,588
|
|
$
|
277,113
|
|
$
|
249,550
|
|
Tax rate [(1) + (2)]
|
|
40.50%
|
|
|
41.00%
|
|
|
42.30%
|
|
1 – tax rate
|
|
59.50%
|
|
|
59.00%
|
|
|
57.70%
|
Post ACC305 Unit 6 Ch 9
Assignment
P9-1 page 377
P9-3 page 377-378
Helpful information:
- In
number 5, you need to calculate the total stockholder's equity amount.
- Take
the basic accounting equation Total Assets = Total Liabilties + Total
Shareholder's Equity
- Rearrange
to solve: Total Assets - Total Liabilties = Total Shareholder's Equity
Post ACC305 Unit 7 Ch 10 Assignment
P10-1 page
410 : Use the template below.
ACC305
P10-1 blank template.doc
Hint: If an item is a noncash transaction,
then you would not need to classify it.
Post ACC305 Unit 7 Ch 11 Assignment
P11-10 pages 514-516
P11-11 pages 516-518
P11-13 page 519, compute the Z score for
company A. The Z-score for company B is 5.13. The Z-score for company C is 3.63.
