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Exam 15: Using Management and Accounting Information

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Question 101

Multiple Choice

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When Vicky Tran prepared a personal income statement,the remainder or residual value is called

A) net asset total.
B) total assets.
C) total revenues.
D) retained earnings.
E) cash surplus.

F) A) and B)
G) A) and E)

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Question 102

Multiple Choice

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A public corporation must change its lead auditing firm

A) every year.
B) every two years.
C) every five years.
D) every ten years.
E) whenever it wants to.

F) None of the above
G) A) and B)

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Question 103

Multiple Choice

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Martin's Spa and Salon's assets total $148,000.The total amount of debt that it owes to others is $87,000.Which of the following is correct?

If the liabilities of a business are $85,000 and the owners' equity is $110,000,which of the following is a correct statement?

The standard form of the accounting equation is assets equal liabilities minus owners' equity.

Maddie is the CEO of Stevenson,Ross,and Warner (SRW) ,a regional accounting firm.SRW offers services in most areas of accounting,including auditing and consulting services.The firm must follow the GAAP rules,just like any other accounting firm.If there are information gaps that are not addressed and resolved by the firm,SRW could be considered a violator of the Sarbanes-Oxley Act.Maddie understands what must be done and wants every employee of the firm to understand that they have to follow all the rules and regulations.Like any other industry,accounting is a competitive industry and employees of accounting firms must be productive,progressive,and well trained. -Refer to Stevenson,Ross,and Warner.What does GAAP stand for?

A private accountant is an accountant whose services may be hired on a fee basis by individuals or business firms.

APSCO Lighting,Inc.,had a gross profit of $234,000 for the last twelve-month period.Operating expenses were $185,000.What was APSCO's net income before taxes?

Cecilia's business has more expenses than it has revenues this year;therefore,her business has a

Which type of manager would be most concerned with information about the products offered by competitors?

Why are current assets listed before fixed assets on the balance sheet?

Alexa's First Job ​Alexa has just earned her undergraduate degree in accounting and has successfully completed the CPA exam.She recently interviewed with a relatively small and new company and was offered a job.The offer sounded very promising;the job had opportunities to grow with the company and provided diverse challenges.Alexa accepted the job. Once Alexa started working,she realized that the owners and employees did not have a general understanding of accounting.She had to teach them the steps in an accounting cycle so they would be able to understand how she was going to create reports.When she talked about the statement of financial position,they had no idea what she was talking about.She was the qualified individual responsible for accounting.No one else working with her had much knowledge.They did not even know the different financial ratios that someone could use to understand the financial standing of a company.Alexa knows it will be a challenge to keep everyone on the same page when it comes to numbers and reports. -Refer to Alexa's First Job.To help the owners understand how effectively the firm is transforming sales into profits,Alexa should address which of the following ratios?

The ease with which an asset can be converted into cash is referred to as its