Business ethics and social responsibility

Assignment Help Financial Accounting
Reference no: EM1310087

1. Gains differ from revenues because gains

a. are not a result of the entity's ongoing, central operations

b. do not have to be realized

c. are reported as income from operating activities

d. do not involve any offsetting costs or expenses

2. Which of the following accounts are not included in the calculation for Gross Profit?

a. Revenue

b. Cost of goods sold

c. Net sales

d. General and selling expenses  

3. Which of the following below generally is the most useful in analyzing companies of different sizes.

a. comparative statements

b. common-sized financial statements

c. price-level accounting

d. audit report

4. Corporate governance include concerns about business ethics and social responsibility

a. True

b. False 

5. Management's statement of responsibility:

a. explains that the entity's financial statements are the responsibility of the entity's auditors

b. states that the 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

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

a.the amounts shown on the 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  

7. The price/earnings ratio

a. is a measure of the relative expensiveness of a firm's common stock

b. does not usually change by more than 1.0 (e.g. 8.2 to 9.2) during the year

c. can be used to determine the cash dividend to be received during the year

d. is calculated by dividing the earnings multiple by net income  

8. Accounts receivable turnover is calculated by taking sales divided by the accounts receivable ending balance.

a. True

b. False

9. Which of the following is(are) an example of a measure of leverage?

a. Debt yield

b. Debt payout ratio

c. Debt/equity ratio

d. All of the above

10. As the 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

 11. To which function of management is CVP analysis most applicable?

a. Planning

b. Organizing

c. Directing

d. Controlling

 12. The contribution margin format income statement

a. results in a larger amount of operating income than the traditional income statement format

b. uses a behavior pattern classification for costs rather than a functional cost classification

c. approach  is most frequently used for financial statement reporting purposes

d. emphasizes that all costs change in proportion to any change in revenues

Reference no: EM1310087


Write a Review


Financial Accounting Questions & Answers

  Capital budgeting case

Capital Budgeting Case

  Purpose all worksheet eliminations in journal entry

Purpose all worksheet eliminations in journal entry form necessary to consolidate Crain and Downey

  Provide an overall financial analysis for every company

Provide an overall financial analysis for every company

  Determine the positions taken by amos and susan

Determine the positions taken by Amos and Susan and by the IRS agent with respect to the Lear jet deduction.

  What is the forecasted addition to retained earnings

What is the forecasted addition to retained earnings for 2010? A budget is a formal written statement of management's strategies for the future expressed in financial terms. Evaluate the forecasted inventory balance have to be to achieve a Turn..

  Evaluate shareholders equity

Balance Sheet. Construct a balance sheet for Sophie's Sofas give the following data. Evaluate Shareholders equity?

  What was the net asset change for the year

What was the net asset change for the year

  Evaluate the companys wacc

You are given the subsequent information for Lightning Power Co. Suppose the company's tax rate is 40 percent. evaluate the company's WACC

  Evaluate net profit margin and total asset turnover

Evaluate net profit margin, total asset turnover and current ratio.

  Evaluate a recent case in the news about business fraud

Evaluate a recent case in the news about business fraud

  Explain nfps flexible budget

NFP's flexible budget allows how many kg's of inputs for the most current operating period

  Create a differential analysis report

Create a differential analysis report, dated 19 th June, 2012, for the make-or-buy decision.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd