Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. Management's statement of responsibility:

a. Describe that he entity's financial statements are responsibility of entity's auditors

b. States that financial statements are free of significant error

c. Affirms that management is responsible for assuring adherence to internal control policies and

d. Procedures guarantees that the firm has operated in a highly ethical manner

2. Business segment information is included in explanatory notes to financial statements because:

a. Amounts shown on financial statements of most companies are just too large to comprehend

b. Current and potential investors can make more informed judgments about the company

c. Net income from various geographic areas can be clearly determined

d. By combining these amounts, there is no need for ROI for each segment, disclosure is not needed  

3. Price/earnings ratio

a. Is a measure of relative expensiveness of firm's common stock

b. Doesn't generally change by more than 1.0 (e.g. 8.2 to 9.2) during year

c. Can be used to find out cash dividend to be received during year

d. Is computed by dividing earnings multiple by net income  

4. Accounts receivable turnover is computed by taking sales divided by accounts receivable ending balance.

a. True

b. False

5. Which of the given is(are) ex of a measure of leverage?

a. Debt yield

b. Debt payout ratio

c. Debt/equity ratio

d. All of the above

6. As level of activity increases

a. fixed cost per unit increase

b. variable cost per unit increase

c. variable cost per unit decrease

d. fixed cost per unit decrease

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M917035

Have any Question? 


Related Questions in Accounting Basics

Part a -exercise 1 - california graphics is a us

Part A - Exercise 1 - California Graphics is a U.S. corporation with $200 million of U.S.-source income and $10 million of foreign-source income. In addition, California Graphics has three-quarters ownership of a Canadia ...

Key information for the plant city divisionkey information

Key Information For The Plant City Division Key information for the Plant City Division (PCD) of Barkley Industries for 2015 are as follows: Revenues $15,000,000 Operating Income 1,800,000 Total Assets 10,000,000 PCD man ...

Selected t-accounts of moore company are given below for

Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Manufacturing Overhead ________________________________________ Bal. 1/1 29,800 ________________________________________ Cre ...

To understand the accounting equation and its

To understand the accounting equation and its elements QUESTION Mr. "A" starts a new business. Before to start the business operation, he has purchased vehicle Rs. 1,500,000, office premises Rs. 3,000,000, stock of goods ...

You are starting your own internet business you decide to

You are starting your own Internet business. You decide to form a company that will sell cookbooks online. Justcookbooks.com is scheduled to launch 6 months from today. You estimate that the annual cost of this business ...

1 which of the following would definitely improve both

1. Which of the following would definitely improve both gross profit as reported in the Income Statement and gross profit margin (assuming cost price per unit stays the same)? A. Selling more units at a higher selling pr ...

1 what does it mean to create a culture of honesty openness

1. What does it mean to create a "Culture of Honesty, Openness, and Assistance?" Give some examples from an organization with which you have been affiliated. (250 words) 2. Review the section Preventing Fraud-A Sumary an ...

Intermediate management accounting1carpe diem co reported

Intermediate Management Accounting 1. Carpe Diem Co. reported the following variances for the period: Direct materials price variance $1,700 U Direct labour efficiency variance 23,600 U Fixed overhead volume variance 10, ...

A tractor acquired on january 4 of the current year at a

A tractor acquired on January 4 of the current year at a cost of $100,000 has an estimated life of 10 years. Assuming that it has a residual value of $10,000, determine the depreciation expense in the current year using ...

This assignment will assess the following learning

This assignment will assess the following learning outcomes: - Demonstrate the impact on the financial statements and the implication for different users of accounts of alternative ways of treating controversial accounti ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen