Second Exam - Which Of The Following Products Is Most Likely To Be... ~ Live Science: The Most Interesting Articles, Mysteries & Discoveries

An operating system is the most important software that runs on a computer. It manages the computer's memory and processes, as well as all of its software and hardware. Most of the time, there are several different computer programs running at the same time...Which of the following are likely to increase in quantities when the body is under attack from The development of masculine physical characteristics is most affected by the Which of the following statements is true in humans? a) Mitosis produces cells that...Just-in-time manufacturing is a production system that pulls products through the manufacturing 6h2o+6co2=c6h12o6+6o2 Which of the following are products in the process of photosynthesis The glucose is produced in the dark reactions and the oxygen is produced from the splitting of...Which of the following statements are they most likely to agree with when the environment is uncertain? Which of the following holds that consumers prefer products that are widely available and Webmax Inc. produced and marketed cameras. After considerable research and development...Operating systems test questions. 1. Which of the following is NOT a function of the operating system? Which type of processing would be the most appropriate for printing the bank statements ordered by customers each day?

What is the skeletal system? All the bones in the body All the

A process costing system is one of the type of method which is typically uses in the cost accounting system for the purpose of assigning the production cost. It is basically used by the various types of firm for producing the identical products in the form of consistent process.Airplanes Cereal Bridges Designer Bridal Gowns Custom Cabinets Clarksen Company Uses A Process Costing System. The Company Requisitioned $93,000 Of Materials For Department A And $67,000 Of Materials For Department D. The Entry To Record The Use Of The DirectWhich of the following types of capital budgeting projects are most likely to generate little to no revenue? A firm's stock price may be affected to the extent that engaging in a project with that NPV was previously unanticipated by investors.An operating system (OS) is system software that manages computer hardware, software resources, and provides common services for computer programs.

Which of the following five types of products is least likely to be...

Which of the following is an independent auditor least likely to do with respect to a company's financial statements? Which of the following is the best description of the flow of information in an accounting system? These transactions are most likely to affect which accounts? Purchase Sale.Which of the following products is least likely to be produced in a process manufacturing system? Which of the following characteristics does not usually apply to process manufacturing systems? A. Each unit of product is separately identifiable.In this section of Operating System Process Management.it contain Operating System Process I. there will never be more than one running process. II. if more processes, the rest will have to . Which of the following is True regarding A ready-queue header.Study the topic Operating Systems before attempting this exercise. Which of the following is NOT system software? In which of the following situations would a batch processing Operating System be ideal? In a system producing credit card bills.Batch production is a method used to produce similar items in groups, stage by stage. Products are mass produced in order to generate the inventory needed to meet high market demand. The paint on the walls of your house, meanwhile, was likely the product of a continuous or flow process.

Question 1

Question

Which of the following is least likely to be regarded as a position of financial remark research?

Answer

Determining whether or not to make investments in the corporate's securities.

Assessing the management ability of the company's executives.

To make financial selections.

Question 2

Question

An organization collects cash from a buyer to settle an account receivable. What impact does this transaction have on the corporate's general belongings and overall shareholders' equity? Assets Equity

Answer

Increase Increase

No effect Increase

No effect No impact

Question 3

Question

The Management Discussion and Analysis (MD&A) portion of the financial statements:

Answer

is no longer required by way of the SEC.

contains such pieces as discontinued operations, abnormal items, and different atypical or rare occasions.

contains audited disclosures that assist give an explanation for the data summarized in the financial statements.

Question 4

Question

In the expanded shape of the accounting equation, property equal liabilities plus contributed capital plus:

Answer

finishing retained earnings minus starting retained profits.

starting retained profits plus income minus expenses.

ending retained profits.

Question 5

Question

According to the IASB, which of the following least accurately describes financial reporting? Financial reporting:

Answer

provides information about changes in monetary place of an entity.

uses the information in a corporate's financial statements to make economic choices.

is helpful to a wide variety of customers.

