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1.Accounting standards in the United States have been developedby all except: Select one: a. American Institute of CPAs b.Financial Accounting Standards board c. Independent AccountingCorporation d. Securities and Exchange Commission (SEC) e. InternalRevenue Service (IRs)

2.accounting Standards and concepts used in preparation offinancial statements include all except: Select one: a. usage andcontribution b. historical costs c. conservatism d. consistency e.comparability

3.

Financial statements include the following concepts except:

Select one:

a. assets

b. liabilities

c. own

e. pro bono activity

d. financial position

4.

The income statement shows all except:

Select one:

a. revenue

b. expenses

c. net income

d. cash flows

e. net loss

5.

Assets on the balance sheet include all except:

Select one:

a. cash

b. accounts receivable

c. specialized personnel

d. office supplies

e. office equipment

6.

Statement of cash flows and cash flows analysis answers allexcept:

Select one:

a. is the company growing

b. will the company be able to meet its financialobligations

c. where did the company obtain its funds

d. what use was made of net income

e. who benefited from excess profits

8.

The statement of cash flows classifies all except:

Select one:

a. cash receipts

b. cash payments into illegal activities

c. cash payments into operating activities

d. cash payments into investing activities

e. cash payments into financing activitie

e. pro bono activity

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Elin Hessel
Elin HesselLv2
28 Sep 2019

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Related questions

1. The cash flow on total assets ratio isdefined as cash flows from operations divided by average totalassets.
Select one:
True or False

2.
Investing activities include the:
Select one:
a. Purchase of plant assets.
b. Lending and collecting on notesreceivable.
c. Sale of short-term investments other than cashequivalents.
d. Sale of plant assets.
e. All of these.


3.

Profit margin is sales divided by net income.

Select one:
True
False


4.
Accounting standards:
Select one:
a. Allow companies to omit the statement of cashflows from a complete set of financial statements if cash is aninsignificant asset.
b. Require that companies omit the statement ofcash flows from a complete set of financial statements if thecompany has no investing activities.
c. Require that companies include a statement ofcash flows in a complete set of financial statements.
d. Allow companies to include the statement of cashflows in a complete set of financial statements if the cash balancemakes up more than 50% of the current assets.
Allow companies to omit the statement of cash flowsfrom a complete set of financial statements if the company has nofinancing activities.


5.Allow companies to omit the statement of cash flows from acomplete set of financial statements if the company has nofinancing activities.
True of False


6.
The Institute of Management AccountantsStatement of Ethical Professional Practice requires that managementaccountants be competent and act with integrity.
Select one:
True
False

7.
Industry standards for financial statementanalysis:
Select one:
a. Are based on a company's priorperformance.
b. Are set by the government.
c. Are set by the financial performance andcondition of the company's industry.
d. Are based on rules of thumb.
e. Compare a company's income with the prior year'sincome.

8.
A corporation's minimum legal capital is oftendefined to be the total par value of the shares:
Select one:
a. Issued.
b. Authorized.
c. Subscribed.
d. Outstanding.
e. In treasury.

1. Which of the following is a distinguishing characteristic of a nonbusiness organization?

Select one:

a. There is an absence of ownership interests that can be sold, transferred, or redeemed.

b. It does not depreciate its capital assets.

c. It does not charge fees for any of its services.

d. Its revenues do not exceed its expenses

2. For which type of organizations is the Financial Accounting Standards Board (FASB) responsible for establishing accounting and financial reporting standards?

Select one:

a. Business-type organizations only.

b. Business-type organizations; not-for-profit organizations; and all colleges, universities and health care providers, whether organized as not-for-profit or governmental entities.

c. All entities, except for those under the jurisdiction of the American Institue of CPAs.

d. Business-type organizations and not-for-profit organizations, including not-for-profit colleges, universities and health care providers.

3. To what extent do accounting standards promulgated by the Financial Accounting Standards Board (FASB) apply to state and local governmental entities?

Select one:

a. FASB standards never apply to governmental entities

b. FASB standards apply if so designated by the AICPA

c. All governmental entities have a choice between GASB and FASB standards

d. FASB standards apply if so designated by the GASB

4. Which of the following is the most authoritative source of accounting standards for not-for-profit colleges, universities, and health care providers?

Select one:

a. Current practices widely used by not-for-profit entities

b. FASB Statements and Interpretations

c. Consensus positions of the FASB Emerging Issues Task Force

d. AICPA Industry Audit Guides

5. To what extent do organizations that use fund accounting also report on the entity as a whole?

Select one:

a. Organizations that use fund accounting are not required to report on the entity as a whole

b. Organizations that use fund accounting are required to report on the entity as a whole

c. Organizations that choose to report on the entity as a whole are not permitted to use fund accounting for internal purposes

d. Organizations that use fund accounting have the option of reporting either on funds or on the organization as a whole

6. A not-for-profit organization performs all of the following activities except?

Select one:

a. Paying overtime to employees

b. Paying dividends to shareholders

c. Charging a fee for services provided

d. Purchasing long-lived (capital) assets

7. For which types of organizations is the Governmental Accounting Standards Board (GASB) responsible for establishing accounting and financial reporting standards?

Select one:

a. All governmental and not-for-profit organizations

b. All state and local governmental organizations, except for state and local governmental colleges, universities, health care providers, and utilities

c. All state and local governmental organizations, including government-sponsored colleges, universities, health care providers, and utilities

d. All state, local, and Federal organizations

8. Government and nonprofit accounting focuses on which of the following?

Select one:

a. Reporting to management

b. Demonstrating accountability

c. Protecting investors from fraud

d. Calculating profit or loss

9. Not-for-profit organizations obtain their revenues primarily from?

Select one:

a. Contributions from donors

b. Sales to customers

c. Taxes on real property

d. Taxes on personal property

Which of the following is a potential source of capital for a company to invest in long-term assets?

Select one:

A. Bank loans

B. Net Income from past years

C. Issuing additional common stock

D. Issuing bonds

E. All of the above

The time value of money dictates that money received today will be worth ______ in the future than it is worth today?

Select one:

A. It depends on the discount.

B. More

C. Less

D. The Same

If the cash method of accounting is used rather than the accrual method, which of the following adjustments must be made to Net Income to arrive at after-tax cash flows?

Select one:

A. Change in Accounts Receivable

B. Change in Accounts Payable

C. Change in Expense Liability accounts

D. Depreciation expense

E. None of the above

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