MULTIPLE CHOICE
1.Which of the following would be considered the least effective management of cash?
|
A. |
Protect cash and ensure cash is available to pay debts as they fall due. |
|
B. |
Protect cash and enable accurate reporting of cash. |
|
C. |
Enable accurate reporting of cash |
|
D. |
Ensure cash is available to pay debts as they fall due and allow idle cash to be invested. |
2.A cashier is employed at the Square Eyes Movie Theatre Complex in downtown Flatscreen. The cashier is responsible for the collection of cash in return for issuing a movie ticket, including acceptance of payment for tickets on credit card and by discount vouchers. While credit sales and full cash payments are recorded on the computer at the time of sale, the vouchers received need to be cross-checked with the discounted tickets recorded on the computer at the time of sale. This procedure is carried out at the end of every week by an employee of the company, but not by the cashier, who has argued that it would be more efficient for the cross-check to be done at the end of every day by the cashier who has issued the discounted tickets, as that person would be most familiar with what tickets had been sold. Based on this information, which of the following statements is correct regarding the current procedure?
|
A. |
It is an inefficient use of time and staff resources. |
|
B. |
It shows a lack of trust of the cashier. |
|
C. |
It effectively separates individual responsibilities. |
|
D. |
It prevents the cashier from stealing cash. |
3.Which of the following bases of accounting measurement recognises revenues when resources are created as part of an organisation’s operating activities?
|
A. |
Cash |
|
B. |
Financing |
|
C. |
Investing |
|
D. |
Accrual |
4.Under accrual-basis accounting, sales made on credit are usually reported as:
|
A. |
liabilities. |
|
B. |
revenue. |
|
C. |
cash from operating activities. |
|
D. |
a contra account to sales revenue. |
5.Cash flows from operating activities is a negative amount. From this fact you know that:
|
A. |
the company’s cash balance decreased during this period. |
|
B. |
the company’s cash flows from operations are less than its net profit. |
|
C. |
the company’s operations used more cash resources than they generated. |
|
D. |
the company’s accounts receivable balance is increasing quickly. |
6.Activities that obtain funds from investors and liabilities to start and sustain a business are called:
|
A. |
reporting activities. |
|
B. |
investing activities. |
|
C. |
financing activities. |
|
D. |
operating activities. |
7.The methods an organisation uses to obtain financial resources from financial markets and the ways in which it manages those resources are:
|
A. |
operating activities. |
|
B. |
financing activities. |
|
C. |
investing activities. |
|
D. |
marketing activities. |
8.Which of the following is not one of the items reported on a cash flow statement?
|
A. |
Reporting activities |
|
B. |
Operating activities |
|
C. |
Financing activities |
|
D. |
Investing activities |
9.The cash flow statement is designed to fulfil all of the following purposes except:
|
A. |
to predict cash flows. |
|
B. |
to evaluate employee performance. |
|
C. |
to relate net profit to changes in cash. |
|
D. |
to evaluate firm performance. |
10.Which of the following best describes the purpose of the cash flow statement?
|
A. |
To identify the cash balance at the end of the year |
|
B. |
To report the inflows and outflows of cash |
|
C. |
To balance current period revenues with those of the previous period |
|
D. |
To report assets, liabilities and owners’ equity as of a specific date |
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