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Reading 22 . Financial Statement Analysis: An Introduction 试题整理
PRACTICE PROBLEMS
1. Providing information about the performance and financial position of companies so that users can make economic decisions best describes the role of: A .auditing. B.financial reporting. C.financial statement analysis.
2. A company's current financial position would best be evaluated using the: A. balance sheet. B .income statement. C .statement of cash flows.
3 .A company's profitability for a period would best be evaluated using the: A .balance sheet. B .income statement. C .statement of cash flows.
4 .Accounting policies, methods, and estimates used in preparing financial statements are most likely found in the: A .auditor's report.
B .management commentary. C .notes to the financial statements.
5 .Information about management and director compensation would least likely be found in the: A .auditor's report. B .proxy statement.
C. notes to the financial statements.
6 .Information about a company's objectives, strategies, and significant risks would most likely be found in the:
A .auditor's report.
B .management commentary. C .notes to the financial statements.
7 . What type of audit opinion is preferred when analyzing financial statements? A .Qualified. B .Adverse. C .Unqualified.
8 . Ratios are an input into which step in the financial statement analysis framework? A .Process data. B .Collect input data.
C .Analyze/interpret the processed data.
Reading 22 . Financial Statement Analysis: An Introduction 试题答案整理 Solutions SOLUTIONS
evaluate the financial reports.
1. B is correct. This is the role of financial reporting. The role of financial statement analysis is to
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2. A is correct. The balance sheet portrays the current financial position. The income statement and statement of cash flows present different aspects of performance.
3. B is correct. Profitability is the performance aspect measured by the income statement. The balance sheet portrays the current financial position. The statement of cash flows presents a different aspect of performance.
4. C is correct. The notes disclose choices in accounting policies, methods, and estimates.
5. A is correct. Information about management and director compensation is not found in the auditor's report. Disclosure of management compensation isrequired in the proxy statement, and some aspects of management compensation are disclosed in the notes to the financial statements. 6. B is correct. These are components of management commentary.
7. C is correct. An unqualified opinion is a \present the company's performance and financial position fairly in accordance with a specified set of accounting standards.
8. C is correct. Ratios are an output of the process data step but are an input into the analyze/interpret data step.
Reading 23 . Financial Reporting Mechanics 试题整理 A .Issuance of debt.
B .Acquisition of a competitor.
C. Sale of automobiles by an automobile dealer.
2. Which of the following items would most likely be classified as financing activity? A .Issuance of debt. B .Payment of income taxes.
C .Investments in the stock of' a supplier.
3. Which of the following elements represents an economic resource? A. Asset. B .Liability. C. Owners' equity.
4 .Which of the following elements represents a residual claim? A .Asset. B .Liability. C .Owners' equity.
5. An analyst has projected that a company will have assets of �2,000 at year-end and liabilities of �1,200. The analyst's projection of total owners' equity should be closest to: A . �800.
B . �2,000. C. �3,200.
6. An analyst has collected the following information regarding a company in advance of its year-end earnings announcement (in millions):
Estimated net income $ 200 Beginning retained earnings $ 1,400 Estimated distributions to owners $ 100
The analyst's estimate of ending retained earnings {in millions} should be closest to:
1. Which of the following items would most likely be classified as an operating activity?
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A .$1,300. B. $1,500. C. $1,700.
7. An analyst has compiled the following information regarding Rubsam, Inc. Liabilities at year-end � 1,000 Contributed capital at year-end � 500
Beginning retained earnings � 600Revenue during the year Revenue during the year � 5,000 Expenses during the year � 4,300
There have been no distributions to owners. The analyst's most likely estimate of total assets at year-end should be closest to: A � 2,100.
B � 2.300. C � 2,800.
8. A group of individuals formed a new company with an investment of $500,000. the most likely effect of this transaction on the company's accounting equation at the time of t:he formation is an increase in cash and: A .an increase in revenue. B .an increase in liabilities. C. an increase in Contributed capital.
9. HVG, LLC paid $12,000 of cash to a real estate company upon signing a lease on 31 December 2005. The payment represents a $4,000 security deposit and $4,000 of rent for each of January 2006 and February 2006. Assuming that the correct accounting is to reflect both January and February rent as prepaid. The most likely effect on HVG's accounting equation in December 2005 is: A . no net change in assets. B . a decrease in assets of $8,000. C . a decrease in assets of $12,000.
10 .TRR Enterprises sold products to customers on 30 June 2006 for a total price of � 10,000. The terms of the sale are that payment is due in 30 days. The cost of the products was � 8,000. The most likely net change in TRR's total assets on 30 June 2006 related to this transaction is: A. � O. B. � 2,000. C. � 10,000.
11. On 30 April 2006, Pinto Products received a cash payment of $30,000 as a deposit on production of a custom machine to be delivered in August 2006 this transaction would most likely result in which of the following on 30 April 2006? A . No effect on liabilities. B . A decrease in assets of $30,000. C . An increase in liabilities of $30,000.
12 .Squires & Johnson, Ltd., recorded �250,000 of depreciation expense in December 2005. The most likely effect on the company's accounting equation is: A . no effect on assets.
B . a decrease in assets of �250,000. C . an increase in liabilities of �250,000.
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13. An analyst who is interested in assessing a company's financial position is most likely to focus on which financial statement? A . Balance sheet. B . Income statement.
C . Statement of cash flows.
14 . The statement of cash flows presents the flows into which three groups of business activities? A . Operating, Nonoperating, and Financing. B . Operating, Investing, and Financing. C . Operating. Nonoperating, and Investing.
15 . Which of the following statements about cash received prior to the recognition of revenue in the
financial statements is most accurate? The cash is recorded as; A . deferred revenue, an asset. B . accrued revenue, a liability. C . deferred revenue, a liability.
16 . When, at the end of an accounting period, a revenue has been recognized in the financial
statements but no billing has occurred and no cash has been received, the accrual is to: A . unbilled (accrued) revenue, an asset. B . deferred revenue, an asset.
C . unbilled (accrued) revenue, a liability
17 . When at the end of an accounting period. cash has been paid with respect to an expense, the
business should then record: A . an accrued expense, an asset. B . a prepaid expense, an asset. C . an accrued expense, a liability
18 .When, at the end of an accounting period, cash has not been paid with respect to an expense that has been incurred, the business should then record: A . an accrued expense, an asset. B . a prepaid expense, an asset. C . an accrued expense. a liabilitv.
19 . The collection of all business transactions sorted by account in an accounting system is referred to
as:
A . a trial balance. B . a general ledger. C . a general journal.
20. If a company reported fictitious revenue, it could try to cover up its fraud by: A . decreasing assets. B . increasing liabilities. C . creating a fictitious asset.
Reading 23 . Financial Reporting Mechanics 试题答案整理
1. C is correct. Sales of products, a primary business activity, are classified as an operating activity. Issuance of debt would be a financing activity. Acquisition of a competitor and the sale of surplus equipment would both be classified as investing activities.
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