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Quiz_2_spring_2010_in_doc_format

Quiz_2_spring_2010_in_doc_format - GROUP 1 1 a m o u nt of...

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GROUP  1 1. Which of the following is true regarding balance sheets?
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a m o u nt  of  ca sh  g e n er at e a n co ns u m e by  co m p a ny
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  ANSWER:  D 2. Which of the following is true regarding income statements?
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D. T h ey  re p or t,  as  of  ce rt ai p oi nt  in  ti m e,  th n et  as se ts  g e n
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  ANSWER : B   GROUP  2 3. The Matching Principle in GAAP:
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A. M at ch es  sa le to  in ve nt or sh ip m e nt s B. M at ch es  th ex p e ns
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  Answer:  B 4. According to the Revenue Recognition Principle in GAAP:
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a ni es  ca re ali ze  ce rt ai g ai ns  o th ei o p er ati n b o ok s,  w hil
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  Answer:  D   GROUP  3 5. Given the following data, identify the correct gross profit and operating profit. Assume  no outside information other than that which is provided.  Sales: $1000 Depreciation: $100 Interest Expense: $50 Cost of Goods Sold: $400 SG&A: $200 Taxes: $90 
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A. G ro ss  Pr ofi $ 6 0 0,  O p er ati n Pr ofi $ 3 0 0 B. G ro ss  Pr
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  ANSWER:  A 6. Given the following data, identify the correct gross profit and operating profit. Assume  no outside information other than that which is provided. Sales: $1500 Depreciation: $100 Interest Expense: $30 Cost of Goods Sold: $1000 SG&A: $150 Taxes: $70
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A. G ro ss  Pr ofi $ 5 0 0,  O p er ati n Pr ofi $ 2 5 0 B. G ro ss  Pr
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  ANSWER:  A   GROUP 4 7. Which of the following statements regarding the cash flow statement is true?
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ity . E. D e pr ec iat io is  cl as sif ie as  ca sh  flo fr o fin a nc in ac
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  Answer:  A 8. Which of the following statements regarding the cash flow statement is true?
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cl as sif ie as  ca sh  flo fr o fin a nc in ac tiv iti es .
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  Answer: B   GROUP  5 9. A common size income statement expresses all accounts as a percentage of  _______?
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A. C os of  g o o ds  so ld B. N et  in co m e C. T ot al  as se ts D. E xp
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  ANSWER : E 10 . A common size balance sheet expresses all accounts as a percentage  of______?
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A. R ev e n u es B. T ot al  as se ts C. N et  sa le s D. Li a bil iti es E.
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