Chapter 14 financial statements

Rigo Sanchez
Quiz by Rigo Sanchez, updated more than 1 year ago
Rigo Sanchez
Created by Rigo Sanchez almost 5 years ago
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Description

1 Business Introduction Quiz on Chapter 14 financial statements , created by Rigo Sanchez on 11/29/2015.

Resource summary

Question 1

Question
the recording, measurement, and interpretation of financial information
Answer
  • accounting
  • cash flow
  • budget
  • assets

Question 2

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an individual who has state certified to provide accounting services ranging form the preparation of financial records and the filling of tax returns to complex audits of corporate financial records
Answer
  • certified public accountant
  • private accountants
  • accounting
  • cash flow

Question 3

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accountants employed be large corporations, government agencies and other organizations to prepare and analyze their financial statements
Answer
  • private accountants
  • certified public accountants
  • accounting
  • cash flow

Question 4

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private accountants who, after rigorous examination, are certified by the national association of accountants and who have some managerial responsibility
Answer
  • certified management accountants
  • private accountants
  • accounting
  • cash flow

Question 5

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the internal use of accounting statements by mangers in planning and directing the organizations activities
Answer
  • managerial accounting
  • cash flow
  • budget
  • accounting

Question 6

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the movement of money through an organization over a daily, weekly, monthly, or yearly basis
Answer
  • cash flow
  • accounting
  • budget
  • managerial accounting

Question 7

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an internal financial plan that forecasts expenses and income over a set period of time
Answer
  • budget
  • cash flow
  • managerial accounting
  • accounting

Question 8

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summary of firms financial information, products, and growth plans for owners and potential investors
Answer
  • annual report
  • cash flow
  • budget
  • accounting

Question 9

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a firms economic resources or items of value that it owns, such as cash, inventory, land, equipment, buildings, and other tangible, and intangible things
Answer
  • assets
  • liabilities
  • owners equity
  • budget

Question 10

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debts that a firm news to others
Answer
  • liabilities
  • owners equity
  • assets
  • cash flow

Question 11

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all the money that has ever been contributed to the company that never has to be paid back
Answer
  • owners equity
  • liabilities
  • assets
  • cash flow

Question 12

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assets equal liabilities plus owners equity
Answer
  • accounting equation
  • cash flow
  • accounting
  • budget

Question 13

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a system of recording and classifying business transactions in separate accounts to maintain the balance of the accounting equations
Answer
  • double-entry equation
  • accounting cycle
  • accounting equation
  • ledger

Question 14

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the four step procedure of an accounting system, examining source documents, recording, transactions in an accounting journal, posting
Answer
  • accounting cycle
  • journal
  • ledger
  • accounting equation

Question 15

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a time ordered list of account transactions
Answer
  • journal
  • ledger
  • accounting
  • cash flow

Question 16

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a book or computer program with separate files for each account
Answer
  • ledger
  • journal
  • accounting equation
  • cash flow

Question 17

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a financial report that shows an organization's probability over a period of time- month, quarter, or year
Answer
  • income statement
  • cash flow
  • ledger
  • budget

Question 18

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the total amount of money received from the state of goods or services as well as from related business activities
Answer
  • revenue
  • cost of goods
  • gross income
  • cash flow

Question 19

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the amount of money a firm spent to buy or produce the products it sold during the period to which the income statement applies
Answer
  • cost of goods sold
  • gross income
  • revenue
  • income statement

Question 20

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revenues minus the cost of goods sold required to generate the revenues
Answer
  • gross income
  • subtotal
  • revenue
  • cash flow

Question 21

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the costs incurred in the day-to-day operations of an organization
Answer
  • expenses
  • gross income
  • costs of good sold
  • revenue

Question 22

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the total profit after all expenses, including taxes, have been deducted from revenue, also called net earnings
Answer
  • net income
  • gross income
  • sub total
  • income statement

Question 23

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the process of spreading the costs of long-lived assets such as buildings and equipment over the total number of accounts periods in which they are expected to be used
Answer
  • depreciation
  • net income
  • owner equity
  • liabilities

