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Chapter 14 financial statements

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1 Business Introduction Quiz on Chapter 14 financial statements , created by Rigo Sanchez on 29/11/2015.
Rigo Sanchez
Quiz by Rigo Sanchez, updated more than 1 year ago
Rigo Sanchez
Created by Rigo Sanchez over 8 years ago
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Resource summary

Question 1

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

Question 2

Question
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

Question
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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