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ACC 561 Week 2 Quiz

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ACC 561 Week 2 Quiz -

115. The relationship between current assets and current liabilities is important in evaluating a company's

  • market value.
  • solvency.
  • profitability.
  • liquidity.

116. Which of the following is a measure of liquidity?

  • Debt to equity ratio
  • Profit margin
  • Working capital
  • Earnings per shar

117. Current assets divided by current liabilities is known as the

  • capital structure.
  • working capital
  • current ratio.
  • profit margin.

88. Danner Corporation reported net sales of $600,000, $680,000, and $800,000 in the years 2011, 2012, and 2013, respectively. If 2011 is the base year, what percentage do 2013 sales represent of the base?

  • 33%
  • 133%
  • 75%
  • 113%

89 .An analyzing financial statements, horizontal analysis is a

  • theory.
  • requirement.
  • tool.
  • principle.

101. Comparative balance sheets

  • are usually prepared for at least one year.
  • are usually prepared for at least two years.
  • do not show both dollar amount and percentage changes.
  • do not show a comparison of total stockholders' equity.

102. Assume the following cost of goods sold data for a company:

2013

$1,500,000

2012

1,200,000

2011

1,000,000

If 2011 is the base year, what is the percentage increase in cost of goods sold from 2011 to 2013?

  • 50%
  • 67%
  • 150%
  • 20%

105. Comparisons of data within a company are an example of the following comparative basis:

  • Intercompany.
  • Interregional.
  • Industry averages.
  • Intracompany.

123. The following schedule is a display of what type of analysis?

 

Amount

Percent

Current assets

$100,000 

25%   

Property, plant, and equipment

300,000 

75%   

Total assets

$400,000 

100% 

  • Horizontal analysis
  • Differential analysis
  • Vertical analysis
  • Ratio analysis

129. A common measure of profitability is the

  • current ratio.
  • debt to total assets.
  • current cash debt coverage ratio.
  • return on common stockholders' equity ratio.

134. Which one of the following would be considered a long-term solvency ratio?

  • Return on total assets
  • Current cash debt coverage ratio
  • Debt to total assets ratio
  • Receivables turnover

137. The current ratio is

  • calculated by dividing current liabilities by current assets.
  • used to evaluate a company's liquidity and short-term debt paying ability.
  • used to evaluate a company's solvency and long-term debt paying ability.
  • calculated by subtracting current liabilities from current assets.

121.Richards, Inc. has the following income statement (in millions):

                                     RICHARDS, INC.

                                   Income Statement

                   For the Year Ended December 31, 2012

Net Sales                                                                          $180

Cost of Goods Sold                                                           60

Gross Profit                                                                       120

Operating Expenses                                                            75

Net Income                                                                         $ 45

Using vertical analysis, what percentage is assigned to net income?

  • A.100%
  • B.75%
  • C.25%
  • D.None of the above.

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