CHAPTER 14 QUIZ - Answer Express an official unbiased...

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CHAPTER 14 QUIZ 1.The financial statement that represents an accumulation of all of a company's transactions since it began is the Answer: Balance sheet 2.The balance sheet uses all of the following account titles to describe assets except Answer: Deferred income taxes 3.Bob Banker has to decide whether to lend the Yubble Bubble Gum Company $10,000 to pay suppliers. He will Answer: Review the company's financial statements 4.All of the following would be considered owner's equity accounts except a) Common stock b) Preferred stock c) Stockholders equity d) Accounts payable e) Retained earnings Answer: Letter D 5.Private accountants do all of the following except
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Unformatted text preview: Answer: Express an official unbiased opinion regarding the accuracy of a client's financial statements. 6.A forensic accountant Answer: Analyzes financial documents in search of fraudulent entries or financial misconduct. 7.Accounting Answer: Records, measures, and interprets financial data. 8.If a company is relying on borrowing and credit too extensively, this will probably be reflected in which ratio? Answer: Debt utilization 9.According to the text, a financial manager's greatest concern is probably Answer: Cash flow 10.A company's financial obligations are called it's Answer: Liabilities...
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