SampleEarlyAssessmentQuiz - MIM517 Accounting for Global...

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MIM517 – Accounting for Global Enterprises Sample Early Assessment Questions 1. What information can be found on an income statement? a. Revenues, expenditures, net profit or loss, and net profit or loss per share. b. A reconciliation of the beginning and ending balances of all revenue accounts. c. The financing and investing activities during an accounting period. d. Cash inflows and cash outflows. 2. Which of the following is NOT another name for net income? a. Earnings b. Retained earnings c. Net profit d. Profit 3. Which of the following is TRUE about retained earnings? a. Retained earnings represent unused cash of the firm. b. Retained earnings represent unused cash of the firm less cash paid out to shareholders. c. Retained earnings is the measurement of all earnings of the business since inception. d. Retained earnings is the measurement of all earnings of the business since inception, less earnings paid out to shareholders. 4. In which of the following could you find information about a company’s accounting policies? a. The auditor's report. b. The proxy statement c. The footnotes. d. Management discussion and analysis 5. Information about which of the following is NOT found in a company’s proxy statement? a. Corporate social responsibility b. Executive compensation c. Members of the board of directors d. The external auditors 6. How are revenues and expenses recognized under the accrual basis of accounting? a. Revenues recognized when cash is received and expenses recognized when cash is paid. b. Revenues and expenses are recognized equally over a twelve-month period. c. Revenues and expenses are recognized based on the choices of management. d. Revenues are recognized in the accounting period when the sale is made and expenses are recognized in the period in which they best relate to the sale.
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This note was uploaded on 11/30/2011 for the course ACCOUNTING 455 taught by Professor John during the Spring '11 term at Prince George's Community College, Largo.

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SampleEarlyAssessmentQuiz - MIM517 Accounting for Global...

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