Financial Reporting, Finance And Accounting

Question: What is one possible use employees would have for the company financial statements?
A
Employees can justify larger personal expense reports if the company is doing well

B
The better the company is performing, the more leeway the employees have for making small mistakes

C
Employees have a vested interest in the company for job security and any equity incentive they have

D
The employees can proof read the reports once they are public, looking for possible errors to report to the SEC

Note: Not available
1. Report
Question: What is the purpose of the statement of cash flows?
A
To demonstrate how the company used their cash in the period reported

B
To show net income

C
To show how much cash the company collected in the period reported

D
To show outstanding loans and loan payments made

Note: Not available
1. Report
Question: Which of the following is not a fundamental of accounting?
A
Materiality

B
Timeliness

C
Matching

D
Magnitude

Note: Not available
1. Report
Question: Pro forma statements are _______ statements.
A
actual

B
projected

C
previous years'

D
next years'

Note: Not available
1. Report
Question: Retained earnings will change over time because of several factors. Which of the following factors would lead to an increase in the Retained Earnings?
A
Net loss

B
Net income

C
Dividends

D
Investments by stockholders

Note: Not available
1. Report
Question: Which is/are the primary financial statements used to measure stability?
A
Balance Sheet

B
Income Statement

C
Balance Sheet and Income Statement

D
Statement of Cash Flows and Income Statement

Note: Not available
1. Report
Question: Which of the following is a difference between a public company and a private one?
A
Public companies use different accounting software than private ones

B
Public companies will always have more employees than a private one

C
Only public companies can form corporations

D
Public companies must have audited financial statements and prepared SEC reports

Note: Not available
1. Report
Question: What is the purpose of an audit?
A
To look for fraud

B
To make-work project for CPA's

C
To verify that statements made by the company are true based on an independent party's evaluation

D
To look for additional tax liability

Note: Not available
1. Report
Question: Why do companies include notes along with the financial statements?
A
Without them no one would be able to use the numbers reported

B
So that the reader knows what type of inventory valuation method is being used

C
It is required by the IRS

D
To give the reader further insight into particular line items on a financial statement

Note: Answer not sure
1. Report
Question: With which of the following regulatory bodies would a publicly traded company be much more involved than a private company would be?
A
SEC

B
GAAP

C
IRS

D
FCC

Note: Answer not sure
1. Report

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Question: What is one possible use employees would have for the company financial statements?

Question: What is the purpose of the statement of cash flows?

Question: Which of the following is not a fundamental of accounting?

Question: Pro forma statements are _______ statements.

Question: Retained earnings will change over time because of several factors. Which of the following factors would lead to an increase in the Retained Earnings?

Question: Which is/are the primary financial statements used to measure stability?

Question: Which of the following is a difference between a public company and a private one?

Question: What is the purpose of an audit?

Question: Why do companies include notes along with the financial statements?

Question: With which of the following regulatory bodies would a publicly traded company be much more involved than a private company would be?