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Test your basic knowledge |
Financial Statements
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Subject
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business-skills
Instructions:
Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. The total number of shares actually held by investors at a given time - =Shares issued-treasury shares
Financial Leverage
Accumulated other comprehensive income
Liquidity ratios
Shares Outstanding
2. Compares all amounts within on year to total assets of that same year
Common-size balance sheet
Noncurrent liabilities
Gross Profit Margin
Retained earnings(ending)
3. Items of value such as inventory and equipment are financed with liabilities(debt) or stockholders' equity(owners' shares
Publicly traded
Debtor
Current assets
Asset
4. Includes all costs of generating sales besides cost of sales
Horizontal common size statement
Operating Expenses
Accounts recievable
Nonrecurring items
5. Firm's ability to satisfy long term debt
Intangible assets
Solvency ratios
Balance Sheet
FASB
6. Market price per share/EPS - to measure how expensive a company's stock is compared to EPS
Price earnings ratio
Accounts Payable
Times Interest Earned Ration
Gross Profit Margin
7. Relate to how a company finances its assets with debt or stockholders' equity
Stock options
Expenses
Financing activities
Sales
8. Extra value that is recorded when buying another company
Operating Income
Cost of Goods Sold
Goodwill
Return on Common Equity
9. Indicate that returns or discounts were subtracted from total sales
Accounting Equation
Net Sales
Liquidity
Current liabilites
10. Firm's ability to satisfy short term debt
Intangible assets
Stockholders' Equity
Cost of Goods Sold(COGS)
Liquidity ratios
11. Expresses each income statement item as a percentage of sales
Debtor
Balance Sheet
Vertical common size income statement
Vertical common size balance sheet
12. Largest expense item which reports the wholesale costs of inventory sold during the accounting period
Current assets
Cost of Goods Sold
Television costs
Financing activities
13. Cost allocated to each year of the assets life
Revenues
Return on Asset
SEC
Depreciation Expense
14. Cost of bringing in revenues
CPAS
Expenses
Contributed Capital
Operating activities
15. Stock market trading price of the company's common stock
Market value per share
Stock splits
Current liabilites
Accumulated other comprehensive income
16. States that companies should record assets and services at their acquisition cost - the amount paid for them - because this is the most reliable information
Gains and Losses
Historical cost principle
Vertical common size balance sheet
Accumulated Depreciation
17. Patents - trademarks - and copyrights that have value but not any physical presence
Asset Turnover
Current liabilites
Intangible assets
Cash- Basis Accounting
18. Net Income-Preferred Dividends/Common Stockholders equity - To analyze stock performance
Return on Common Equity
Contributed capital (ending)
Financial Leverage
Balance Sheet
19. Stock bought back from investors not recorded as an asset because it is impossible for a company to own itself
Treasury stock
Net Sales
Stock options
Asset
20. Operating Income/Interest Expense - compares the amount of income available to make interest payments to interest payment requirements
Return on Common Equity
Times Interest Earned Ration
Financial Leverage
Stockholders' Equity
21. Current assets/current liabilites - measure short term liquidity and the ability to pay current liabilities as they come due
Intangible assets
Nonrecurring items
Current ratio
Cash and Cash equivalents
22. Are liabilities due within 12 months
Accrual Accounting
Retained Earnings
Current liabilites
Recievables
23. Revenues-Expenses
FASB
Stock splits
Net Income
Revenue Recognition Principle
24. Relate to the need for investing in property - plant - and equipment or expanding by making investments in other companies
Nonrecurring items
Audits
Investing activities
Depreciation Expense
25. Highly unusual transactions that are considered unusual in nature and infrequent in occurence
Extraordinary items
CPAS
Solvency ratios
Return on Equity
26. Gross profit/Sales revenue - compares gross profit to revenue expressing gross profit as a percentage of net revenue
Accounting Equation
Goodwill
Gross Profit Margin
Sales
27. All assets not listed as current
Common-size balance sheet
Noncurrent assets
liabilities + stockholders' equity
Stock splits
28. Carries a dividend rate which must be paid to preferred stockholders before any dividends can be paid to common stockholders
Initial Public Offering (IPO)
Common-size balance sheet
Price earnings ratio
Preferred stock
29. Records transactions when cash is recieved or paid
Cash- Basis Accounting
Accounting Equation
SEC
Operating Expenses
30. Cost of television programs that will be aired during the next year
Market value per share
Television costs
Noncurrent liabilities
Accounts Payable
31. Revenues are recorded in the period earned - not necessarily in the period that the company collects the money
Investing activities
Net Sales
Noncurrent liabilities
Revenue Recognition Principle
32. Due after 12 months
Initial Public Offering (IPO)
Noncurrent liabilities
Productivity
Financing activities
33. Defines ethical behavior code of professional conduct
Financing activities
Cost of Goods Sold(COGS)
Publicly traded
AICPAs
34. Amounts recieved from customers for products sold or services provided
Debt Ratio
Revenues
Retained earnings(ending)
Trend index
35. When a company sells stock to the public for the first time as a publicly traded corporation
Initial Public Offering (IPO)
Television costs
Common-size balance sheet
Revenue Recognition Principle
36. Relate to a company's main business: selling products or services to earn net income
Operating activities
Preferred stock
Earnings per share
Liquidity ratios
37. legislative authority to set the reporting rules for accounting info of publicly held corporations
SEC
Contributed Capital
Stockholders
Goodwill
38. Retained earnings + Net Income - (Dividends)
Retained earnings(ending)
Revenue Recognition Principle
Intangible assets
Cost of Goods Sold
39. Net Income-Preferred dividends/Average number of common shares outstanding - Amount of net income earned by each individual share of stock held by investors
Asset Turnover
Accrual Accounting
Gross Profit Margin
Earnings per share
40. Expresses each balance sheet item as a percentage of total assets
Vertical common size balance sheet
SEC
Accounts Payable
Operating activities
41. Subtracting operating expenses from gross profit (Income from Operations)
Liquidity
Retained earnings(ending)
Operating Income
Audits
42. Portion of assets the owners are free and clear of any liabilities
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43. Merchandise held for sale to customers
Stockholders' Equity
Inventories
Accounting Equation
Noncurrent assets
44. Contracts that give their holders the right to buy or sell shares of stock at a certain market price
Stock options
Operating Expenses
Retained Earnings
Times Interest Earned Ration
45. Recorded when a company closes down or sells part of its business
Operating Expenses
Discontinued Operations
Retained Earnings
Par value
46. A legal value assigned to each share of stock
Shares Outstanding
Cash and Cash equivalents
Sales
Par value
47. Amounts that the corporation must pay to suppliers in the future
Liquidity ratios
Accounts Payable
Market value per share
Return on Sales
48. Net income earned by the company since its incorporation and not yet distributed as dividends
Accumulated other comprehensive income
Expenses
Retained Earnings
Gains and Losses
49. Standardizes each item as based on a base year and reports data for subsequent years as a multiple of the standard
Gains and Losses
Vertical common size balance sheet
Expenses
Horizontal common size statement
50. Entity loaning the money records a bond recievable
Cash and Cash equivalents
Earnings per share
Creditor
Return on Asset
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