Question 6

Question

Alpha Company reported the following monetary commentary knowledge: December 31, 2006: Assets ,000 Liabilities 45,000 December 31, 2007: Assets 82,000 Liabilities 55,000 During 2007: Stockholder investments 3,000 Net source of revenue ? Dividends 6,000 Calculate Alpha's internet income for the 12 months ended December 31, 2007 and the trade in stockholders' fairness for the yr ended December 31, 2007. Net income Change in stockholders' equity

Answer

,000

{title}

{content}

,000 decrease

( ,000)

{title}

{content}

,000 build up

,000

{title}

{content}

,000 building up

Question 7

Question

What is the basic steadiness sheet equation?

Answer

Assets = Liabilities + Stockholders' Equity (A = L + E).

Liabilities = Assets + Stockholders' Equity (L = A + E).

Assets = Stockholders' Equity Liabilities (A = E L).

Question 8

Question

Prema Singh is the bookkeeper for Octabius Industries. Singh has been requested by way of the CFO of Octabius to evaluate all purchases that occurred between February 1 and February 8 to investigate an error on the receiving dock. Singh will most likely take a look at the:

Answer

preliminary trial steadiness.

common ledger.

general journal.

Question 9

Question

Beta Company reported the following financial remark data: December 31, 2006: Assets ,000 Liabilities 28,000 December 31, 2007: Assets ? Liabilities 38,000 During 2007: Stockholder investments 15,500 Net income 18,000 Dividends 7,750 Calculate Beta's overall belongings and stockholders' equity as of December 31, 2007. Total assets Stockholders' equity

Answer

,750 ,000

,750 ,750

,250 ,750

Question 10

Question

An accounting entry that updates the historic value of an asset to present market ranges is absolute best described as:

Question 11

Question

Which of the following financial reporting possible choices is authorised below IFRS but not under U.S. GAAP?

Answer

Netting deferred tax assets with deferred tax liabilities.

Excluding actuarial gains and losses from steadiness sheet pension items.

Revaluing plant and kit upward.

Question 12

Question

Accruals are easiest described as requiring an accounting access:

Answer

when the earliest tournament in a transaction occurs.

only when a excellent or carrier has been provided.

when an expense has been incurred.

Question 13

Question

Which of the following statements represents data at a particular point in time?

Question 14

Question

Which of the following statements about proxy statements is least correct? Proxy statements are:

Question 15

Question

When a publicly traded U.S. corporate prepares a proxy commentary for its shareholders prior to the annual assembly or different shareholder vote, it additionally information the commentary with the SEC as Form:

Answer

144.

DEF14A.

8K.

Question 16

Question

Which of the following is an analyst least likely to depend on as goal knowledge to include in a company research?

Question 17

Question

Wichita Corporation reported the following balances as of December 31, 2007: Cash $? Accounts payable 16,000 Accounts receivable 58,000 Additional paidin capital 42,000 Common inventory 19,600 Inventory 12,000 Plant and kit 26,800 Notes payable 20,000 Retained earnings 32,000 Calculate Wichita's cash and total property as of December 31, 2007 based totally best on these entries. Cash Total assets

Answer

,800 9,600

,800 3,600

,000 9,600

Question 18

Question

A firm engages in a new kind of monetary transaction that has a subject matter impact on its earnings. An analyst should most likely be suspicious of the new transaction if:

Answer

the transaction is now not ruled through current rules.

no accounting standard exists that applies to the transaction.

control has now not defined its business purpose.

Question 19

Question

Reading the footnotes to a company's financial statements and the Management Discussion & Analysis is least likely to help an analyst resolve:

Answer

how smartly the financial statements reflect the corporate's true efficiency.

the more than a few accruals, adjustments and assumptions that went into the monetary statements.

the detailed information that underlies the corporate's accounting system.

Question 20

Question

Which of the following financial reporting choices is permitted below IFRS however now not below U.S. GAAP?

Answer

Netting deferred tax assets with deferred tax liabilities.

Revaluing plant and kit upward.

Excluding actuarial features and losses from steadiness sheet pension items.

Question 21

Question

Information about a company's financial position at a level in time is most likely discovered in the:

Answer

source of revenue observation.

balance sheet.

cash waft commentary.

