Finance And Accounting

Question: What is the primary reason a government entity would want to look at a company's financial statements?
A
To look whether ethical standards meeting expectations

B
To determine if the company is committing tax fraud or evasion

C
To determine if a company has an offshore bank account

D
To determine tax liability

Note: Not available
1. Report
Question: A company pays out a previous declared common stock dividend. What is its effect on the cash?
A
It will decrease

B
It will increase

C
There would be no change

D
It depends on the dividend date

Note: Not available
1. Report
Question: What is the purpose of a trial balance?
A
To act as a worksheet, making sure all debits equal all credits, as well as aid in the discovery of issues

B
To be shown to the public along with all other financial statements

C
To determine if cash reserves are adequate

D
To demonstrate to management the profitability of the company

Note: Not available
1. Report
Question: The best financial report to see a company's cash balance is ______.
A
Balance Sheet

B
Income Statement

C
Margin Analysis

Note: Not available
1. Report
Question: Which of the following errors/s can a trial balance be used to detect?
A
An incorrect reversing entry

B
The omission of payroll raises

C
An entry where both sides of the transaction are entered as a debit

D
The lack of a prepaid expense entry

Note: Not available
1. Report
Question: What purpose would a company's financial statements have for the lending institutions?
A
To determine if management is too top heavy

B
To change a company's agreed upon interest rate without telling them

C
To look for a reason to break a loan agreement

D
To determine if the company is meeting current covenants in their existing debt agreement

Note: Not available
1. Report
Question: Financial managers use the _____________ to plan for monthly financing needs.
A
capital budget

B
cash budget

C
pro forma

D
income statement

Note: Not available
1. Report
Question: What is another name for the Balance Sheet?
A
Income Statement

B
Statement of Income

C
Cash Inflows & Outflows

D
Statement of Financial Position

Note: Not available
1. Report
Question: How are the Cash Flow Statement and Balance Sheet related?
A
The ending cash balance on the Balance Sheet is transferred to the current period Cash Flow Statement

B
There is no relation

C
If the cash flow statement is prepared, the balance sheet does not have to show cash

D
Ending cash balance from the Cash Flow Statement is transferred to the Balance Sheet

Note: Not available
1. Report
Question: What are the four traits of a useful financial statement?
A
Material, Timely, Accurate, Cash Basis

B
Bi Weekly, Audited, Outsourced, Comparable

C
Relevant, Accurate, Cash Basis, Bi Weekly

D
Understandable, Relevant, Reliable, Comparable

Note: Not available
1. Report

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Question: What is the primary reason a government entity would want to look at a company's financial statements?

Question: A company pays out a previous declared common stock dividend. What is its effect on the cash?

Question: What is the purpose of a trial balance?

Question: The best financial report to see a company's cash balance is ______.

Question: Which of the following errors/s can a trial balance be used to detect?

Question: What purpose would a company's financial statements have for the lending institutions?

Question: Financial managers use the _____________ to plan for monthly financing needs.

Question: What is another name for the Balance Sheet?

Question: How are the Cash Flow Statement and Balance Sheet related?

Question: What are the four traits of a useful financial statement?