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Exam 17: Using Accounting and Financial Information

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Question 21

Multiple Choice

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Assets = liabilities + owners' equity is the equation for information reported on which of the following?

A) balance sheet
B) income statement
C) earnings statement
D) statement of owners' equity

E) A) and B)
F) None of the above

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Question 22

Multiple Choice

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On January 1, 2011, Canada adopted the International Financial Reporting Standards (IFRS) for publicly traded companies to provide international consistency in financial reporting. Which of the following administers IFRS in Canada?

A) Canadian Association of Certified Public Accountants
B) International Accounting Standards Board
C) Canadian Accounting Standards Board
D) Canadian Securities and Exchange Commission

E) C) and D)
F) All of the above

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Question 23

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Cash and payments received from customers would be classified on the statement of cash flows as which of the following?

Which section of the statement of cash flows would show Santhya's payments for food ingredients and wages paid to employees?

Accountants in Canada typically follow which of the following to present financial information and for financial reports to be accurate and consistent?

Which of the following describes the ease with which an asset can be converted into cash?

Kim's Copy Shop is in the process of organizing its assets in the appropriate order. The manager asks you for help in arranging the following assets: equipment, accounts receivable, cash, merchandise inventory, and notes receivable. If you list cash first, which of the following will you list last?

Joanne provides piano lessons to students in her home four days a week. The money she earns from providing these services would be characterized as which of the following on an income statement?

Which of the following ratios would show you the level of debt compared to assets or equity?

Cash, marketable securities, notes receivable, and merchandise inventory are examples of which of the following?

After Collin subtracts the taxes and interest from operating income, he gets a total of -$224. What does this represent for Collin?

A local specialty gift store had to borrow money from a local bank to purchase Christmas merchandise to sell in the store. What is this debt owed to the bank called?

What does an airplane that FedEx owns and uses to deliver packages represent for FedEx?

What are assets that are not easily converted into cash or are expected to be held for longer than a year called?

If your liabilities total $448,000 and owner's equity totals $1,542,000, what do your assets total?

Which type of accounting provides information for managers within a company to make informed decisions about financing, investing, marketing, and operating activities?

Furniture and store equipment for Rose's Boutique will be held or used for a period longer than one year, and as such are considered to be which of the following?

George has a large collection of hockey and baseball cards. His tuition bill is due next week, and he is thinking about selling his collection for the cash he can use to pay his tuition. What problem is he going to have?

Teanna sells hand-painted wood signs for $30 each. If her cost of producing each sign is $7, which of the following is $23?

Which of the following is NOT a commonly used financial ratio used to measure different aspects of a company's performance?