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5 Written questions

5 Matching questions

  1. Financial ACC Standards Board (FASB)
  2. Debit (DEAD)
  3. IFRS
  4. Classified Balance Sheet
  5. Current Ratio
  1. a Expenses, Assets, Dividends
  2. b Current Assets + Property, Plant and Equipment = Total Assets
    Current Liabilities + Long Term Liabilities + Stockholder's Equity = Total Liabilities and Stockholder's Equity
  3. c International Financial Reporting Standards
  4. d sets precedents/rules
  5. e current assets / current liabilities (anything > 1 is good)

5 Multiple choice questions

  1. 1. Comparability: diff co. uses same ACC principles
    2. Consistency: co. uses same ACC principles year to year
    3. Verifiable
    4. Timely
    5. Understandability
  2. obligations to be paid in coming year; notes/accounts/wages/salaries/bank loans/interest/taxes payable; Notes is always first, then Acct
  3. = total liabilities / total assets
  4. Annual Report: financial statements, update of company to stockholders
  5. assets turned into cash over a year

5 True/False questions

  1. Ratio Analysisrelationship among selected items of financial statement data


  2. Intracompanywith competitor of same industry


  3. Periodicity Assumptionbusiness divided into artificial time periods


  4. Monetary Unit Assumptionseparately identified and accounted for


  5. Full Disclosure Principleassets and liabilities reported at fair value


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