Essay on Sample test for test 1

Submitted By neverturtle
Words: 1350
Pages: 6
Open Document
SAMPLE MULTIPLE CHOICE QUESTIONS
1.

Which of the following statements is not an objective of financial reporting?
a. Provide information that is useful to users in making resource allocation decisions. b. Provide information about an entity’s economic resources, obligations, and equity/net assets.
c. Provide information on the liquidation value of an enterprise.
d. Provide information about changes in an entity’s economic resources, obligations, and equity/net assets.

2.

Which of the following describes one of the causes of management bias?
a. The need to comply with contracts, such as debt covenants.
b. The desire to meet financial analyst's expectations.
c. The tendency to emphasize positive events only.
d. All of these

3.

Financial statements are prepared for the user. Which of the following best describes the responsibility for the preparation of financial statements?
a. They are the responsibility of management.
b. They are the responsibility of external auditors.
c. They are the responsibility of shareholders.
d. They are the responsibility of standard setters.

4.

Which of the following is not an objective of financial reporting?
a. To provide information about an entity’s economic resources, obligations and equity/net assets.
b. To provide information that is helpful to investors and creditors and other users in making resource allocation decisions and/or assessing management stewardship. c. To provide information that is useful in assessing the economic performance of the entity.
d. All of these are objectives of financial reporting.

5.

To measure the fair value of an asset, an entity should determine
a. The asset's nature, condition and location
b. The asset's valuation premise
c. The availability of data
d. All of the above

6.

A severe cold snap may affect this year's crop of Florida's citrus growers. The potentially adverse affect is disclosed in the financial statements of the citrus growers. This practice can be best described as an application of
a. The derecognition of financial statement elements
b. The full disclosure principle
c. The going concern assumption
d. The economic entity assumption

7.

Which of the following elements of financial statements is not a component of comprehensive income?
a. Revenues
b. Distributions to owners
c. Losses
d. Expenses

8.

Which of the following is not a time when revenue may be recognized?
a. At time of sale
b. At receipt of cash
c. During production
d. All of these are possible times of revenue recognition.

9.

Management Discussion and Analysis (MD&A) is
a. notes on meetings between management and auditors.
b. internal documents not released to shareholders.
c. supplementary information included in the annual report.
d. supplementary information included in the notes to the financial statements.

10.

Adjusting entries are necessary to
a. obtain a proper matching of revenue and expense.
b. achieve an accurate statement of assets and equities.
c. adjust assets and liabilities to their fair market value.
d. both a and b.

11.

Breg Company's account balances at December 31, 2010 for Accounts Receivable and the Allowance for Doubtful Accounts are $860,000 debit and $1,200 credit.
Sales during 2010 were $3,000,000. It is estimated that 2 percent of sales will be uncollectible. The adjusting entry would include a credit to the allowance account for a. $58,800
b. $60,000.
c. $17,200.
d. $18,000.

Use the following information for questions 12 through 14:
Poole Company paid or collected during 2010 the following items:
Insurance premiums paid
$ 12,400
Interest collected
25,900
Salaries paid
125,200
The following balances have been excerpted from Poole's balance sheets:
December 31, 2010
December 31, 2009
Prepaid insurance
$ 1,200
$ 1,500
Interest receivable
3,700
2,900
Salaries payable
12,300
10,600

12.

The insurance expense on the income statement for 2010 was
a. $9,700.
b. $12,100.
c. $12,700.
d. $15,100.

13.

The interest revenue on the income statement
Show More

Related Documents: Essay on Sample test for test 1

Parametric Test Assignment

Arora Ans.1 In research statistics, we have 2 categories of tests for the purpose of data analysis and interpretation- one group is based on means and the other group is based on medians. Based on the outcomes of these tests, we accept or reject the hypotheses. The tests which are based on means of the groups are called parametric tests and the tests which are based on medians of the groups are called as non-parametric tests. Let us discuss them in detail. Parametric tests Parametric tests are used…

Words 1074 - Pages 5

Essay on MATH 159

hypothesis假设 test for comparing the equality of 2 or more means Alternative Hypothesis: at least one mean is different from the others Null Hypothesis: the means are equal Bartlett's Hypothesis Test(12) 1. Each sample (column) of data is~ Normally Distributed 2. Populations have ~ equal variances Bartlett’s Test (Bartlett’s Hypothesis Test for comparing multiple variances) As long as the smallest variance is not more than 9 time smaller than the largest variance, OK 3. Sample (columns)…

