2007 Midterm with answers - relevant questions only2

2007 Midterm with answers - relevant questions only2 -...

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Midterm 1 Version “A” SM 121 Fall 2007 1. All of the following are considered investing activities except: A) sale of equipment B) purchase of equipment C) purchase of treasury stock-- D) sale of land 2. A company's revenue recognition policy: A) affects the income statement but not the balance sheet. B) defines when its revenue should be collected. C) is usually described in the notes to a company's financial statements. -- D) states that revenues should not be recorded until payments are received from customers. 3. The trading of previously issued securities from one investor to another takes place in the: A) primary market. B) initial offerings market. D) corporate trading market. D) secondary market. -- 4. On the Statement of Cash Flows, which of the following items would be included in operating activities? A) purchase of treasury stock-- B) payment of interest C) payment of dividends D) issuance of stock 6. Which of the following statements is true? A) A firm’s annual report is identical to the same firm’s 10-k. B) The auditor’s report and opinion are integral parts of a firm’s 10-q and 10-k. C) The balance sheet and income statement used in an annual report are identical to those found in the 10-k.-- D) An income statement is generally found in the 10-k but not the 10-q. E) A balance sheet is generally found in both the 10-k but not the 10-q.
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This note was uploaded on 04/01/2009 for the course SMG 121 taught by Professor Arnold during the Spring '08 term at BU.

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2007 Midterm with answers - relevant questions only2 -...

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