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Q2.If a company has a longer operating cycle than its competitors, it means that it
A.
A) has a higher ratio of payables turnover than its competitors.
B.
B) has a higher inventory turnover ratio than the majority of its competitors
C.
C) credit terms to its customers that are more lenient than those of its competitors
3.
Q3.Deferred tax liabilities (DTL) should be treated as equity when?
A.
A. They are not expected to reverse.
B.
B. They are caused by permanent differences.
C.
C. The amount of tax payments is uncertain.
4.
Q4.The quick ratio and the debt-to-capital ratio are two financial ratios that are commonly used to evaluate a company's ability to meet its debt obligations.
A.
A) Both are primarily used to determine the company's ability to meet short-term obligations.
B.
B) Both are primarily used to determine the company's ability to meet long-term obligations.
C.
C) In one case, it is used to assess the company's ability to meet short-term obligations, and in the other case, it is used to assess the company's ability to meet long-term obligations
5.
Q5.Which of the following financial assets/liabilities to be measured at amortized cost?
A.
A. Bonds payable
B.
B. Derivatives
C.
C. Non derivative instruments with face value exposures hedged by derivatives
6.
Q6.The term "goodwill" refers to the value created by a company based on its past performance and future prospects.
A.
A. Potential goodwill.
B.
B. Economic goodwill.
C.
C. Accounting goodwill.
7.
Q7. If the dividends on convertible preferred stock (if any) are dilutive, the following dividends are included in the calculation of the numerator for diluted earnings per share
A.
A) a deduction from earnings available to common shareholders that is made without regard to tax consequences
B.
B) without making any adjustments for taxation, to the earnings available to common shareholders
C.
C) added to the earnings available to common shareholders after deducting taxes, and then added back in.
8.
Q8.Resources that have been obtained as a result of past transactions and which are expected to provide future benefits are categorized as follows
A.
A) liabilities.
B.
B) assets.
C.
C) equity.
9.
Q9.The following is the difference between cash flow from operations (CFO) using the direct method and CFO using the indirect method
A.
A) Always equal to zero.
B.
B) The difference in cash flow from investing is balanced by an opposite difference in cash flow.
C.
C) In the footnotes to the cash flow statement, this is disclosed as a reserve.
10.
Q10. All balance sheet items are expressed as a percentage of the following amounts on common size balance sheets
A.
A) sales.
B.
B) assets.
C.
C) equity.
11.
Q11. The following is the best description of comparing a company's ratios with those of its competitors
A.
A) longitudinal analysis.
B.
B) cross-sectional analysis.
C.
C) common-size analysis.
12.
Q12.The quick ratio is regarded as a more conservative measure of liquidity than the current ratio because it excludes the following items from consideration
A.
A) inventories.
B.
B) marketable securities.
C.
C) accounts receivable.
13.
Q13.When a company pays cash before it recognizes the associated expense, it is referred to as a cash-flow problem.
A.
A. Unearned revenue liability.
B.
B. Accounts receivable asset.
C.
C. Prepaid expense asset.
14.
Q14.The following documents are to contain information about a company's revenue recognition policies
A.
A. Management Discussion & Analysis.
B.
B. Supplementary schedules.
C.
C. Financial statement footnotes.
15.
Q15.Of the following transactions, which one is to be recorded on a company's statement of changes in equity
A.
A. Purchasing a machine from a dealer in heavy equipment.
B.
B. The declaration of a dividend on common stock.
C.
C. Investing cash in an exchange-traded fund.
Quiz Outcomes
1.
Result 1
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