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5 Written questions

5 Matching questions

  1. Debit (DEAD)
  2. Internal Users of ACC
  3. Faithful Representation
  4. Cost Principle
  5. Liquidity
  1. a Expenses, Assets, Dividends
  2. b accurately depicts what really happened
    1. Complete
    2. Neutral
    3. Free from Error
  3. c within organization, such as marketing, HR
  4. d within next year
  5. e assets recorded recorded at original costs

5 Multiple choice questions

  1. Annual Report: financial statements, update of company to stockholders
  2. 2002, new regulations for ACC including: top management certifying accuracy of financial info, more severe penalties, increased independence of outside auditor
  3. Common Stock and Retained Earnings
  4. Dividends
  5. all circumstances that could make a differernce are disclosed

5 True/False questions

  1. FASBEarnings per Share; EPS = net income - preferred dividends / avg # of shares outstanding
    AVG # of shares outstanding =
    beginning + ending / 2


  2. Working Capitalcurrent assets / current liabilities (anything > 1 is good)


  3. Current Assetsturned into cash fastest or used up in less than a year; cash, accounts receivable, inventory, prepaid insurance, short-term investments, supplies (ordered by liquidity)


  4. Intracompanytwo years of same company


  5. Periodicity Assumptionbusiness divided into artificial time periods


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