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1、精品文档，仅供学习与交流，如有侵权请联系网站删除Reading 22 . Financial Statement Analysis: An Introduction 试题整理PRACTICE PROBLEMS1. Providing information about the performance and financial position of companies so that users can make economic decisions best describes the role of: A .auditing. B.financial reporting. C.finan
2、cial statement analysis.2. A companys current financial position would best be evaluated using the: A. balance sheet. B .income statement. C .statement of cash flows.3 .A companys profitability for a period would best be evaluated using the: A .balance sheet. B .income statement. C .statement of cas
3、h flows.4 .Accounting policies, methods, and estimates used in preparing financial statements are most likely found in the: A .auditors report. B .management commentary. C .notes to the financial statements.5 .Information about management and director compensation would least likely be found in the:
4、 A .auditors report. B .proxy statement. C. notes to the financial statements.6 .Information about a companys objectives, strategies, and significant risks would most likely be found in the: A .auditors report. B .management commentary. C .notes to the financial statements.7 . What type of audit opi
5、nion is preferred when analyzing financial statements? A .Qualified. B .Adverse. C .Unqualified.8 . Ratios are an input into which step in the financial statement analysis framework? A .Process data. B .Collect input data. C .Analyze/interpret the processed data.Reading 22 . Financial Statement Anal
6、ysis: An Introduction 试题答案整理SolutionsSOLUTIONS1. B is correct. This is the role of financial reporting. The role of financial statement analysis is to evaluate the financial reports.2. A is correct. The balance sheet portrays the current financial position. The income statement and statement of cash
7、 flows present different aspects of performance.3. B is correct. Profitability is the performance aspect measured by the income statement. The balance sheet portrays the current financial position. The statement of cash flows presents a different aspect of performance.4. C is correct. The notes disc
8、lose choices in accounting policies, methods, and estimates.5. A is correct. Information about management and director compensation is not found in the auditors report. Disclosure of management compensation isrequired in the proxy statement, and some aspects of management compensation are disclosed
9、in the notes to the financial statements.6. B is correct. These are components of management commentary.7. C is correct. An unqualified opinion is a clean opinion and indicates that the Financial statements present the companys performance and financial position fairly in accordance with a specified
10、 set of accounting standards.8. C is correct. Ratios are an output of the process data step but are an input into the analyze/interpret data step.Reading 23 . Financial Reporting Mechanics 试题整理 1. Which of the following items would most likely be classified as an operating activity? A .Issuance of d
11、ebt. B .Acquisition of a competitor. C. Sale of automobiles by an automobile dealer. 2. Which of the following items would most likely be classified as financing activity? A .Issuance of debt. B .Payment of income taxes. C .Investments in the stock of a supplier. 3. Which of the following elements r
12、epresents an economic resource? A. Asset. B .Liability. C. Owners equity.4 .Which of the following elements represents a residual claim? A .Asset. B .Liability. C .Owners equity.5. An analyst has projected that a company will have assets of 2,000 at year-end and liabilities of 1,200. The analysts pr
13、ojection of total owners equity should be closest to: A . 800.B . 2,000.C. 3,200.6. An analyst has collected the following information regarding a company in advance of its year-end earnings announcement (in millions): Estimated net income $ 200 Beginning retained earnings $ 1,400 Estimated distribu
14、tions to owners $ 100 The analysts estimate of ending retained earnings in millions should be closest to: A .$1,300. B. $1,500. C. $1,700.7. An analyst has compiled the following information regarding Rubsam, Inc. Liabilities at year-end 1,000 Contributed capital at year-end 500 Beginning retained e
15、arnings 600Revenue during the year Revenue during the year 5,000 Expenses during the year 4,300There have been no distributions to owners. The analysts most likely estimate of total assets at year-end should be closest to: A 2,100.B 2.300.C 2,800.8. A group of individuals formed a new company with a
