Chap 2 Q 1: Explain in detail the market penetration strategy. Describe in detail one company that practices this strategy.
Thursday, January 16, 2020
Tuesday, January 14, 2020
F030 Lesson 3 Exam SCORE 95 PERCENT......finance
Question 1 5 / 5 points
Which of the following statements is FALSE?
Question options:
Common-size balance sheets allow for comparison of firms with different levels of total assets by introducing a common denominator.
The common-size balance sheet reveals the composition of assets within major categories.
Each item on a common-size balance sheet is expressed as a percentage of sales.
The common-size balance sheet reveals the capital and the debt structure of the firm.
Question 2 5 / 5 points
Companies that use IFRS may switch the order of presentation of __________, listing noncurrent items before current items.
Question options:
assets and liabilities
liabilities and owner's equity
assets and owner's equity
owner's equity only
Question 3 5 / 5 points
Temporary differences are a result of recording revenues or expenses on financial statements in an accounting period __________ when these items are recorded on the firm's tax return.
Question options:
before the time
after the time
the same as
different from
Question 4 5 / 5 points
A __________ expresses each item on the balance sheet as a percentage of total assets.
Question options:
ratio balance sheet
common-size balance sheet
relative balance sheet
usual and customary
Question 5 5 / 5 points
__________ are those assets expected to be converted into cash within one year or operating cycle, whichever is longer.
Question options:
Marketable securities
Future assets
Current assets
Short-lived
Question 6 5 / 5 points
The valuation of marketable securities on the balance sheet requires the separation of investment securities into three categories:
Question options:
held to maturity, negotiable securities, and securities available for sale.
held to maturity, negotiable securities, and securities available for purchase.
held to maturity, trading securities, and securities available for purchase.
held to maturity, trading securities, and securities available for sale.
Question 7 5 / 5 points
Which of the following statements is true?
Question options:
The straight-line method of depreciation allocates a decreasing amount of depreciation expense each year.
Straight-line depreciation is the least used method for financial reporting purposes.
Fixed assets are reported at historical cost less accumulated depreciation on the balance sheet.
The total amount of depreciation over the asset's life is larger when using an accelerated method of depreciation.
Question 8 5 / 5 points
Companies that are paid in advance for services or products record a(n) __________ on the receipt of cash referred to as unearned revenue or deferred credits.
Question options:
liability
receivable
asset
accrued asset
Question 9 5 / 5 points
Which item below does NOT describe a balance sheet?
Question options:
Assets = Liabilities + Stockholders' Equity
Financial position at a point in time
Assets – Liabilities = Stockholders' Equity
Assets + Liabilities = Stockholders' Equity
Question 10 5 / 5 points
Use the information below to answer the following question.
ABC Company purchases five products for sale in the order and at the costs shown below
Unit Cost per Unit
1 $10
2 $12
3 $15
4 $18
5 $13
Assume ABC sells two items and uses the LIFO method of inventory valuation. What amount would appear for cost of goods sold on the income statement?
Question options:
$37
$41
$22
$31
Question 11 5 / 5 points
__________ are also referred to as short-term investments.
Question options:
Real estate
Annuities
Non-term life insurance
Marketable securities
Question 12 5 / 5 points
The net realizable value of accounts receivable is the actual amount of the account less an allowance for __________ accounts.
Question options:
future
questionable
unknown
doubtful
Question 13 5 / 5 points
Assume the following purchases of inventory for ABC Company and use this information to answer the following question.
Purchase # Purchase Price
1 $3
2 $4
3 $5
4 $6
5 $7
Assume ABC uses the average cost method of inventory valuation. What unit cost would be used to determine the amount in ending inventory or cost of goods sold?
Question options:
$3
$5
$7
$25
Question 14 0 / 5 points
Most manufacturing firms use the accelerated depreciation method and retailers use the __________ method for financial reporting purposes.
Question options:
reverse accelerated depreciation
accelerated depreciation (also) (Incorrect)
straight-line depreciation
incremental depreciation
Question 15 5 / 5 points
Which item below would NOT be a quality of financial reporting issue related to the balance sheet?
Question options:
Mismatching the type of debt (short or long-term) used to finance assets
Discretionary expenses
Overvaluation of assets
Off-balance sheet financing
Question 16 5 / 5 points
The balance sheet is also called the:
Question options:
statement of future.
statement of welfare.
statement of condition.
statement of potential position.
Question 17 5 / 5 points
A (n) __________ balance sheet means that the asset and liability sections are categorized into key areas.
