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5 Written Questions

5 Matching Questions

  1. Long-Term Investments
  2. Periodicity Assumption
  3. 4 Financial Statements
  4. Qualities
  5. Debt to Asset Ratio
  1. a Income Statement, Retained Earnings, Balance Sheet, Statement of Cash Flows
  2. b assets turned into cash over a year
  3. c = total liabilities / total assets
  4. d business divided into artificial time periods
  5. e Relevance vs. Faithful Representation

5 Multiple Choice Questions

  1. corporations have less favorable tax treatment but corporation stockholders not as liable as sole prop and partnerships
  2. Annual Report: financial statements, update of company to stockholders
  3. Financial ACC Standards Board
  4. within organization, such as marketing, HR
  5. business organization as separate legal entity owned by stockholders, investors share stock making it easy to sell/raise funds, largest revenue

5 True/False Questions

  1. Retained EarningsBeginning Retained Earnings + Net Income/Loss - Dividends = Ending Retained Earnings


  2. Industry Averagetwo years of same company


  3. Intracompanywith competitor of same industry


  4. Faithful Representationaccurately depicts what really happened
    1. Complete
    2. Neutral
    3. Free from Error


  5. Balance Sheet1. Predict Future
    2. Confirm or correct prior expectation
    3. Materiality


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