16、n investment of $500,000. the most likely effect of this transaction on the companys accounting equation at the time of t:he formation is an increase in cash and: A .an increase in revenue. B .an increase in liabilities. C. an increase in Contributed capital.9. HVG, LLC paid $12,000 of cash to a rea
17、l estate company upon signing a lease on 31 December 2005. The payment represents a $4,000 security deposit and $4,000 of rent for each of January 2006 and February 2006. Assuming that the correct accounting is to reflect both January and February rent as prepaid. The most likely effect on HVGs acco
18、unting equation in December 2005 is: A . no net change in assets. B . a decrease in assets of $8,000. C . a decrease in assets of $12,000.10 .TRR Enterprises sold products to customers on 30 June 2006 for a total price of 10,000. The terms of the sale are that payment is due in 30 days. The cost of
19、the products was 8,000. The most likely net change in TRRs total assets on 30 June 2006 related to this transaction is: A. O. B. 2,000. C. 10,000.11. On 30 April 2006, Pinto Products received a cash payment of $30,000 as a deposit on production of a custom machine to be delivered in August 2006 this
20、 transaction would most likely result in which of the following on 30 April 2006? A . No effect on liabilities. B . A decrease in assets of $30,000. C . An increase in liabilities of $30,000.12 .Squires & Johnson, Ltd., recorded 250,000 of depreciation expense in December 2005. The most likely effec
21、t on the companys accounting equation is: A . no effect on assets. B . a decrease in assets of 250,000. C . an increase in liabilities of 250,000.13. An analyst who is interested in assessing a companys financial position is most likely to focus on which financial statement? A . Balance sheet. B . I
22、ncome statement. C . Statement of cash flows.14 . The statement of cash flows presents the flows into which three groups of business activities? A . Operating, Nonoperating, and Financing. B . Operating, Investing, and Financing. C . Operating. Nonoperating, and Investing.15 . Which of the following
23、 statements about cash received prior to the recognition of revenue in the financial statements is most accurate? The cash is recorded as; A . deferred revenue, an asset. B . accrued revenue, a liability. C . deferred revenue, a liability.16 . When, at the end of an accounting period, a revenue has
24、been recognized in the financial statements but no billing has occurred and no cash has been received, the accrual is to: A . unbilled (accrued) revenue, an asset. B . deferred revenue, an asset. C . unbilled (accrued) revenue, a liability17 . When at the end of an accounting period. cash has been p
25、aid with respect to an expense, the business should then record: A . an accrued expense, an asset. B . a prepaid expense, an asset. C . an accrued expense, a liability18 .When, at the end of an accounting period, cash has not been paid with respect to an expense that has been incurred, the business
26、should then record: A . an accrued expense, an asset. B . a prepaid expense, an asset. C . an accrued expense. a liabilitv.19 . The collection of all business transactions sorted by account in an accounting system is referred to as: A . a trial balance. B . a general ledger. C . a general journal.20
27、. If a company reported fictitious revenue, it could try to cover up its fraud by: A . decreasing assets. B . increasing liabilities. C . creating a fictitious asset.Reading 23 . Financial Reporting Mechanics 试题答案整理1. C is correct. Sales of products, a primary business activity, are classified as an
28、 operating activity. Issuance of debt would be a financing activity. Acquisition of a competitor and the sale of surplus equipment would both be classified as investing activities.2 . A is correct. Issuance of debt would be classified as a financing activity. B is incorrect because payment of income
29、 taxes would be classified as an operating activity. C is incorrect because investments in common stock would be generally classified as investing activities.3 . A is correct. An asset is an economic resource of an entity that will either be converted into cash or consumed.4 . C is correct. Owners e
30、quity is a residual claim on the resources of a business.5 . A is correct. Assets must equal liabilities plus owners equity and, therefore, 2,000 =1,200 + Owners equity. Owners equity must be 800.6 . B is correct. Beginning retained earnings $l，400 + Net income 200 - Distributions to owners (100) =
31、Ending retained earnings $l,5007 . C is correct. Assets = Liabilities + Contributed capital + Beginning retained earnings -Distributions to owners + Revenues - Expenses Liabilities $l,000 + Contributed capital 500 + Beginning retained earnings 600 - Distributions to owners (0) + Revenues 5,000 - Exp
