财务习题习题答案一起.docx
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财务习题习题答案一起.docx
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财务习题习题答案一起
Reading22.FinancialStatementAnalysis:
AnIntroduction试题整理
PRACTICEPROBLEMS
1.Providinginformationabouttheperformanceandfinancialpositionofcompaniessothatuserscanmakeeconomicdecisionsbestdescribestheroleof:
A.auditing.
B.financialreporting.
C.financialstatementanalysis.
2.Acompany'scurrentfinancialpositionwouldbestbeevaluatedusingthe:
A.balancesheet.
B.incomestatement.
C.statementofcashflows.
3.Acompany'sprofitabilityforaperiodwouldbestbeevaluatedusingthe:
A.balancesheet.
B.incomestatement.
C.statementofcashflows.
4.Accountingpolicies,methods,andestimatesusedinpreparingfinancialstatementsaremostlikelyfoundinthe:
A.auditor'sreport.
B.managementcommentary.
C.notestothefinancialstatements.
5.Informationaboutmanagementanddirectorcompensationwouldleastlikelybefoundinthe:
A.auditor'sreport.
B.proxystatement.
C.notestothefinancialstatements.
6.Informationaboutacompany'sobjectives,strategies,andsignificantriskswouldmostlikelybefoundinthe:
A.auditor'sreport.
B.managementcommentary.
C.notestothefinancialstatements.
7.Whattypeofauditopinionispreferredwhenanalyzingfinancialstatements?
A.Qualified.
B.Adverse.
C.Unqualified.
8.Ratiosareaninputintowhichstepinthefinancialstatementanalysisframework?
A.Processdata.
B.Collectinputdata.
C.Analyze/interprettheprocesseddata.
Reading22.FinancialStatementAnalysis:
AnIntroduction试题答案整理
Solutions
SOLUTIONS
1.Biscorrect.Thisistheroleoffinancialreporting.Theroleoffinancialstatementanalysisistoevaluatethefinancialreports.
2.Aiscorrect.Thebalancesheetportraysthecurrentfinancialposition.Theincomestatementandstatementofcashflowspresentdifferentaspectsofperformance.
3.Biscorrect.Profitabilityistheperformanceaspectmeasuredbytheincomestatement.Thebalancesheetportraysthecurrentfinancialposition.Thestatementofcashflowspresentsadifferentaspectofperformance.
4.Ciscorrect.Thenotesdisclosechoicesinaccountingpolicies,methods,andestimates.
5.Aiscorrect.Informationaboutmanagementanddirectorcompensationisnotfoundintheauditor'sreport.Disclosureofmanagementcompensationisrequiredintheproxystatement,andsomeaspectsofmanagementcompensationaredisclosedinthenotestothefinancialstatements.
6.Biscorrect.Thesearecomponentsofmanagementcommentary.
7.Ciscorrect.Anunqualifiedopinionisa"clean"opinionandindicatesthattheFinancialstatementspresentthecompany'sperformanceandfinancialpositionfairlyinaccordancewithaspecifiedsetofaccountingstandards.
8.Ciscorrect.Ratiosareanoutputoftheprocessdatastepbutareaninputintotheanalyze/interpretdatastep.
Reading23.FinancialReportingMechanics试题整理
1.Whichofthefollowingitemswouldmostlikelybeclassifiedasanoperatingactivity?
A.Issuanceofdebt.
B.Acquisitionofacompetitor.
C.Saleofautomobilesbyanautomobiledealer.
2.Whichofthefollowingitemswouldmostlikelybeclassifiedasfinancingactivity?
A.Issuanceofdebt.
B.Paymentofincometaxes.
C.Investmentsinthestockof'asupplier.
3.Whichofthefollowingelementsrepresentsaneconomicresource?
A.Asset.
B.Liability.
C.Owners'equity.
4.Whichofthefollowingelementsrepresentsaresidualclaim?
A.Asset.
B.Liability.
C.Owners'equity.
5.Ananalysthasprojectedthatacompanywillhaveassetsof€2,000atyear-endandliabilitiesof€1,200.Theanalyst'sprojectionoftotalowners'equityshouldbeclosestto:
A.€800.
B.€2,000.
C.€3,200.
6.Ananalysthascollectedthefollowinginformationregardingacompanyinadvanceofitsyear-endearningsannouncement(inmillions):
Estimatednetincome$200
Beginningretainedearnings$1,400
Estimateddistributionstoowners$100
Theanalyst'sestimateofendingretainedearnings{inmillions}shouldbeclosestto:
A.$1,300.
B.$1,500.
C.$1,700.
7.AnanalysthascompiledthefollowinginformationregardingRubsam,Inc.
Liabilitiesatyear-end€1,000
Contributedcapitalatyear-end€500
Beginningretainedearnings€600Revenueduringtheyear
Revenueduringtheyear€5,000
Expensesduringtheyear€4,300
Therehavebeennodistributionstoowners.Theanalyst'smostlikelyestimateoftotalassetsatyear-endshouldbeclosestto:
A€2,100.
B€2.300.
C€2,800.
8.Agroupofindividualsformedanewcompanywithaninvestmentof$500,000.themostlikelyeffectofthistransactiononthecompany'saccountingequationatthetimeoft:
heformationisanincreaseincashand:
A.anincreaseinrevenue.
B.anincreaseinliabilities.
C.anincreaseinContributedcapital.