Question 24

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a snapshot of an organizations financial position at a given moment
Answer
  • balance sheet
  • retaining earning
  • income statement
  • accounts receivable

Question 25

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assets that are used or converted into cash within the course of a calendar year
Answer
  • current assets
  • accounts receivable
  • balance sheet
  • income statement

Question 26

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money owed a company by its clients or customers who have promised to pay for the products at a later date
Answer
  • account receivable
  • current assets
  • balance sheet
  • income statement

Question 27

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a firms financial obligations to short term creditors, which must be repaid within one year
Answer
  • current liabilities
  • accounts payable
  • accrued expenses
  • retaining earnings

Question 28

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the amount a company owes to suppliers for goods and services purchased with credit
Answer
  • accounts payable
  • accounts receivable
  • current liabilities
  • total assets

Question 29

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an account representing all unpaid financial obligations incurred by the organization
Answer
  • accrued expenses
  • accounts payable
  • current liabilities
  • income statements

Question 30

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explains how the company's cash changed from the beginning of the accounting period to the end
Answer
  • statement of cash flows
  • income statements
  • balance sheet
  • retaining earnings

Question 31

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calculations that measure an organization's financial health
Answer
  • ratio analysis
  • income statement
  • balance sheet
  • statement of cash flow

Question 32

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ratios that measure the amount of operating income or net income an organization is able to generate relative to its assets, owner's equity, and sales
Answer
  • probability ratios
  • profit margins
  • return on assets
  • return on equity

Question 33

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net income divided by sales
Answer
  • profit margins
  • return on assets
  • return on equity
  • probability ratios

Question 34

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net income divided by assets
Answer
  • return on assets
  • profit margin
  • return on equity
  • probability ratios

Question 35

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net income divided by owners equity; also called return on investment
Answer
  • return on equity
  • return on assets
  • profit margin
  • probability ratios

Question 36

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ratios that measure how well a firm uses its assets to generate each $1 of sales
Answer
  • asset utilization ratios
  • receivables tune over
  • inventory turnover
  • total asst turnover

Question 37

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sale divided by accounts receivable
Answer
  • receivable turnover
  • inventory turnover
  • total asset turnover
  • liquidity ratios

Question 38

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sales divided by total inventory
Answer
  • inventory turnover
  • receivable turnover
  • total assets turnover
  • liquidity ratios

Question 39

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sales divided by total assets
Answer
  • total asset turnover
  • liquidity ratios
  • inventory turnover
  • recevable turnover

Question 40

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ratios that measure the speed with which a company can turn its assets into cash to meet shot-term debt
Answer
  • liquidity ratios
  • inventory turnover
  • receivables turnover
  • current ratios

Question 41

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current assets divided by current liabilities
Answer
  • current ratios
  • liquidity ratio
  • receivable turnover
  • inventory ratios

Question 42

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a stringent measure of liquidity that eliminates inventory
Answer
  • quick ratio (acid test)
  • current ratio
  • liquidity ratio
  • debt utilization ratios

Question 43

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ratios that measure how much debt an organization is using relative to there sources of capital, such as owners equity
Answer
  • debt utilization's ratios
  • current ratios
  • quick ratio (acid test)
  • liquidity ratio

Question 44

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a ratio indicating how much of the firm is financed by debt and how much by owners equity
Answer
  • debt to total assets ratio
  • current ratios
  • quick ratio (acid test)
  • liquidity ratio

Question 45

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operating income divided by interest expense
Answer
  • times interest earned ratio
  • current ratio
  • liquidity ratio
  • quick ratio (acid test)

Question 46

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data used by the investors to compare the performance of one company with another on an equal, per-share basis
Answer
  • per share data
  • times interest earned ratio
  • current ratio
  • quick ratio (acid test)

Question 47

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net income or profit divided by the number of stock shares outstanding
Answer
  • earnings per share
  • dividends per share
  • per share data
  • current ratios

Question 48

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paid by the corporation to the stockholders for each share owned
Answer
  • dividends per share
  • earnings per share
  • per share data
  • time interest earned ratio
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