32、enses (4,300) = Assets $2,8008. C is correct. This is a contribution of capital by the owners. Assets would I increase by $500,000 and contributed capital would increase by $500,000, maintaining the balance of the accounting equation.9. A is correct. The payment of January rent represents prepaid re
33、nt (an asset) which will be adjusted at the end of January to record rent expense. Cash (an asset) decreases by $12,000. Deposits (an asset )increase by $4.000. Prepaid rent (an asset) increases by $8,000. There is no net change in assets.10.B is correct. The sale of products without receipt of cash
34、 results in an increase in accounts receivable (an asset) of 10,000. The balance in inventory (an asset) decreases by 8,000. The net increase in assets is 2,000. This would be balanced by an increase in revenue of 10,000 and an increase in expenses (costs of goods sold) of 8,000.11. C is correct. Th
35、e receipt of cash in advance of delivering goods or services results in unearned revenue, which is a liability. The company has an obligation to deliver $30,000 in goods in the future. This balances the increase in cash (an asset) of $30,000.12 . B is correct. Depreciation is an expense and increase
36、s accumulated depreciation. Accumulated depreciation is a contra account which reduces property plant. and equipment (an asset) by 250,000. Assets decrease by 250.000 and expenses increase by 250,000.13 . A is correct. The balance sheet shows the financial position of a company at a particular point
37、 in time. The balance sheet is also known as a statement of financial position.14 . B is correct. The three sections of the statement of cash flows are operating, investing, and financing activities.15. C is correct. Cash received prior to revenue recognition increases cash and deferred or unearned
38、revenue. This is a liability until the company provides the promised goods or services.16 . A is correct. When cash is to be received after revenue has been recognized but no billing has actually occurred, an unbilled (accrued) revenue is recorded. Such accruals would usually occur when an accountin
39、g period ends prior to a company billing its customer. This type of accrual can be contrasted with a simple credit sale, which is reflected as an increase in revenue and an increase in accounts receivable. No accrual is necessary.17 . B is correct. Payment of expenses in advance is called a prepaid
40、expense which is classified as an asset.18 . C js correct.When an expense is incurred and no cash has been paid, expenses are increased and a liability ( accrued expense) is established for the same amount.19. B is correct. The general ledger is the collection of all business transactions sorted by
41、account in an accounting system. The general journal is the collection of all business activities sorted by date.20. C is correct. In order to balance the accounting equation the company would either need to increase assets or decrease liabilities. Creating a fictitious asses would be one way of att
42、empting to cover up the fraud.Reading 24 . Financial Reporting Standards 试题整理 1 . Which of the following is most likely not an objective of financial statements? A . To provide information about the performance of an entity. B . To provide information about the financial position of an entity. C . T
43、o provide information about the users of an entitys financial statements. 2 . International financial reporting standards are currently developed by which entity? A . The IFRS Foundation. B . The International Accounting Standards Board. C . The International Organization of Securities Commissions.3
44、 . U.S. generally accepted accounting principles are currently developed by which entity? A . The Securities and Exchange Commission. B . The Financial Accounting Standards Board. C . The Public Company Accounting Oversight Board.4 . Which of the following statements about desirable attributes of ac
45、counting standards boards is most accurate? Accounting standards boards should: A . concede to political pressures. B . be guided by a well articulated framework. C . be adequately funded by companies to which the standards apply.5 . A core objective of the International Organization of Securities C
46、ommissions is to: A . eliminate systematic risk. B . protect users of financial statements. C . ensure that markets are fair, efficient and transparent.6 . According to the Conceptual Framework for Financial Reporting (2010), which of the following is not an enhancing qualitative characteristic of information i financial stateme