Solved >   MULTIPLE CHOICE   4.              The entire group:1370159 …

 

MULTIPLE CHOICE

 

4.              The entire group of creditors and investors who provide capital to businesses to allow them to finance their investments is collectively referred to as a:

A)comparative market

B)capital market

C)stock market

D)free market

5.              Terms of creditors’ lending agreements that restrict management’s behavior are called:

A)debt covenants

B)comparative terms

C)activity restrictions

D)price earnings terms

 

 

6.              Consumer demand dictates the types of businesses that exist and how much of a given product or service is available in a:

A)monopolistic economy

B)oligopolistic economy

C)free market economy

D)product economy

 

7.When conducting an audit, the auditor can render one of the following.  Which one indicates that the auditor was not able to complete the audit and the CPA can not render an opinion.

A)  Adverse Opinion

B)  Disclaimer

C)  Unqualified Opinion

D)  Qualified Opinion

 

 

8.When a CPA firm finds that the financial statements of the company being audited are not in compliance with Generally Accepted Accounting Principle the firm will issue which of the following?

A)  Adverse Opinion

B)  Disclaimer

C)  Unqualified Opinion

D)  Qualified Opinion

 

9.              If sales for 2010 and 2009 were $680,000 and $625,000, respectively, then the percentage change shown in a horizontal analysis would be:

A)8.8%

B)8.1%

C)(8.1%)

D)(8.8%)

 

10.  The purpose of an audit opinion is.

A)  Insure that financial statements are mathematically correct.

B)  There was no fraud in the company.

C)  Provide third party assurance that the financial statements are presented fairly

D)  Certify that the company is a good investment.

 

11.              If total assets for 2010 and 2009 were $500,000 and $530,000, respectively, then the percentage change shown in a horizontal analysis would be:

A)6.0%

B)5.7%

C)(5.7%)

D)(6.0%)

 

 

12.              If a company’s income statement showed sales equal to $365,000, a gross margin of $120,000, and net income of $45,000, then a vertical analysis of the income statement would show a percentage figure for net income equal to:

A)100.0%

B)37.5%

C)32.3%

D)12.3%

 

13.              If a company’s balance sheet reported accounts receivable equal to $38,500, total current assets of $205,000, and total assets of $510,000, then a vertical analysis of the balance sheet would show a percentage figure for accounts receivable equal to:

A)100.0%

B)40.2%

C)18.8%

D)7.5%

 

 

 

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