accounting mcqs solution 498712
16.
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The ability to meet short-term obligations and to efficiently generate revenues is called:
A.
Liquidity and efficiency.
B.
Solvency.
C.
Profitability.
D.
Market prospects.
E.
Creditworthiness.
17.
Industry standards for financial statement analysis:
A.
Are based on a company’s prior performance.
B.
Are set by the government.
C.
Are set by the financial performance and condition of the company’s industry.
D.
Are based on rules of thumb.
E.
Compare a company’s income with the prior year’s income.
18.
A complete income statement potentially has the following sections:
A.
Items from continuing operations and earnings per share for a corporation.
B.
Income or loss from operating a discontinued segment for the current period.
C.
The loss from disposing of the discontinued segment’s net assets.
D.
Extraordinary items.
E.
Continuing operations, discontinued segments, extraordinary items, changes in accounting principles, and earnings per share for a corporation.
19.
A company’s sales in 2009 were $250,000 and in 2010 were $287,500. Using 2009 as the base year, the sales trend percent for 2010 is:
A.
87%.
B.
100%.
C.
115%.
D.
15%.
E.
13%.
($287,500/$250,000) x 100 = 115%
20.
Comparative financial statements in which each amount is expressed as a percentage of a base amount, and in which the base amount is expressed as 100%, are called:
A.
Comparative statements.
B.
Common-size comparative statements.
C.
General-purpose financial statements.
D.
Base line statements.
E.
Index statements.
21.
A corporation reported cash of $14,000 and total assets of $178,300. Its common-size percent for cash equals:
A.
.0785%.
B.
7.85%.
C.
12.73%.
D.
1273%.
E.
7850%.
($14,000/$178,300) x 100 = 7.85%
22.
Current assets minus current liabilities is:
A.
Profit margin.
B.
Financial leverage.
C.
Current ratio.
D.
Working capital.
E.
Quick assets.
23.
Annual cash dividends per share divided by market price per share is the:
A.
Price-earnings ratio
B.
Price-dividends ratio.
C.
Profit margin.
D.
Dividend yield ratio.
E.
Earnings per share.
24.
The average number of times a company’s inventory is sold during an accounting period, calculated by dividing cost of goods sold by the average inventory balance, is the:
A.
Accounts receivable turnover.
B.
Inventory turnover.
C.
Days’ sales uncollected.
D.
Current ratio.
E.
Price earnings ratio.
25.
A company had a market price of $37.50 per share, earnings per share of $1.25, and dividends per share of $0.40. Its price-earnings ratio equals:
A.
3.1.
B.
30.0.
C.
93.8.
D.
32.0.
E.
3.3.
26.
A company reports basic earnings per share of $3.50, cash dividends per share of $0.75, and a market price per share of $64.75. The company’s dividend yield equals:
A.
1.16%.
B.
2.14%.
C.
4.67%.
D.
5.41%.
E.
18.50%.
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