9.HVG,LLCpaid$12,000ofcashtoarealestatecompanyuponsigningaleaseon31December2005.Thepaymentrepresentsa$4,000securitydepositand$4,000ofrentforeachofJanuary2006andFebruary2006.AssumingthatthecorrectaccountingistoreflectbothJanuaryandFebruaryrentasprepaid.ThemostlikelyeffectonHVG'saccountingequationinDecember2005is:
A.nonetchangeinassets.
B.adecreaseinassetsof$8,000.
C.adecreaseinassetsof$12,000.
10.TRREnterprisessoldproductstocustomerson30June2006foratotalpriceof€10,000.Thetermsofthesalearethatpaymentisduein30days.Thecostoftheproductswas€8,000.ThemostlikelynetchangeinTRR'stotalassetson30June2006relatedtothistransactionis:
A.€O.
B.€2,000.
C.€10,000.
11.On30April2006,PintoProductsreceivedacashpaymentof$30,000asadepositonproductionofacustommachinetobedeliveredinAugust2006thistransactionwouldmostlikelyresultinwhichofthefollowingon30April2006?
A.Noeffectonliabilities.
B.Adecreaseinassetsof$30,000.
C.Anincreaseinliabilitiesof$30,000.
12.Squires&Johnson,Ltd.,recorded€250,000ofdepreciationexpenseinDecember2005.Themostlikelyeffectonthecompany'saccountingequationis:
A.noeffectonassets.
B.adecreaseinassetsof€250,000.
C.anincreaseinliabilitiesof€250,000.
13.Ananalystwhoisinterestedinassessingacompany'sfinancialpositionismostlikelytofocusonwhichfinancialstatement?
A.Balancesheet.
B.Incomestatement.
C.Statementofcashflows.
14.Thestatementofcashflowspresentstheflowsintowhichthreegroupsofbusinessactivities?
A.Operating,Nonoperating,andFinancing.
B.Operating,Investing,andFinancing.
C.Operating.Nonoperating,andInvesting.
15.Whichofthefollowingstatementsaboutcashreceivedpriortotherecognitionofrevenueinthefinancialstatementsismostaccurate?
Thecashisrecordedas;
A.deferredrevenue,anasset.
B.accruedrevenue,aliability.
C.deferredrevenue,aliability.
16.When,attheendofanaccountingperiod,arevenuehasbeenrecognizedinthefinancialstatementsbutnobillinghasoccurredandnocashhasbeenreceived,theaccrualisto:
A.unbilled(accrued)revenue,anasset.
B.deferredrevenue,anasset.
C.unbilled(accrued)revenue,aliability
17.Whenattheendofanaccountingperiod.cashhasbeenpaidwithrespecttoanexpense,thebusinessshouldthenrecord:
A.anaccruedexpense,anasset.
B.aprepaidexpense,anasset.
C.anaccruedexpense,aliability
18.When,attheendofanaccountingperiod,cashhasnotbeenpaidwithrespecttoanexpensethathasbeenincurred,thebusinessshouldthenrecord:
A.anaccruedexpense,anasset.
B.aprepaidexpense,anasset.
C.anaccruedexpense.aliabilitv.
19.Thecollectionofallbusinesstransactionssortedbyaccountinanaccountingsystemisreferredtoas:
A.atrialbalance.
B.ageneralledger.
C.ageneraljournal.
20.Ifacompanyreportedfictitiousrevenue,itcouldtrytocoverupitsfraudby:
A.decreasingassets.
B.increasingliabilities.
C.creatingafictitiousasset.
Reading23.FinancialReportingMechanics试题答案整理
1.Ciscorrect.Salesofproducts,aprimarybusinessactivity,areclassifiedasanoperatingactivity.Issuanceofdebtwouldbeafinancingactivity.Acquisitionofacompetitorandthesaleofsurplusequipmentwouldbothbeclassifiedasinvestingactivities.
2.Aiscorrect.Issuanceofdebtwouldbeclassifiedasafinancingactivity.Bisincorrectbecausepaymentofincometaxeswouldbeclassifiedasanoperatingactivity.Cisincorrectbecauseinvestmentsincommonstockwouldbegenerallyclassifiedasinvestingactivities.
3.Aiscorrect.Anassetisaneconomicresourceofanentitythatwilleitherbeconvertedintocashorconsumed.
4.Ciscorrect.Owners'equityisaresidualclaimontheresourcesofabusiness.
5.Aiscorrect.Assetsmustequalliabilitiesplusowners'equityand,therefore,€2,000=€1,200+Owners'equity.Owners'equitymustbe€800.
6.Biscorrect.
Beginningretainedearnings$l,400
+Netincome200
-Distributionstoowners(100)
=Endingretainedearnings$l,500
7.Ciscorrect.
Assets=Liabilities+Contributedcapital+Beginningretainedearnings-Distributionstoowners+Revenues-Expenses
Liabilities$l,000
+Contributedcapital500
+Beginningretainedearnings600
-Distributionstoowners(0)
+Revenues5,000
-Expenses(4,300)
=Assets$2,800
8.Ciscorrect.Thisisacontributionofcapitalbytheowners.AssetswouldIincreaseby$500,000andcontributedcapitalwouldincreaseby$500,000,maintainingthebalanceoftheaccountingequation.
9.Aiscorrect.ThepaymentofJanuaryrentrepresentsprepaidrent(anasset)whichwillbe
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