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Chapter 02 Financial Statements & Cash Flow




Question;Multiple;Choice Questions;1. The financial statement showing a firm's accounting;value on a particular date is the;A. shareholders' equity sheet.;B. tax reconciliation statement.;C. statement of cash flows.;D. balance sheet.;E. income statement.;2. A current asset is;A. the market value of all items currently owned by the firm.;B. an item that the firm expects to own within the next year.;C. the amount of cash on hand the firm currently shows on its balance;sheet.;D. cash or an item currently owned by the firm that will convert to cash;within the next 12 months.;E. an item currently owned by the firm.;3. The long-term debts of a firm are;liabilities;A. owed to the firm's shareholders.;B. the firm expects to incur within the next 12 months.;C. owed to the firm's suppliers.;D. that come due within the next 12 months.;E. that do not come due for at least 12 months.;4. Net working capital is defined as;A. total liabilities minus shareholders' equity.;B. current liabilities minus shareholders' equity.;C. fixed assets minus long-term liabilities.;D. total assets minus total liabilities.;E. current assets minus current liabilities.;5. A(n) ____ asset is one which can be quickly;converted into cash without significant loss in value.;A. current;B. fixed;C. intangible;D. liquid;E. long-term;6. The financial statement summarizing a firm's;accounting performance over a period of time is the;A. income statement.;B. balance sheet.;C. statement of cash flows.;D. tax reconciliation statement.;E. shareholders' equity sheet.;7. Noncash items refer to;A. the credit sales of a firm.;B. the accounts payable of a firm.;C. all accounts on the balance sheet other than cash on hand.;D. the costs incurred for the purchase of intangible fixed assets.;E. expenses charged against revenues that do not directly affect cash;flow.;8. Your _____ tax rate is the amount of tax payable on;the next taxable dollar you earn.;A. deductible;B. residual;C. total;D. average;E. marginal


Paper#55160 | Written in 18-Jul-2015

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