Financial Reporting ans Analysis

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Reading 22 und 23
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  • 1
    Providing information about the performance and financial position of companies so that users can make economic decisions best describes the role of:
  • 2
    A company’s current financial position would best be evaluated using the:
  • 3
    A company’s profitability for a period would best be evaluated using the:
  • 4
    Accounting policies, methods, and estimates used in preparing financial statements are most likely found in the:
  • 5
    Information about management and director compensation would least likely be found in the:
  • 6
    Information about a company’s objectives, strategies, and significant risks would most likely be found in the:
  • 7
    What type of audit opinion is preferred when analyzing financial statements?
  • 8
    Ratios are an input into which step in the financial statement analysis framework?
  • 9
    Which of the following items would most likely be classified as an operating activity?
  • 10
    Which of the following items would most likely be classified as a financing activity?
  • 11
    Which of the following elements represents an economic resource?
  • 12
    Which of the following elements represents a residual claim?
  • 13
    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:
  • 14
    An analyst has collected the following information regarding a company in advance of its year-end earnings announcement (in millions):

    Estimated nicht 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:
  • 15
    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 € 600
    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:
  • 16
    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 the formation is an increase in cash and:
  • 17
    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:
  • 18
    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 nicht change in TRR’s total assets on 30 June 2006 related to this transaction is:
  • 19
    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?

  • 20
    An analyst who is interested in assessing a company’s financial position is most likely to focus on which financial statement?
  • 21
    The statement of cash flows presents the flows into which three groups of business activities?
  • 22
    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:
  • 23
    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:
  • 24
    When, at the end of an accounting period, cash has been paid with respect to an expense, the business should then record:
  • 25
    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:
  • 26
    The collection of all business transactions sorted by account in an accounting system is referred to as:
  • 27
    If a company reported fictitious revenue, it could try to cover up its fraud by:

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