Test ch 5

Test ch 5 - 1 ) All of the following must certify that a...

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Unformatted text preview: 1 ) All of the following must certify that a public company's financial statement are accurate, complete, and not misleading, except for the (2pts) chief financial officer (CFO) independent auditor chief executive officer (CEO) director of human resources 2 ) Liabilities have which of the following two major categories? (2pts) unearned revenues and other payables current and long accounts payable and notes payable contributed capital and retained earnings 3 ) Property, plant, and equipement (PPE) could include all except e (2pts) operating assets intangible assets fixed assets plant assets 4 ) An advantage of the single-step income statement over the multistep form is (2pts) the amount of information it provides its use in computing ratios its simplicity its comprehensiveness 5 ) Which of the following items is not shown on a single-step income statement? (2pts) cost of goods sold interest expense selling expenses gross margin 6 ) Give the information below, compute the asset turnover.Average owner's equity $9,250 Net income $1,500 Average total assets 18,000 Net sales 15,625 Current assets 11,250 Total liabilities 8,750 Current liabilities 7,500 (2pts) 0.38 or 38% 0.083 or 8.3% can't be determined 0.87 or 87% 7 ) Given this set of information, calculate the return on equity (ROE). Average owner's equity $9,250 Net income $1,500 Average total assets 18,000 Net sales 15,625 Current assets 11,250 Total liabilities 8,750...
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Test ch 5 - 1 ) All of the following must certify that a...

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