Question 22

Question

Allowance for dangerous debts and funding in associates are most likely to be shown as what sorts of accounts? Allowance for bad money owed Investment in affiliates

Answer

Liabilities Asset

Contraasset Asset

Contraasset Liabilities

Question 23

Question

Characteristics of a coherent financial reporting framework are absolute best described as:

Answer

materiality, comprehensiveness, and aggregation.

consistency, materiality, and transparency.

transparency, consistency, and comprehensiveness.

Question 24

Question

Which of the following would NOT require an explanatory paragraph added to the auditors' file?

Answer

Statements that the financial information used to be ready according to GAAP.

Doubt relating to the "going concern" assumption.

Uncertainty due to litigation.

Question 25

Question

Accumulated depreciation and treasury stock are most likely to be proven as what types of accounts? Accumulated Treasury stock depreciation

Answer

Liability Equity

Contraasset Contraequity

Question 26

Question

Professional organizations of accountants and auditors that identify monetary reporting standards are referred to as:

Question 27

Question

Management disclosure of the likely have an effect on of implementing recently issued accounting standards is least likely to:

Answer

conclude that the usual will not have an effect on the monetary statements materially.

conclude that the usual does not apply.

state that the affect of the standard is not possible to resolve.

Question 28

Question

The Management Discussion and Analysis (MD&A) portion of the monetary disclosure is least likely required to discuss:

Question 29

Question

Which of the following statements about financial commentary research and reporting is least accurate?

Answer

Providing details about adjustments in a corporate's financial position is a role of financial reporting.

Deciding whether or not to counsel a company's securities to buyers is a function of monetary observation research.

Financial statement analysis focuses on the means firms display their monetary performance to traders by way of making ready and presenting financial statements.

Question 30

Question

According to the IASB conceptual framework, traits that improve relevance and devoted representation come with:

Answer

comparison and thoroughness.

timeliness and verifiability.

assurance and understandability.

Question 31

Question

In the financial commentary research framework, the usage of the information to cope with the goals of the research and deciding what conclusions or recommendations the data supports is very best described as:

Question 32

Question

Jack Rivers is an funding analyst for the equity fund of a circle of relatives office. The head of the family, Charlotte Blackmon, is involved that control would possibly be manipulating the profits of some of the corporations that the fund invests in. Rivers explains to Blackmon, "Even although we don't have get admission to to the detailed transactions that underlie the financial statements, we will be certain that management is not manipulating earnings as a result of I read the footnotes to the monetary statements of each corporate we make investments in. The footnotes would divulge any deviation from appropriate accounting parameters." Rivers is:

Answer

correct.

flawed because even within suitable accounting parameters, control can manipulate income via the assumptions that rely on their discretion.

Financial statements could probably take any form if reporting standards didn't exist.

Question 33

Question

Which of the following statements about monetary statements and reporting standards is least accurate?

Answer

Reporting standards focal point mostly on format and presentation and allow control broad latitude in assumptions.

The purpose of financial statements is to supply economic resolution makers with useful data.

Financial statements may doubtlessly take any form if reporting requirements didn't exist.

Question 34

Question

Which of the following is the least likely to be regarded as an accrual for accounting purposes?

Question 35

Question

Washburn Motors indicators a contract to sell a 0,000 luxurious sedan to be delivered subsequent month, and receives a ,000 cash down cost from the purchaser. How will the transaction most likely impact Washburn's property and liabilities? Assets Liabilities

Answer

Increase Unchanged

Increase Increase

Unchanged Unchanged

Question 36

Question

Making a profitable sale on credit is most likely to have which of the following results?

Answer

Increase assets and reduce liabilities.

Increase belongings and increase equity.

Decrease belongings and increase fairness.

Question 37

Question

Which of the following is an impartial auditor least likely to do with recognize to a corporate's monetary statements?

Answer

Prepare and settle for responsibility for them.

Provide an opinion relating to their fairness and reliability.

Confirm property and liabilities contained in them.

Question 38

Question

A listing of all the firm's magazine entries through date is known as the:

Answer

adjusted trial stability.

normal ledger.

common journal.

