Quiz
Debits vs. Credits T/F
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Questions in this quiz (12)
1Working capital equals current assets, including inventory, minus current liabilities.
- ATrue
- BFalse
2Horizontal analysis expresses each item as a percentage of the current year’s sales or total assets.
- ATrue
- BFalse
3Dividends are expensed on the declaration date, not on the payment date.
- ATrue
- BFalse
4Internal controls are the responsibility of the external auditor.
- ATrue
- BFalse
5The triple bottom line is so named because it consists of financial, environmental, and economic activity.
- ATrue
- BFalse
6The production budget should be prepared before the direct labor budget.
- ATrue
- BFalse
7Poor quality materials are a common cause of favorable materials price variances.
- ATrue
- BFalse
8As variable costs increase, fixed costs per unit decrease.
- ATrue
- BFalse
9In all cases in which FIFO is used, the cost of goods sold is the same whether a perpetual or periodic system is used.
- ATrue
- BFalse
10The FASB’s Accounting Standards Codification creates a new set of generally accepted accounting principles.
- ATrue
- BFalse
11Intraperiod tax allocation relates the income tax expense of a fiscal period to the specific items that give rise to the amount of the tax provision.
- ATrue
- BFalse
12The unknown present value is always a larger amount than the known future value because dollars received currently are worth more than dollars to be received in the future.
- ATrue
- BFalse
Information
- Description
- Round 1 T/F
- Author
- Nick J. Whise
- Language
- English
- Views
- 39
- Tags
- Rating
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