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QUESTION 1
Current liabilities would not include:
• QUESTION 2
Of the following forms of business organization, which have stockholders with limited liability?
• QUESTION 3
A business organization that receives the limited liability of a corporation but is taxed as a proprietorship or partnership is called a:
• QUESTION 4
Which one of the following alternatives is commonly used to reduce agency problems as they relate to corporate control?
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• QUESTION 5
Which of the following business organizations limit the liability of some or all of their owners to the extent of their investment in the company?
• QUESTION 6
The actual disbursement of cash is recorded in which of the following financial statements?
• QUESTION 7
On the income statement, gross profit is defined as:
• QUESTION 8
What would be recorded in the common stock account on the balance sheet if 20,000 shares are issued at a par value of $2 and the market value is $5?
• QUESTION 9
The average tax rate on a corporation with $75,000 in income and a tax liability of $15,000 is:
• QUESTION 10
Generally accepted accounting principles are formulated by the:
• QUESTION 11
As part of the measurement of financial leverage, the total debt ratio is calculated as:
• QUESTION 12
Which one of the following financial statements reports a firm’s assets and the claims on assets?
• QUESTION 13
The method of calculating return on assets which highlights the importance of sales, profit margin, and asset turnover is known as:
• QUESTION 14
If a firm’s sale price per unit decreases, the firm’s operating breakeven point will
• QUESTION 15
The __ method of developing a pro forma income statement forecasts sales and values for the cost of goods sold, operating expenses, and interest expense that are expressed as a ratio of projected sales.
• QUESTION 16
Which one of the following ratios indicates the average number of days that sales are outstanding?
• QUESTION 17
Which of the following is not a variable cost?
• QUESTION 18
Ratios used to compare different firms at the same point in time belong to a category of analysis called:
• QUESTION 19
The extent to which assets are financed by borrowed funds and other liabilities is indicated by:
• QUESTION 20
If a firm’s variable cost per unit increases, the firm’s operating breakeven point will
