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- 1. Multiple Choice
Ten years ago, a corporation started a new brand name that is now considered to be its most valuable asset. On which financial statement and at what amount will you see the brand name reported?
Balance Sheet At Its Present Value
Statement Of Comprehensive Income With No Value
Not Reported On A Financial Statement
- 2. Multiple Choice
A __________ amount will appear on the left side of a T-account.
debit
credit
- 3. Multiple Choice
Accrued expenses are likely to pertain to transactions that have __________ been paid.
already
not yet
- 4. Multiple Choice
The original cost of an asset presently in use is generally not relevant in the decision to replace the asset.
True
False
- 5. Fill in the Blank
GAAP is the acronym for __________.
- 6. Fill in the Blank
The first section of the statement of cash flows is the __________ activities.
- 7. Multiple Choice
The quick ratio EXCLUDES which of the following accounts?
Accounts Receivable
Inventory
Cash
- 8. Multiple Choice
If a company's sales were to triple, some fixed expenses are likely to increase.
True
False
- 9. Multiple Choice
The original cost of an asset presently in use is generally not relevant in the decision to replace the asset.
True
False
- 10. Multiple Choice
Working capital is __________ net working capital.
the same as
different from
- 11. Multiple Choice
In what order will a company's current assets appear on a classified balance sheet?
Alphabetical Order
Company's Choice
Descending Order (Largest to Smallest)
Order of Liquidity
- 12. Multiple Choice
Fixed Expenses do not change in total when there is a modest change in sales.
True
False
- 13. Multiple Choice
What is the company's contribution margin?
$10
$13
$14
- 14. Multiple Choice
The income statement heading will specify which of the following?
A POINT in time
A PERIOD in time
- 15. Multiple Choice
Is it acceptable that some of the expenses reported on the income statement be estimates?
Yes
No
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