Question options:
classified
systematic
organized
legend
Question 18 5 / 5 points
A common-size balance sheet is useful to the analyst because it facilitates the __________ analysis of the firm.
Question options:
functional
structural
operational
cost
Question 19 5 / 5 points
Additional information helpful to the analysis of accounts receivable and the allowance account is provided in the schedule of:
Question options:
deductions accounts.
valuation and qualifying accounts.
additions to costs and expenses accounts.
allowance for unknown accounts.
Question 20 5 / 5 points
Which of the following accounts could be categorized as either a current or noncurrent liability depending on date the debt is due?
Question options:
Notes payable and deferred taxes
Accounts payable and current portion of long-term debt
Deferred taxes and mortgages due in 30 years
Long-term warranties and accounts payable
Which of the following statements is FALSE?
Question options:
Common-size balance sheets allow for comparison of firms with different levels of total assets by introducing a common denominator.
The common-size balance sheet reveals the composition of assets within major categories.
Each item on a common-size balance sheet is expressed as a percentage of sales.
The common-size balance sheet reveals the capital and the debt structure of the firm.
Question 2 5 / 5 points
Companies that use IFRS may switch the order of presentation of __________, listing noncurrent items before current items.
Question options:
assets and liabilities
liabilities and owner's equity
assets and owner's equity
owner's equity only
Question 3 5 / 5 points
Temporary differences are a result of recording revenues or expenses on financial statements in an accounting period __________ when these items are recorded on the firm's tax return.
Question options:
before the time
after the time
the same as
different from
Question 4 5 / 5 points
A __________ expresses each item on the balance sheet as a percentage of total assets.
Question options:
ratio balance sheet
common-size balance sheet
relative balance sheet
usual and customary
Question 5 5 / 5 points
__________ are those assets expected to be converted into cash within one year or operating cycle, whichever is longer.
Question options:
Marketable securities
Future assets
Current assets
Short-lived
Question 6 5 / 5 points
The valuation of marketable securities on the balance sheet requires the separation of investment securities into three categories:
Question options:
held to maturity, negotiable securities, and securities available for sale.
held to maturity, negotiable securities, and securities available for purchase.
held to maturity, trading securities, and securities available for purchase.
held to maturity, trading securities, and securities available for sale.
Question 7 5 / 5 points
Which of the following statements is true?
Question options:
The straight-line method of depreciation allocates a decreasing amount of depreciation expense each year.
Straight-line depreciation is the least used method for financial reporting purposes.
Fixed assets are reported at historical cost less accumulated depreciation on the balance sheet.
The total amount of depreciation over the asset's life is larger when using an accelerated method of depreciation.
Question 8 5 / 5 points
Companies that are paid in advance for services or products record a(n) __________ on the receipt of cash referred to as unearned revenue or deferred credits.
Question options:
liability
receivable
asset
accrued asset
Question 9 5 / 5 points
Which item below does NOT describe a balance sheet?
Question options:
Assets = Liabilities + Stockholders' Equity
Financial position at a point in time
Assets – Liabilities = Stockholders' Equity
Assets + Liabilities = Stockholders' Equity
Question 10 5 / 5 points
Use the information below to answer the following question.
ABC Company purchases five products for sale in the order and at the costs shown below
Unit Cost per Unit
1 $10
2 $12
3 $15
4 $18
5 $13
Assume ABC sells two items and uses the LIFO method of inventory valuation. What amount would appear for cost of goods sold on the income statement?
Question options:
$37
$41
$22
$31
Question 11 5 / 5 points
__________ are also referred to as short-term investments.
Question options:
Real estate
Annuities
Non-term life insurance
Marketable securities
Question 12 5 / 5 points
The net realizable value of accounts receivable is the actual amount of the account less an allowance for __________ accounts.
Question options:
future
questionable
unknown
doubtful
Question 13 5 / 5 points
Assume the following purchases of inventory for ABC Company and use this information to answer the following question.
Purchase # Purchase Price
1 $3
2 $4
3 $5
4 $6
5 $7
Assume ABC uses the average cost method of inventory valuation. What unit cost would be used to determine the amount in ending inventory or cost of goods sold?
Question options:
$3
$5
$7
$25
Question 14 0 / 5 points
Most manufacturing firms use the accelerated depreciation method and retailers use the __________ method for financial reporting purposes.
Question options:
reverse accelerated depreciation
accelerated depreciation (also) (Incorrect)
straight-line depreciation
incremental depreciation
Question 15 5 / 5 points
Which item below would NOT be a quality of financial reporting issue related to the balance sheet?
