Management''s statement of responsibility, Managerial Accounting

Assignment Help:

1. A firm's independent auditors have the responsibility to:

a. assess the firm's accounting policies.

b. ascertain the firm's profit potential.

c. uncover all fraudulent activities.

2. A firm's cash dividends were $3.96 per share of common stock for calendar 2008. In 2009 the stock was split 3 for 1, and in 2010 a 10% stock dividend was issued. Dividends per share for 2008, to be reported in the firm's annual report for 2010, are:
a. $3.96
b. $1.32
c. $1.20

3. 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.

4. For 2008, Skresso Co. reported $3.64 of earnings per share of common stock. During 2009 the firm had a 4% common stock dividend. 2008 earnings per share to be reported in the annual report for 2009 are:
a. $3.64
b. $3.50
c. $3.49

5. Management's statement of responsibility:
a. usually refers to the company's system of internal controls.
b. emphasizes that the auditors are responsible for the financial statements.
c. gives the president of the company an opportunity to explain why profits changed.

 


Related Discussions:- Management''s statement of responsibility

What are the features of performance budgeting, What are the features of pe...

What are the features of performance budgeting The main features of performance budgeting are:  a)  Classification into functions activities or programmers.  b)  Specifyi

Introduction to Management Accounting, What is Costco''s Financial decision...

What is Costco''s Financial decisions, Centralized or decentralized?

Constructing the model, Constructing the Model Steps: 1) Identif...

Constructing the Model Steps: 1) Identify the objectives of the simulation (A detailed listing of the results expected will help to clarify the output variables. 2) R

Capital budgeting, A firm wants to buy a new machine and the following quot...

A firm wants to buy a new machine and the following quotation has been received. Cost of machine US$100 000 Freight and insurance US$5 000 The new machine will last for five

Make or buy decisions under limiting factors, MAKE OR BUY DECISIONS UNDER L...

MAKE OR BUY DECISIONS UNDER LIMITING FACTORS One reason for buying products/services from another organisation is the scarcity of resources, so that the company may be unable t

Budget, You recently began a job as an accounting intern at Indoor Racing L...

You recently began a job as an accounting intern at Indoor Racing Ltd. Your first task was to help prepare the cash budget for February and March. Unfortunately, the computer with

Time series, How to solve a Time Series problem for a five year period

How to solve a Time Series problem for a five year period

Investments carried as trading securities, a)    Does Ford report any inves...

a)    Does Ford report any investments carried as trading securities, available-for-sale securities, or held-to-maturity securities? If so, go over their significance to both the b

What is the amount of liabilities, Find the value of the following: a.  ...

Find the value of the following: a.    If the total assets are Rs. 87,000 and the liabilities are Rs. 47,000, find out the amount of capital. b.    If the capital of propriet

Marginal costing, marginal costing decision making assignment questions

marginal costing decision making assignment questions

Write Your Message!

Captcha
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