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

Process Inventory, Hoe to find the cost of goods transferred under weighted...

Hoe to find the cost of goods transferred under weighted average method

What are the features of zero base budgeting, What are the Features of zero...

What are the Features of zero base budgeting 1) Manager of a decision unit has to completely justify why there should be at all any budget allotment for his derision unit. This

Facets of cash management, Cash management is related along with the manage...

Cash management is related along with the management of: Cash outflows and inflows of the firm Cash flows inside the firm Cash balances as financing deficit and inve

Break-even dollars amount, Selling product for 31.00 and Variable expenses ...

Selling product for 31.00 and Variable expenses are 26.00. In order to cover the fixed expenses 31,500 hats must be sold what is the Total fixed cost in dollars?

What is production cost, What is Production cost It begins with the sup...

What is Production cost It begins with the supplying of materials, labour and services and ends with the primary packing of the product. Therefore, it includes the cost of d

Traditional and activity based costing, Explain what is meant by traditiona...

Explain what is meant by traditional costing system. Support with example.

State the capital gearing ratio, Capital gearing ratio  The term capit...

Capital gearing ratio  The term capital gearing is used to describe the relation ship between equity share capital including reserves and surplus to preference share capital a

Transfer pricing, find full-cost& variable cost using transfer pricing meth...

find full-cost& variable cost using transfer pricing method

Classification of costs, discuss which of the cost classification is suitab...

discuss which of the cost classification is suitable for LunchBreak LTD and why?

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