Question options:
Mismatching the type of debt (short or long-term) used to finance assets
Discretionary expenses
Overvaluation of assets
Off-balance sheet financing
Question 16 5 / 5 points
The balance sheet is also called the:
Question options:
statement of future.
statement of welfare.
statement of condition.
statement of potential position.
Question 17 5 / 5 points
A (n) __________ balance sheet means that the asset and liability sections are categorized into key areas.
Question options:
classified
systematic
organized
legend
Question 18 5 / 5 points
A common-size balance sheet is useful to the analyst because it facilitates the __________ analysis of the firm.
Question options:
functional
structural
operational
cost
Question 19 5 / 5 points
Additional information helpful to the analysis of accounts receivable and the allowance account is provided in the schedule of:
Question options:
deductions accounts.
valuation and qualifying accounts.
additions to costs and expenses accounts.
allowance for unknown accounts.
Question 20 5 / 5 points
Which of the following accounts could be categorized as either a current or noncurrent liability depending on date the debt is due?
Question options:
Notes payable and deferred taxes
Accounts payable and current portion of long-term debt
Deferred taxes and mortgages due in 30 years
Long-term warranties and accounts payable
F030 Lesson 2 Exam SCORE 100 PERCENT......finance
Question 1 5 / 5 points
Use the information below to answer the following question.
ABC Company purchases five products for sale in the order and at the costs shown below.
Unit Cost per Unit
1 $10
2 $12
3 $15
4 $18
5 $13
Assume ABC uses the average cost method of inventory valuation. What unit cost would be used to determine the amount in ending inventory or cost of goods sold?
Question options:
$12.67
$13.60
$15.00
$13.00
Question 2 5 / 5 points
When will a firm regard goodwill on its books?
Question options:
When one company acquires another company for a price in excess of the fair market value of the net identifiable assets acquired.
When the firm donates property to charities.
When it is determined that there has been a loss of value of long-term assets.
When fixed assets are impaired.
Question 3 5 / 5 points
Assume the following purchases of inventory for ABC Company and use this information to answer the question below.
ABC Company purchases five products for sale in the order and at the costs shown below.
Purchase # Purchase Price
1 $3
2 $4
3 $5
4 $6
5 $7
Assume ABC sells three items and uses the LIFO method of inventory valuation. What amount would appear for cost of goods sold on the income statement?
Question options:
$18
$12
$15
$25
Question 4 5 / 5 points
Which of the following statements is true?
Question options:
Land should be depreciated over the period of time it benefits the firm.
Accelerated depreciation must be used for financial reporting purposes.
Fixed assets are reported at historical cost plus accumulated depreciation.
The total amount of depreciation over the asset's life is the same regardless of depreciation method, although the rate of depreciation varies.
Question 5 5 / 5 points
Which stockholders' equity account represents the sum of every dollar a company has earned since its inception, less any payments made to shareholders in the form of dividends?
Question options:
Treasury stock
Accumulated other comprehensive income
Retained earnings
Preferred stock
Question 6 5 / 5 points
__________ is (are) a form of vertical ratio analysis that allows for comparison of firms with different levels of sales or total assets by introducing a common denominator.
Question options:
Consolidated statements
Common size financial statements
Income Statements
Comparative Data Statements
Question 7 5 / 5 points
Which of the following accounts would be classified as current assets on the balance sheet?
Question options:
Accounts receivable, inventory, cash equivalents
Marketable securities, accounts payable, property, plant and equipment
Prepaid expenses, goodwill, long-term investments
Property, plant and equipment, inventory, goodwill
Question 8 5 / 5 points
__________ include those assets expected to be converted into cash within one year or operating cycle.
Question options:
Current assets
Long-term assets
Current liabilities
Long-term liabilities
Question 9 5 / 5 points
What does the term "net realizable value" mean with regard to the accounts receivable account?
Question options:
The gross amounts owed by customers for credit purchases
Total accounts receivable plus an amount estimated for bad debts
The allowance for doubtful accounts less bad debt expense
Actual amounts of accounts receivable less an allowance for doubtful accounts
Question 10 5 / 5 points
Marketable securities are also referred to as __________ investments.
Question options:
guaranteed
high risk/low return
long-term
short-term
Question 11 5 / 5 points
Which of the following marketable securities are reported at fair value?
Question options:
Held to maturity and trading securities
Trading securities and securities available for sale
Held to maturity and securities available for sale
Corporate bonds and convertible debt
Question 12 5 / 5 points
Use the information below to answer the following question.
ABC Company purchases five products for sale in the order and at the costs shown below.
Unit Cost per Unit
1 $10
2 $12
3 $15
4 $18
5 $13
Assume ABC sells two items and uses the FIFO method of inventory valuation. What amount would appear in ending inventory on the balance sheet?
Question options:
$22
$46
$45
$31
Question 13 5 / 5 points
__________ are the combined financial statements of separate legal entities when the parent controls 100% of the subsidiary.
Question options:
Income statements
Balance sheet statements
Consolidated statements
Stockholder's equity statements
Question 14 5 / 5 points
Which of the following items would NOT be considered when analyzing accounts receivable and allowance for doubtful accounts?
Question options:
The relationship among changes in sales, accounts receivable and the allowance for doubtful accounts
A comparison of actual write-offs relative to amounts recognized as bad debts
The relationship between accounts receivable, inventory, and accounts payable
An analysis of the "Valuation and Qualifying Accounts" schedule required in the Form 10-K
Question 15 5 / 5 points
__________ are balances owed to suppliers.
Question options:
Assets
Liabilities
Owner's Equity
Securities
Question 16 5 / 5 points
Which method of inventory assumes the last units purchased will remain in ending inventory on the balance sheet?
Question options:
FIFO
LIFO
Average cost
LIFO and FIFO
Question 17 5 / 5 points
The balance sheet shows the financial position of a company:
Question options:
for a month.
for a quarter.
for a year.
for a particular date.
Question 18 5 / 5 points
Which of the following statements is FALSE?
Question options:
Goodwill arises when one company acquires another company for a price in excess of the fair market value of the net identifiable assets acquired.
Goodwill should be depreciated.
Goodwill must be evaluated annually to determine if there has been a loss of value.
If the carrying value of goodwill exceeds the fair value, the excess book value must be written off as an impairment expense.
Question 19 5 / 5 points
The inventory of a retail company is comparable to which type of inventory of a manufacturing company?
Question options:
Finished goods
Work in process
Supplies
Raw materials
Question 20 5 / 5 points
Marketable securities should be valued:
Question options:
at fair market value.
below market value.
equal to market value.
cautiously.
Use the information below to answer the following question.
ABC Company purchases five products for sale in the order and at the costs shown below.
Unit Cost per Unit
1 $10
2 $12
3 $15
4 $18
5 $13
Assume ABC uses the average cost method of inventory valuation. What unit cost would be used to determine the amount in ending inventory or cost of goods sold?
Question options:
$12.67
$13.60
$15.00
$13.00
Question 2 5 / 5 points
When will a firm regard goodwill on its books?
Question options:
When one company acquires another company for a price in excess of the fair market value of the net identifiable assets acquired.
When the firm donates property to charities.
When it is determined that there has been a loss of value of long-term assets.
When fixed assets are impaired.
Question 3 5 / 5 points
Assume the following purchases of inventory for ABC Company and use this information to answer the question below.
ABC Company purchases five products for sale in the order and at the costs shown below.
Purchase # Purchase Price
1 $3
2 $4
3 $5
4 $6
5 $7
Assume ABC sells three items and uses the LIFO method of inventory valuation. What amount would appear for cost of goods sold on the income statement?
Question options:
$18
$12
$15
$25
Question 4 5 / 5 points
Which of the following statements is true?
Question options:
Land should be depreciated over the period of time it benefits the firm.
Accelerated depreciation must be used for financial reporting purposes.
Fixed assets are reported at historical cost plus accumulated depreciation.
The total amount of depreciation over the asset's life is the same regardless of depreciation method, although the rate of depreciation varies.
Question 5 5 / 5 points
Which stockholders' equity account represents the sum of every dollar a company has earned since its inception, less any payments made to shareholders in the form of dividends?
Question options:
Treasury stock
Accumulated other comprehensive income
Retained earnings
Preferred stock
Question 6 5 / 5 points
__________ is (are) a form of vertical ratio analysis that allows for comparison of firms with different levels of sales or total assets by introducing a common denominator.
Question options:
Consolidated statements
Common size financial statements
Income Statements
Comparative Data Statements
Question 7 5 / 5 points
Which of the following accounts would be classified as current assets on the balance sheet?
Question options:
Accounts receivable, inventory, cash equivalents
Marketable securities, accounts payable, property, plant and equipment
Prepaid expenses, goodwill, long-term investments
Property, plant and equipment, inventory, goodwill
Question 8 5 / 5 points
__________ include those assets expected to be converted into cash within one year or operating cycle.
Question options:
Current assets
Long-term assets
Current liabilities
Long-term liabilities
Question 9 5 / 5 points
What does the term "net realizable value" mean with regard to the accounts receivable account?
