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Exam 14: Using Financial Information and Accounting

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Question 31

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Which of the following statements BEST describes the accounting profession?

A) Certified Management Accountants work for local,provincial,and national agencies.
B) Accountants do not need a degree to obtain their designation.
C) Accountants are typically classified as one of three professional designations.
D) Accountants need a masters degree to obtain their designation.

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Question 32

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The ____________________ is a summary of the money flowing into and out of a firm.It is used to assess the sources and uses of cash during a certain period of time.

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Question 33

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Profitability ratios measure how well a firm uses its assets.

The ____________________ summarizes the firm's revenues and expenses over some period and shows its total profit or loss.

Which of the following summarizes an organization's financial status at the end of an accounting period?

Which of the following is an example of a fixed asset for a manufacturer of road building equipment?

____________________ are bills and claims that will have to be paid within the next 12 months.

What are the two types of reports generated by accounting systems?

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

The net profit for a company that builds portable oil well exploration rigs was $10,000,000 last year.The firm paid out $4,000,000 in dividends and has 2,000,000 shares of common share outstanding.What is its earnings per share?

What do inventory turnover ratios measure?

What is another name for the ratio of net profit to net sales?

An accounting system should generate both internal and external reports.

Which of the following is the process of distributing the original cost of a long-term asset over the years of its useful life?

What is the ratio of total current assets to current liabilities called?

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

The ratio of total current assets to total current liabilities is called the ____________________ ratio.

Gross sales for Alfredo Milling Company was $100,000 for the month of May.Sales discounts amounted to $3,000.There were no returns.The difference,$97,000,represents which of the following for Alfredo Milling Company?

On an income statement,expenses such as professional salaries,office salaries,office supplies,rent,and insurance,are known as which of the following?

Which of the following ratios measures the relationship between the amount of debt financing and the amount of equity financing?