1. (TCO C) Which of the following statements about directors of a company is true? (Points : 3) Directors are elected by management of a company Directors only get paid if the company increases its profitability that year Directors are shareholders’ representatives All directors of a company are senior managers in that company Question 2.2. (TCO C) Which of the following would affect the comparability of accounting information for a given company from one accounting period to the next? I. Change in accounting principles II. Disposition of segment of business III. Restructuring expense IV. Change in auditors (Points : 3) I and II I and III I, II, and III I, III, and IV Question 3.3. (TCO C) Accounting Standards are best described as: (Points : 3) the result of a political process among groups with diverse interests. presentation standards mandated by the Securities and Exchange Commission. the state of the art presentation of the science of accounting. measuring the quality of safeguarding assets. Question 4.4. (TCO C) The two secondary qualities of accounting information that make it useful for decision making are _________. (Points : 3) consistency and comparability relevance and reliability materiality and comparability full disclosure and relevance Question 5.5. (TCO C) Which phrase DOES NOT accurately complete the following sentence? When using the 10-Q, the analyst should be aware that the usefulness of the quarterly financial statements might be affected by _________. (Points : 3) seasonality adjustments made in final quarter of the year the use of cash accounting the increased use of estimates Question 6.6. (TCO E) Which of the following is not a component of pension expense? (Points : 3) Service cost Interest cost Actual return on plan assets Expected return on plan assets Question 7.7. (TCO E) When analyzing post retirement benefits one should evaluate the actuarial assumptions and their effect on the: (Points : 3) stock prices. cash requirement. balance sheet statements. financial statements. Question 8.8. (TCO E) Minority interest appears on the balance sheet of some companies. Minority interest: (Points : 3) is classified as a liability. is classified as equity. arises when company records investments using the equity method. arises when company owns controlling interest in another company, but less than 100%. Question 9.9. (TCO E) A lessee must account for a lease as a capital lease if: (Points : 3) the lease is shorter than 20 years. the present value of leases is greater than 10% of lessee’s assets. the lease is longer than 20 years. None of the above Question 10.10. (TCO E) Deferral of unrealized gains or losses may generate major difference between the economic pension cost and the: (Points : 3) reported pension. company pension. past pension. post retirement pension. Question 11.11. (TCO F) FIFO provides a better ending inventory figure more closely reflecting: (Points : 3) current assets. current costs. current liabilities. current inventory. Question 12.12. (TCO F) Which of the following is not an effect of capitalization? (Points : 3) Capitalization usually reduces net income. Capitalization usually yields a smoother net income. Capitalization usually decreases the volatility of the return on investment. Capitalization usually increases net income. Question 13.13. (TCO F) If a company factors its accounts receivables, this will have the effect of making: (Points : 3) its cash cycle appear longer. its cash cycle appear even. its cash cycle appear shorter. its cash cycle appear exact. Question 14.14. (TCO F) Which of the following would rarely be classified as a current asset? (Points : 3) Prepaid insurance Goodwill Marketable securities Work in progress Question 15.15. (TCO F) The LIFO Conformity rule states that if a company uses LIFO for tax purposes, it must also use it for: (Points : 3) balance sheet reporting. cash reporting. financial reporting. liability reporting. Question 16.16….
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