Question options:
The gross amounts owed by customers for credit purchases
Total accounts receivable plus an amount estimated for bad debts
The allowance for doubtful accounts less bad debt expense
Actual amounts of accounts receivable less an allowance for doubtful accounts
Question 10 5 / 5 points
Marketable securities are also referred to as __________ investments.
Question options:
guaranteed
high risk/low return
long-term
short-term
Question 11 5 / 5 points
Which of the following marketable securities are reported at fair value?
Question options:
Held to maturity and trading securities
Trading securities and securities available for sale
Held to maturity and securities available for sale
Corporate bonds and convertible debt
Question 12 5 / 5 points
Use the information below to answer the following question.
ABC Company purchases five products for sale in the order and at the costs shown below.
Unit Cost per Unit
1 $10
2 $12
3 $15
4 $18
5 $13
Assume ABC sells two items and uses the FIFO method of inventory valuation. What amount would appear in ending inventory on the balance sheet?
Question options:
$22
$46
$45
$31
Question 13 5 / 5 points
__________ are the combined financial statements of separate legal entities when the parent controls 100% of the subsidiary.
Question options:
Income statements
Balance sheet statements
Consolidated statements
Stockholder's equity statements
Question 14 5 / 5 points
Which of the following items would NOT be considered when analyzing accounts receivable and allowance for doubtful accounts?
Question options:
The relationship among changes in sales, accounts receivable and the allowance for doubtful accounts
A comparison of actual write-offs relative to amounts recognized as bad debts
The relationship between accounts receivable, inventory, and accounts payable
An analysis of the "Valuation and Qualifying Accounts" schedule required in the Form 10-K
Question 15 5 / 5 points
__________ are balances owed to suppliers.
Question options:
Assets
Liabilities
Owner's Equity
Securities
Question 16 5 / 5 points
Which method of inventory assumes the last units purchased will remain in ending inventory on the balance sheet?
Question options:
FIFO
LIFO
Average cost
LIFO and FIFO
Question 17 5 / 5 points
The balance sheet shows the financial position of a company:
Question options:
for a month.
for a quarter.
for a year.
for a particular date.
Question 18 5 / 5 points
Which of the following statements is FALSE?
Question options:
Goodwill arises when one company acquires another company for a price in excess of the fair market value of the net identifiable assets acquired.
Goodwill should be depreciated.
Goodwill must be evaluated annually to determine if there has been a loss of value.
If the carrying value of goodwill exceeds the fair value, the excess book value must be written off as an impairment expense.
Question 19 5 / 5 points
The inventory of a retail company is comparable to which type of inventory of a manufacturing company?
Question options:
Finished goods
Work in process
Supplies
Raw materials
Question 20 5 / 5 points
Marketable securities should be valued:
Question options:
at fair market value.
below market value.
equal to market value.
cautiously.
F030 Lesson 1 Exam SCORE 100 PERCENT.......finance
Lesson 1 Exam
Question 1 5 / 5 points
Which financial statement presents the results of operations?
Question options:
Balance sheet
Statement of financial position
Income statement
Statement of cash flows
Question 2 5 / 5 points
Which report is NOT required to be filed by public companies to the SEC?
Question options:
Annual reports (Form 10-K)
Financial Reporting Rulings
A prospectus for any new security offering
Quarterly reports (From 10-Q)
Question 3 5 / 5 points
Why does the management discussion and analysis help the analyst?
Question options:
It contains information that cannot be found in the financial data.
It provides predictions of all future financial statement numbers.
It outlines the accounting choices made by the firm.
It explains the market valuation of the firm's stock.
Question 4 5 / 5 points
What information can be found on a balance sheet?
Question options:
Information to support that assets equal liabilities
The profit or loss for the accounting period
The reasons for changes in the cash account
The financial position on a particular date; i.e. assets, liabilities and shareholders' equity
Question 5 5 / 5 points
How are revenues and expenses recognized under the accrual basis of accounting?
Question options:
Revenues are recognized when cash is received and expenses are recognized when cash is paid.
Revenues and expenses are recognized equally over a twelve month period.
Revenues and expenses are recognized based on the choices of management.
Revenues are recognized in the accounting period when the sale is made and expenses are recognized in the period in which they relate to the sale of the product.