Words 1611 - Pages 7

Water Analysis Essay

problems, such as metallic or sour taste. Materials and Chemicals: 4 drinking water samples from different sources. Phenolphthalein Indicator. 10% Thiosulfate Indicator. Univer3 Indicator 0.01 EDTA 0.1 HCl Procedure: pH Test 1- Turned on the laptop and opened Exp.24 Acid/Base Titration. 2- Calibrate the pH probe using a two point calibration pH 4,7 and 10 3- Analyze the sample's pH twice. Conductivity Test 1- Turned on the laptop and open Experiment 14 Conductivity. 2- Double check that the…

Words 636 - Pages 3

CE04 1 14 Project Description Essay

(split Hopkinson pressure bar) test. Aim and Objectives The aim of this project is to determine the dynamic characteristic of the metal foam using the SHPB testing. Objects Determine the elastic modulus, yield stress and densification strain of the metal foams using the static compression test and SHPB test. Investigate the relationship between the Elastic modulus and porosity (relative density) of the metal foams (Gibson and Ashby formula) using static test and SHPB test. Determine the energy absorption…

Words 532 - Pages 3

Engineering Statistics Essay

Engineering Statistics Answer 1: (a) Engineers wish to test for any changes in the compressive strength of concrete with new additives. (i) The recommended test statistic for this experiment would be a two-tailed t-distribution hypothesis test. In the short description of the experiment the population variance is unknown and has to be estimated from the sample variance. In addition, the sample is 27 concrete test blocks which makes it a small sample (n = 27 which is < 30) proving…

Words 1697 - Pages 7

Potato Catalase Lab

this lab, hydrogen peroxide is added to six different samples of cells; raw hamburger, spinach leaf, raw liver, boiled liver, chalk and potato. The purpose of the lab is to observe the reaction of Hydrogen Peroxide with catalase in animal and plant cells, to compare the activity of catalase in animal cells and plant cells and to analyses the effects of boiling enzymes. Both animal and plant cells are known to contain catalase1-3,6. The lab will test to see which cells, plant or animal, have more catalase…

Words 1274 - Pages 6

Standardized Language Proficiency Assessments

in English. Three available standardized tests, the WELPA Placement Test, the ELPA21 Screener, and the ELPA21 Summative Assessment, are described in this essay including similarities and differences with description of how these tests are given for a variety of purposes including entry into an ELL program, movement between levels, and exit from ELL programs. Standardized Language Proficiency Tests 1. WELPA Placement Test…

Words 533 - Pages 3

Carbohydrate and Data Table Essay

reactions. Lipids, commonly called fats, have equally important functions, including cell membrane and hormone production. An adequate amount of each of these nutrients is needed to keep the body in balance. In this project you will perform chemical tests to determine what foods contain carbohydrates, lipids, and proteins. Scientists analyze the chemical components of a substance in a variety of ways; one of the simplest methods is to use chemical indicators. An indicator is a substance that changes…

Words 1989 - Pages 8

Aseptic Technique and Bacterial Anatomy and Morphology Essays

Part II: Bacterial Anatomy Sample 1 Click the New button and select Bacterial Anatomy 1 from the Select Exercise Topic or Subgroup dropdown box. Type Sample 1 Lab #6 in the Enter Unknown Identifier field. Click the box allowing autoinoculation. Observe the Gram reaction of the unknown and indicate the results of the gram stain by selecting the result that pertains to the observation and record the result by clicking record gram reaction. Sample 2 Click the New button and select…

Words 1877 - Pages 8

Essay on Statistics and Sample Size

Problems 1. Test the claim that the population proportion of rainy days is less than .13 at the 1% significance level. A sample of 60 days found 7 of them rainy. 2. Find the sample size needed for a confidence interval for the population proportion; margin of error = .005, confidence level = .98. 3. Create a 90% confidence interval for population mean; sample mean = 2.21, population standard deviation = 0.72, sample size = 32. 4. Test the claim that the population mean is not 65 at the 5% significance…

Words 402 - Pages 2