Exam 1 Practice Question SOLUTIONS - EXAM 1 PRACTICE...

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EXAM 1 PRACTICE SOLUTION ______ 1. Which of the following would not be included on an income statement? a. Accumulated depreciation b. Insurance expense c. Cost of goods sold d. Net Income e. All of the above would be included on the income statement ______ 2. Which of the following statements is correct? ______ 3. Company A has a Total Asset Turnover ratio equal to 0.5, and Company Z has a Total Asset Turnover ratio equal to 7.3. Based on these ratios, which of the following must be true?
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______ 4. Which of the following groups has primary responsibility for the information disclosed in a company’s financial statements? ______ 5. Which of the following describes the impact on the balance sheet when cash is received from the collection of an account receivable? a. Current assets will not change b. Current assets will increase c. Stockholders' equity will increase d. Total assets will increase e. None of the above describes the effect of a collection of an account receivable ______
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