Question 6 5 / 5 points
Which of the following is an external source of liquidity?
Question options:
Sales of services
Repurchase of stock
Borrowing
Sales of products
Question 7 5 / 5 points
Which financial statement provides information about operating, financing and investing activities?
Question options:
Statement of financial position
Statement of cash flows
Statement of stockholders' equity
Income statement
Question 8 5 / 5 points
Which financial statement shows the assets, liabilities and stockholders' equity of the firm on a particular date?
Question options:
Statement of stockholders' equity
Statement of cash flows
Earnings statement
Balance sheet
Question 9 5 / 5 points
What does Section 404 of the Sarbanes-Oxley Act of 2002 require?
Question options:
The external auditors must create an adequate internal control structure for the firm being audited.
The external auditors must approve of all internal auditors hired by a firm.
The inclusion of an internal control report in the annual report.
The external auditors need to perform internal audit services.
Question 10 5 / 5 points
What type of audit report indicates that the financial statements have NOT been presented fairly?
Question options:
A disclaimer of opinion
An unqualified report
A qualified report
An adverse opinion
Question 11 5 / 5 points
What organization has the authority to register, inspect, and discipline auditors of all publicly owned companies?
Question options:
Public Company Accounting Oversight Board
SOX
Congress
FASB
Question 12 5 / 5 points
Which of the following is an internal source of liquidity?
Question options:
Borrowing
Sales of stock
Gifts and donations
Sales of products or services
Question 13 5 / 5 points
What type of audit report indicates that the financial statements have been presented fairly?
Question options:
An unqualified report
A disclaimer of opinion
A qualified report
An adverse opinion
Question 14 5 / 5 points
Which agency requires the filing of Form 10-Ks, Form 10-Qs and Form 8-Ks?
Question options:
FASB
IASB
SEC
GAAP
Question 15 5 / 5 points
According to Section 302 of the Sarbanes-Oxley Act, who must certify the accuracy of the financial statements of a public company?
Question options:
Public Company Accounting Oversight Board
SEC
External auditor
CEO and CFO
Question 16 5 / 5 points
The globalization of business activity has resulted in which of the following?
Question options:
Increased corruption and unethical behavior
A uniform set of accounting rules in all countries
The FASB and IASB working jointly on a project to converge accounting standards
The requirement that U.S. firms use international accounting rules as of 2006
Question 17 5 / 5 points
In what industry would it be expected that companies would spend a significant amount on research and development activities?
Question options:
Pharmaceutical
Clothes retailer
Groceries
Wholesale distributor of computer parts
Question 18 5 / 5 points
Which of the following statements is true?
Question options:
Foreign firms registered with the SEC may file reports based on IFRS.
U.S. firms registered with the SEC may file reports based on IFRS.
The European Union requires firms to report based on GAAP.
Foreign firms registered with the SEC may file reports based on IFRS only if they reconcile all amounts to GAAP.
Question 19 5 / 5 points
Which of the following items is a discretionary expenditure?
Question options:
Union wages
Factory building to produce inventory
Advertising
Taxes
Question 20 5 / 5 points
What basic financial statements can be found in a corporate annual report?
Question options:
Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows
Balance sheet, auditor's report and income statement
Earnings statement and statement of retained earnings
Statement of cash flows and five-year summary of key financial data
Question 1 5 / 5 points
Which financial statement presents the results of operations?
Question options:
Balance sheet
Statement of financial position
Income statement
Statement of cash flows
Question 2 5 / 5 points
Which report is NOT required to be filed by public companies to the SEC?
Question options:
Annual reports (Form 10-K)
Financial Reporting Rulings
A prospectus for any new security offering
Quarterly reports (From 10-Q)
Question 3 5 / 5 points
Why does the management discussion and analysis help the analyst?
Question options:
It contains information that cannot be found in the financial data.
It provides predictions of all future financial statement numbers.
It outlines the accounting choices made by the firm.
It explains the market valuation of the firm's stock.
Question 4 5 / 5 points
What information can be found on a balance sheet?
Question options:
Information to support that assets equal liabilities
The profit or loss for the accounting period
The reasons for changes in the cash account
The financial position on a particular date; i.e. assets, liabilities and shareholders' equity
Question 5 5 / 5 points
How are revenues and expenses recognized under the accrual basis of accounting?
Question options:
Revenues are recognized when cash is received and expenses are recognized when cash is paid.
Revenues and expenses are recognized equally over a twelve month period.
Revenues and expenses are recognized based on the choices of management.
