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1. The realization principle leads accountants to recognize revenue


1. The realization principle leads accountants to recognize revenue

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2. In addition to the balance sheet, the income statement, and the statement of cash flows, a complete set of financial statements must include

3. The income statement summarizes

4. Denver Dynamics has a net income of $2,000,000. Oakland Enterprises has a net income of $2,500,000. Which of the following best compares the profitability of Denver to Oakland?

5. Which of the following is a false statement, as it relates to analysis?

6. Other than December, the most popular month for a fiscal year end is

7. Who is responsible for the preparation and the integrity of financial statements?

8. Which of the following is not a type of audit opinion?

9. The two primary qualities that make accounting information useful for decision-making are

10. Which of the following statements best compares long-term borrowing capacity ratios?

11. The debt ratio is calculated as

12. The debt ratio indicates

13. Which of the following is included in operating income?

14. Which of the following is classified as an extraordinary item on the income statement?

15. What significant improvement in the financial reporting of pensions have pension accounting rules provided?

16. The following relate to Data Original in 2006. What is the ending inventory?

Purchases: $540,000

Beginning Inventory: 80,000

Purchase Returns: 10,000

Sales: 800,000

Cost of Goods Sold: 490,000

17. Extraordinary items should be eliminated in the analysis of income because

18. Which of the following types of business would normally have the longest operating cycle?

19. Which of the following is considered the most indicative of a firm’s short-term debt paying ability?

20. A low working capital turnover ratio indicates

21. Investments classified as marketable securities should be

22. For cash to be classified as a current asset, it must be

23. If a firm pledges its receivables and its inventory, then the best indicator of its short-term liquidity may be indicated by

24. Which of the following is not classified as a current asset?

25. Which of the following current assets will not generate cash in the future?

26. The following requires separate earnings per share disclosure

27. Stock appreciation rights can have a material impact on

28. A firm might have a low dividend payout ratio if it plans

29. In computing earnings per share, preferred dividends are subtracted from

30. Using financial leverage is a good financial strategy from the viewpoint of stockholders of companies having

31. The best dividend payout ratio

32. Which of the following is typically considered the most indicative of a firm’s short-term debt paying ability?

33. When performing year to year change analysis you should remember that


1. Szabo Company computed the following data for 2003:

Days’ sales in receivables: 38.7 days

Accounts receivable turnover: 9.6 times

Accounts receivable turnover in days: 33.1 days

Days’ sales in inventory: 68.5 days

Merchandise inventory turnover: 5.9 times

Inventory turnover in days: 58.7 days.

The estimated operating cycle for 2003 is:

2. Smith Company presents the following data for 2006.

Inventories, beginning of year: $310,150

Inventories, end of year: $340,469

Cost of goods sold: $2,103,696

Net sales: $8,690,150

The number of days’ sales in inventory is:

3. The following data were gathered from the annual report of Desk Products.

Market price per share $30.00

Number of common shares 10,000

Preferred stock 5%

$100 per $10,000

Common equity $140,000

The book value per share is:

4. Execon Company had total assets of $200,000, total liabilities of $110,000, and shareholders’ equity of
$90,000 at the beginning of the year. For the year, Execon Company earned net income of $75,000 and declared cash dividends of $30,000. At the end of the year, the company had total assets of $300,000 and its shareholders’ equity was
at $135,000. At the end of the year, Execon Corporation had total liabilities of:

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