ch5

Financial Accounting

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ch5 Student: ___________________________________________________________________________ 1. External users of accounting information include decision makers such as investors, creditors, and financial analysts. True False 2. The mission of the Securities & Exchange Commission (SEC) is to develop generally accepted accounting principles. True False 3. Independent auditors are advisors who analyze financial statements and other economic information to formulate forecasts and stock recommendations. True False 4. The Securities & Exchange Commission (SEC) oversees the work of the Financial Accounting Standards Board (FASB). True False 5. The Financial Accounting Standards Board (FASB) oversees the work of the Public Company Accounting Oversight Board (PCAOB). True False 6. The Public Company Accounting Oversight Board (PCAOB) sets auditing standards for independent auditors. True False 7. The primary responsibility for the information in a corporation's financial statements lies with the chief executive officer (CEO) and the chief financial officer (CFO). True False 8. The board of directors is responsible for maintaining the integrity of a company's financial statements and financial reporting. True False 9. The Securities & Exchange Commission requires publically traded companies to have their financial statements audited by their internal auditors. True False 10. Financial analysts utilize a company's financial reports to assist them in making earnings projections and earnings per share projections. True False 11. For financial information to be relevant it must be verifiable and accurate. True False 12. In order for financial information to be consistent, similar accounting methods need to be used from one period to the next. True False 13. In order for financial information to be reliable, it should be timely and verifiable. True False 14. In order for financial information to be relevant, it should be timely and accurate. True False 15. The form 10-Q contains an unaudited set of quarterly financial statements containing a condensed income statement and balance sheet. True False 16. The form 10-K is the annual report that publically traded companies must file with the Securities & Exchange Commission (SEC). True False 17. Recent stock price information is a financial statement disclosure. True False 18. A listing of a company's directors and officers is a financial statement disclosure. True False 19. Inventories are reported on the balance sheet as a current asset. True False 20. Intangible assets are reported on the balance sheet as a current asset. True False 21. Intangible assets are reported on the balance sheet as a noncurrent asset and include goodwill. True False 22. Additional-paid in capital is reported on the balance sheet as a component of shareholders' equity. True False 23. Common stock and additional-paid in capital are both reported on the balance sheet as a component of shareholders' equity....
View Full Document

This document was uploaded on 01/29/2012.

Page1 / 69

ch5 - ch5 Student:

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online