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Exam2blueKey - CHOOSE THE BEST ANSWER Chapter 5 1 Which of...

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CHOOSE THE BEST ANSWER Chapter 5 1. Which of the following reports is filed annually with the SEC? a. Form 10-K b. Form 10-Q c. Form 8-K d. Press release 2. The classified balance sheet format allows one to ascertain quickly which of the following? 3. What type of audit report does a client hope to include with its annual report? 4. Independent CPA who examines financial statements and attests to their fairness. 5. Quarterly report filed by public companies with the SEC that contains additional unaudited financial information. a. 10-Q b. 10-K c. 8-K d. Press release
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FACTS FOR QUESTIONS 6-10: For each item listed, indicate in which of the following financial reports you would find it. 6. Initial announcement of quarterly earnings. D 7. Announcement of a change in auditors. B 8. Notes to financial statements. E 9. The four basic financial statements for the year. E 10. Initial announcement of hiring of new vice president of sales. D FACTS FOR QUESTIONS 11-15: Match the following items with the numbered definitions. 11. Sales revenue – cost of goods sold. D 12. Cost of money (borrowing) over time. E 13. Item that is both unusual and infrequent. B 14. Net income divided by average shares outstanding. C 15. Amount of resources used to purchase or produce the goods that were sold during the reporting period. A 2
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CHAPTER 6 16. Sales discounts with terms 2/10, n/30 mean: 17. When a company using the allowance method writes off a specific customer’s accounts receivable from the accounting system, which of the following statements is true. 1. Total stockholders’ equity remains the same. 2. Total assets remain the same. 3. Total expenses remain the same a. 2 b. 1 and 3 c. 1 and 2 d. 1, 2, and 3
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