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Exam 16: Accounting for Financial Success

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Question 61

Multiple Choice

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International Financial Reporting Standards will first be adopted by which of the following in Canada?

A) companies with government loans owing
B) publicly accountable organizations
C) for-profit companies only
D) all companies

E) B) and C)
F) C) and D)

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Question 62

Multiple Choice

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Which of the following is the best example of a current asset for a clinical psychologist?

A) the building in which his clinic is located
B) money he pays for rent and utilities
C) credit card charges by patients
D) his reputation as a compassionate man

E) A) and B)
F) A) and C)

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Question 63

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Retained earnings are the amounts left over from profitable operations since the company's beginning.They are equal to total profits minus all dividends paid to shareholders.

Myriad Canning Company has the following balance sheet figures for the year ending December 31,200X Cash$1,000 Marketable securities$5,000 Inventory$3,000 Total current assets$9,000 Accounts payable$2,000 Notes payable$1,000 Total current liabilities$3,000 What is its net working capital?

In what order are current assets placed on the balance sheet?

Financial accounting produces financial reports that are important to which of the following groups?

The Kosov School teaches adults how to communicate in a foreign language in a period of weeks.The school's debt-to-equity ratio is 120 percent.Which of the following interpretations is represented by the ratio?

How would the building,the parking lot,and the land owned by a superstore be listed on the store's balance sheet?

Which of the following classifications of ratios measures the degree and effect of the company's use of borrowed funds to finance its operations?

What are the two main types of operating expenses?

The usual expression of the accounting equation is Assets = Liabilities + Owners' Equity.

Which of the following involves calculating and interpreting financial ratios taken from the company's financial statements in order to assess its condition and performance?

Which of the following are the two types of expenses recorded on the income statement?

Which of the following is an example of a cost of goods sold for a manufacturer of electric fans?

The balance sheet summarizes a company's financial position over a period of time,for instance three months or a year.

Why do Canadian accountants follow generally accepted accounting principles and/or IFRS?

Which of the following is the financial statement used to assess the sources and uses of cash during the year?