Revenues are recognized in the accounting period when the sale is made and expenses are recognized in the period in which they relate to the sale of the product.
Question 6 5 / 5 points
Which of the following is an external source of liquidity?
Question options:
Sales of services
Repurchase of stock
Borrowing
Sales of products
Question 7 5 / 5 points
Which financial statement provides information about operating, financing and investing activities?
Question options:
Statement of financial position
Statement of cash flows
Statement of stockholders' equity
Income statement
Question 8 5 / 5 points
Which financial statement shows the assets, liabilities and stockholders' equity of the firm on a particular date?
Question options:
Statement of stockholders' equity
Statement of cash flows
Earnings statement
Balance sheet
Question 9 5 / 5 points
What does Section 404 of the Sarbanes-Oxley Act of 2002 require?
Question options:
The external auditors must create an adequate internal control structure for the firm being audited.
The external auditors must approve of all internal auditors hired by a firm.
The inclusion of an internal control report in the annual report.
The external auditors need to perform internal audit services.
Question 10 5 / 5 points
What type of audit report indicates that the financial statements have NOT been presented fairly?
Question options:
A disclaimer of opinion
An unqualified report
A qualified report
An adverse opinion
Question 11 5 / 5 points
What organization has the authority to register, inspect, and discipline auditors of all publicly owned companies?
Question options:
Public Company Accounting Oversight Board
SOX
Congress
FASB
Question 12 5 / 5 points
Which of the following is an internal source of liquidity?
Question options:
Borrowing
Sales of stock
Gifts and donations
Sales of products or services
Question 13 5 / 5 points
What type of audit report indicates that the financial statements have been presented fairly?
Question options:
An unqualified report
A disclaimer of opinion
A qualified report
An adverse opinion
Question 14 5 / 5 points
Which agency requires the filing of Form 10-Ks, Form 10-Qs and Form 8-Ks?
Question options:
FASB
IASB
SEC
GAAP
Question 15 5 / 5 points
According to Section 302 of the Sarbanes-Oxley Act, who must certify the accuracy of the financial statements of a public company?
Question options:
Public Company Accounting Oversight Board
SEC
External auditor
CEO and CFO
Question 16 5 / 5 points
The globalization of business activity has resulted in which of the following?
Question options:
Increased corruption and unethical behavior
A uniform set of accounting rules in all countries
The FASB and IASB working jointly on a project to converge accounting standards
The requirement that U.S. firms use international accounting rules as of 2006
Question 17 5 / 5 points
In what industry would it be expected that companies would spend a significant amount on research and development activities?
Question options:
Pharmaceutical
Clothes retailer
Groceries
Wholesale distributor of computer parts
Question 18 5 / 5 points
Which of the following statements is true?
Question options:
Foreign firms registered with the SEC may file reports based on IFRS.
U.S. firms registered with the SEC may file reports based on IFRS.
The European Union requires firms to report based on GAAP.
Foreign firms registered with the SEC may file reports based on IFRS only if they reconcile all amounts to GAAP.
Question 19 5 / 5 points
Which of the following items is a discretionary expenditure?
Question options:
Union wages
Factory building to produce inventory
Advertising
Taxes
Question 20 5 / 5 points
What basic financial statements can be found in a corporate annual report?
Question options:
Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows
Balance sheet, auditor's report and income statement
Earnings statement and statement of retained earnings
Statement of cash flows and five-year summary of key financial data
F03K Assignment 04.....finance
Assignment 04
F03 Financial Statement Analysis
Directions: Be sure to make an electronic copy of your answer before submitting it to Ashworth College for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format. Your response should be four (4) pages in length; refer to the "Assignment Format" page for specific format requirements.
1. Discuss the importance of the statement of cash flows as an analytical tool for users of financial statements.
2. Explain the meaning of the three categories of a statement of cash flows: operating, investing and financing activities. Give an example of an inflow and an outflow for each category.
3. Identify the following items as operating (O), investing (I), or financing (F) activities.
a. Property, plant and equipment
b. Current maturities of long-term debt
c. Inventories
d. Accounts receivable
e. Common stock
f. Short-term debt
g. Accounts payable
h. Net income
i. Accumulated depreciation
j. Dividends
4. Explain how it is possible for a firm with a positive net profit to generate negative cash flow from operating activities.
Sunday, January 12, 2020
LAW531 Week 5 Report discussing legal concepts from Brief
Using the same case your team briefed this week, discuss how the legal concepts in the selected case can be applied within a business managerial setting. Give an example from real life experiences or current events. Explain how the rule discussed in the case have impacted the industry in past and what you see for the future. Discuss the positive and negative effect the case law has made on the industry.
"Waldo's working environment at Consumers was filled with discriminatory intimidation, ridicule, and insult that was sufficient to create a hostile work environment."
—Moore, Circuit Judge
Facts
Theresa Waldo was employed by Consumers Energy Company of Michigan as an electrical line worker, a position that involved working in rural areas with electric lines containing high-voltage current attached to tall steel towers. She was the first woman employed by the company for this position. From the beginning of her employment, she was routinely subjected to sexual harassment. Waldo's male coworkers refused to work with her because she was female, making it clear that women were not welcome at the job. The crew members would not let her use the company truck to drive to find bathrooms to use. Her male coworkers urinated outdoors, and they told her, "You want to work in a man's world, pee like a guy." Waldo's coworkers locked her in a port-a-potty by taping the doors shut. Her coworkers displayed sexually explicit calendars, playing cards, and magazines in the trucks and at her places of work. They threw her purse out the window of a moving truck, excluded her from lunch trips, ostracized and ignored her at job sites, and at times refused to speak to her or work with her. Waldo was repeatedly called derogatory and demeaning names, such as "bitch," "wench," and other gender-specific demeaning language. Waldo reported these instances to her supervisor and to the human resources (HR) department of the company, but the company did not investigate or curb such abuses. Waldo sued Consumers in U.S. district court for sexual harassment in violation of Title VII. The jury rendered a verdict in favor of Waldo, awarding her $400,000 in compensatory damages and $7,500,000 in punitive damages, which the court reduced to $300,000 based on caps on damages established by federal law. The court also awarded $684,000 in attorney's fees and $38,000 for costs and fees. Consumers appealed.
LAW531 Week 5 Learning Team Assignment Week 5 IRAC Brief
The week's assignment concerns briefing a case from the readings. You can pick any case from the readings. You must pick an actual court case and give the citation. The brief should concern a legal case that is relevant to the following Week 5, Agency, Employment and Labor Law, objectives.
Brief the case. Use the IRAC methodology. Discuss the:
- I: Issue
- R: Rule
- A: Analysis
- C: Conclusion
The brief is followed by discussion of whether your team agrees or disagrees with the court opinion.
The paper is a minimum 1000 words in length
"Waldo's working environment at Consumers was filled with discriminatory intimidation, ridicule, and insult that was sufficient to create a hostile work environment."
—Moore, Circuit Judge
Facts
Theresa Waldo was employed by Consumers Energy Company of Michigan as an electrical line worker, a position that involved working in rural areas with electric lines containing high-voltage current attached to tall steel towers. She was the first woman employed by the company for this position. From the beginning of her employment, she was routinely subjected to sexual harassment. Waldo's male coworkers refused to work with her because she was female, making it clear that women were not welcome at the job. The crew members would not let her use the company truck to drive to find bathrooms to use. Her male coworkers urinated outdoors, and they told her, "You want to work in a man's world, pee like a guy." Waldo's coworkers locked her in a port-a-potty by taping the doors shut. Her coworkers displayed sexually explicit calendars, playing cards, and magazines in the trucks and at her places of work. They threw her purse out the window of a moving truck, excluded her from lunch trips, ostracized and ignored her at job sites, and at times refused to speak to her or work with her. Waldo was repeatedly called derogatory and demeaning names, such as "bitch," "wench," and other gender-specific demeaning language. Waldo reported these instances to her supervisor and to the human resources (HR) department of the company, but the company did not investigate or curb such abuses. Waldo sued Consumers in U.S. district court for sexual harassment in violation of Title VII. The jury rendered a verdict in favor of Waldo, awarding her $400,000 in compensatory damages and $7,500,000 in punitive damages, which the court reduced to $300,000 based on caps on damages established by federal law. The court also awarded $684,000 in attorney's fees and $38,000 for costs and fees. Consumers appealed.
Issue
Is Consumers liable for sexual harassment?
Language of the Court
Based on the totality of evidence presented to the jury, the district court did not abuse its discretion in finding that the clear weight of the evidence demonstrated that Waldo's working environment at Consumers was filled with discriminatory intimidation, ridicule, and insult that was sufficient to create a hostile work environment. Additionally, it was not an abuse of discretion to find that the clear weight of the evidence demonstrated that Consumers' response to the complaints of harassment was inadequate.
Decision
The U.S. court of appeals affirmed the U.S. district court's finding of sexual harassment and the award of damages, attorney's fee, and costs.
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