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ACCOUNTING TEST QUIZ

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Question;Question 1Which one of the following is not a characteristic generally evaluated in ratio analysis?liquidityprofitabilitysolvencymarketability;Question 2A loss on disposal of a segment would be reported in the income statement as a(n)administrative expenseother expensededuction from income from continuing operationsselling expense;Question 3Based on the following data for the current year, what is the number of days' sales in accounts receivable?Net sales on account during year$584,000Cost of merchandise sold during year300,000Accounts receivable, beginning of year45,000Accounts receivable, end of year35,000Inventory, beginning of year90,000Inventory, end of year110,0007.32.514.625;Question 4An extraordinary item results froma segment of the business being sold.corporate income tax being paid.a change from one accounting method to another acceptable accounting method.a transaction or event that is unusual and occurs infrequently.;Question 5Which of the following is a measure of the liquid position of a corporation?earnings per shareinventory turnovercurrent rationumber of times interest charges earned;Question 6Hsu Company reported the following on its income statement:Income before income taxes$420,000Income tax expense120,000Net income$300,000An analysis of the income statement revealed that interest expense was $80,000. Hsu Company's times interest earned was8 times.6.25 times.5.25 times.5 times.;What is the price earnings ratio for this company? Round your answer to one decimal point.;8.0 times;2.5 times;4.0 times;6.0 times;question 9:A company that is leveraged is one thatcontains debt financing.contains equity financing.has a high current ratio.has a high earnings per share.;ques 10:Which of the following is required by the Sarbanes-Oxley Act of 2002?A price-earnings ratio.A report on internal control.A vertical analysis.A common-sized statement.;ques 11:Horizontal analysis of comparative financial statements includes thedevelopment of common size statements.calculation of liquidity ratios.calculation of dollar amount changes and percentage changes from the previous to the current year.evaluation of financial statement data

 

Paper#43841 | Written in 18-Jul-2015

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