Question 39

Question

In addition to the audited financial statements included in a firm's annual document, which of the following resources of knowledge is most likely to include audited information?

Question 40

Question

Which of the following is a company least likely required to provide in accordance to International Accounting Standard (IAS) No. 1?

Answer

Statement of changes in house owners' equity.

A summary of accounting policies.

Disclosures of subject material occasions.

Question 41

Question

An analyst is least likely to use disclosures of accounting insurance policies and estimates to evaluation:

Answer

whether the disclosures have changed since the prior length.

what policies are likely to be modified in long run sessions.

what policies are mentioned.

Question 42

Question

According to the IASB Conceptual Framework for Financial Reporting, one of the qualitative characteristics of monetary statements is:

Answer

going fear.

devoted representation.

timeliness.

Question 43

Question

The best description of the common ledger is that it:

Answer

teams accounts into the categories which can be offered in the financial statements.

is where magazine entries are first recorded.

varieties the entries in the normal journal by means of account.

Question 44

Question

A company's chart of accounts is:

Answer

the set of magazine entries that makes up the elements of house owners' fairness.

a detailed list of the accounts that make up the 5 financial commentary parts

used for entries that offset other accounts.

Question 45

Question

The term "convergence" is most appropriately used to describe:

Answer

the aid of the top rate on a bond because it nears adulthood.

the process of developing one universally permitted set of accounting standards.

when expected return and required go back are equivalent.

Question 46

Question

Which of the following is least likely a qualitative function accounting data should possess in order to supply helpful data to an analyst, according to the IASB Conceptual Framework?

Answer

Faithful illustration.

Relevance.

Conservatism.

Question 47

Question

Which of the following is the easiest description of the float of knowledge in an accounting system?

Answer

Journal entries, common ledger, trial stability, monetary statements.

Trial balance, normal ledger, common magazine, monetary statements.

General ledger, trial stability, common journal, financial statements.

Question 48

Question

A furnishings store acquires a set of chairs for 0 money and sells them for $a thousand money. These transactions are most likely to have an effect on which accounts? Purchase Sale

Answer

Assets best Assets, earnings, expenses, owners' fairness

Assets and bills Assets, earnings, expenses, homeowners' fairness

Assets handiest Assets and revenues only

Question 49

Question

Disagreements that inhibit construction of a coherent financial reporting framework are least likely to involve which of the following?

Answer

Standard setting.

Transparency.

Valuation.

Question 50

Question

Which of the following statements regarding footnotes to the monetary statements is least accurate?

Answer

Footnotes may comprise knowledge regarding contingent losses.

Footnotes supply information about assumptions and estimates used by management.

Some supplementary schedules are audited while footnotes don't seem to be audited.

Question 51

Question

Which of the following is least likely to be considered a function of a coherent financial reporting framework?

Answer

Transparency.

Stability.

Comprehensiveness.

Question 52

Question

The step in the monetary statement research framework that comes with making any appropriate adjustments to the monetary statements and calculating ratios is best possible described as:

Question 53

Question

A company's running revenues for a reporting length are most likely to be shown on its:

Answer

cash float commentary.

steadiness sheet.

income observation.

Question 54

Question

Two underlying assumptions of monetary statements, in accordance to the IASB conceptual framework, are:

Answer

going fear and accrual accounting.

accrual accounting and historic cost.

ancient price and going fear.

Question 55

Question

Which of the following absolute best describes financial reporting and fiscal statement analysis?

Answer

Financial reporting refers to how companies show their financial efficiency and fiscal research refers to using the data to make financial decisions.

The function of financial analysis is to provide details about the financial place of an entity that is helpful to a wide variety of customers.

Financial reviews assess a company's past performance in order to draw conclusions about the company's skill to generate cash and earnings in the long run.

Question 56

Question

The acquire of apparatus for ,000 money is most likely to be recorded as:

Answer

an increase in an asset account and an increase in a liability account.

an building up in one asset account and a lower in every other asset account.

an building up in two asset accounts.

Question 57

Question

An analyst can in finding a corporate's accounting policies that require significant judgement or estimates in:

Question 58

Question

Which of the following least appropriately describes a right kind use of doubleentry accounting?

Answer

A lower in a legal responsibility account would possibly be balanced by a decrease in another legal responsibility account.

A transaction might be recorded in more than two accounts.

An building up in an asset account may be balanced by an building up in an owner's equity account.

Question 59

Question

Under which framework for monetary reporting programs are the monetary remark parts comparable to performance defined as revenues, bills, gains, losses, and comprehensive source of revenue?

Question 60

Question

The step in the financial commentary analysis framework of "processing the data" is least likely to come with which activity?

Answer

Making appropriate adjustments to the financial statements.

Acquiring the corporate's monetary statements.

Preparing exhibits such as graphs.

Question 61

Question

Which description of the function of financial statements is most accurate? The purpose of monetary statements is:

Answer

to provide a wide selection of users with details about a firm's financial potentialities.

to provide financial resolution makers with helpful information about a company's monetary efficiency and adjustments in financial place. to supply securities analysts with function data about

to provide securities analysts with goal information about a firm's financial prospects.

Question 62

Question

Sergey Martinenko is an investment analyst with Profis, Martinenko and Verona. He is explaining to his new assistant, John Stevenson, why it is a very powerful for an investment analyst to read the footnotes to a company's monetary statement and the Management Discussion and Analysis (MD&A) prior to making an investment decision. Which rationale is Martinenko least likely to supply to Stevenson regarding the importance of examining the footnotes and MD&A?

Answer

The footnotes expose whether or not or now not the company is adhering to GAAP.

Evaluating the footnotes is helping the analyst assess whether or not management is manipulating income.

Accruals, changes and assumptions are steadily explained in the footnotes and MD&A.

Question 63

Question

According to the IFRS framework, timeliness is a characteristic that enhances:

Question 64

Question

Which of the following is least likely to be considered a said purpose of the International Accounting Standards Board (IASB)?

Answer

Develop international accounting standards requiring transparency, comparability, and top of the range in financial statements.

Remain neutral in the debate on the use of international accounting standards to steer clear of appearance of a war of pastime.

Account for the needs of rising markets and small corporations when implementing international accounting requirements.

Question 65

Question

Regarding the use of monetary statements in security research and choice, it might be most correct to say that:

Answer

analysts can test the accuracy of monetary statements via using a company's detailed accounting system data.

additional research of a firm's financial statements is most often now not important if the firm has conformed to acceptable accounting ideas.

analysts can use footnotes and Management's Discussion and Analysis to better perceive assumptions used in the monetary statements.

Question 66

Question

Which of the following is most likely to be thought to be a barrier to creating one universally identified set of reporting requirements?

Answer

Reluctance of companies to adhere to a unmarried set of reporting requirements.

Different standardsetting bodies of other countries disagree on the absolute best treatment of a explicit factor.

GATT already requires sufficient settlement.

Question 67

Question

Which of the following is the highest description of the monetary observation research framework?

Answer

State the purpose and context, gather data, process the knowledge, analyze and interpret the information, record the conclusions or suggestions, update the research.

Gather information, analyze and interpret the data, resolve the context, file the conclusions, replace the research.

Gather information, analyze and interpret the data, process the conclusions, assess the context, report the recommendations, replace the analysis.

Question 68

Question

Required financial statements, according to International Accounting Standard (IAS) No. 1, come with a(n):

Answer

steadiness sheet and explanatory notes.

money go with the flow remark and auditor's report.

income commentary and dealing capital abstract.

Question 69

Question

The following amounts had been drawn from the information of JME Company: general property = 1,200; general liabilities = 0; contributed capital = 0. Based in this data on my own, retained earnings should be equivalent to:

Answer

−0.

Question 70

Question

The standard auditor's report is most likely required to:

Answer

supply affordable assurance that control is dependable.

provide an "unqualified" opinion if material uncertainties exist.

supply affordable assurance that the financial statements include no subject matter mistakes.

Question 71

Question

Which of the following statements about monetary reporting requirements is least correct? Reporting standards: