(Solved) - 1. Which Of The Following Products Is Least Likely... ~ Live Science: The Most Interesting Articles, Mysteries & Discoveries

You can ask ! Earn by Contributing. Earn Free Access Learn More >. Upload Documents. Refer Your Friends.Save Question 3(2 points)A key idea in process costing that refers to the number of units that could have been started Save Question 5(2 points)Which of the following is the best explanation for why it is necessary to calculate equivalent units of many businesses with process operations is calledWhich 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...Distributed Operating System. Distributed systems use many processors located in different machines In an operating system software performs each of the function Define Operating System: An operating system is a software which acts as an interface...Many scouting web questions are common questions that are typically seen in the classroom, for homework or on quizzes and tests. Flashcards vary depending on the topic, questions and age group. The cards are meant to be seen as a digital flashcard as they...

second exam - Which of the following products is most likely to be...

An operating system (OS) is system software that manages computer hardware, software resources, and provides common services for computer programs.The production department in a process manufacturing system completed 78,000 units of product and transferred them to finished goods during a recent period. Q10. Which of the following products is most likely to be produced in a process operations system?The following information summarizes production operations and sales activities for June. The journal entry to record June sales is Which of the following products is most likely to be produced in a process operations system? Bridges Airplanes Designer bridal gowns Cereal...Let's see some important most asked Operating System Multiple Choice Questions Answers. 1. Algorithm of splitting m frames into n Which of the following a process stack does not contain A. Local variables B. Function parameters C.Both A & B D. Return...

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

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...Which 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.In an operating system, software performs each of the function: Process management :- Process management helps OS to create and II can get into the more specifics on an Operating system but this should provide you with a general understanding of how and...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.27. Which of the following characteristics does not usually apply to process operations systems? A. Each unit of product is separately identifiable. 30. Which of the following characteristics applies to process costing but not to job order cost accounting? A. Use of a predetermined overhead rate.

Question 1

Question

Which of the following is least likely to be thought to be a role of financial commentary analysis?

Answer

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

Assessing the control ability of the corporate's executives.

To make economic decisions.

Question 2

Question

A company collects cash from a customer to settle an account receivable. What effect does this transaction have on the corporate's total belongings and total shareholders' equity? Assets Equity

Answer

Increase Increase

No impact Increase

No effect No effect

Question 3

Question

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

Answer

is now not required by the SEC.

includes such items as discontinued operations, extraordinary items, and different abnormal or rare events.

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, assets equivalent liabilities plus contributed capital plus:

Answer

ending retained earnings minus starting retained profits.

starting retained earnings plus income minus expenses.

ending retained profits.

Question 5

Question

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

Answer

supplies details about changes in financial place of an entity.

uses the information in a company's financial statements to make economic selections.

is helpful to a wide selection of users.

Question 6

Question

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

Answer

,000

{title}

{content}

,000 decrease

( ,000)

{title}

{content}

,000 building up

,000

{title}

{content}

,000 increase

Question 7

Question

What is the elementary stability 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 asked via the CFO of Octabius to evaluate all purchases that came about between February 1 and February 8 to examine an error on the receiving dock. Singh will most likely have a look at the:

Answer

preliminary trial stability.

common ledger.

normal journal.

Question 9

Question

Beta Company reported the following monetary commentary knowledge: December 31, 2006: Assets ,000 Liabilities 28,000 December 31, 2007: Assets ? Liabilities 38,000 During 2007: Stockholder investments 15,500 Net source of revenue 18,000 Dividends 7,750 Calculate Beta's general property and stockholders' fairness as of December 31, 2007. Total belongings Stockholders' fairness

Answer

,750 ,000

,750 ,750

,250 ,750

Question 10

Question

An accounting entry that updates the historic price of an asset to present market levels is best described as:

Question 11

Question

Which of the following financial reporting alternatives is approved under IFRS however not under U.S. GAAP?

Answer

Netting deferred tax assets with deferred tax liabilities.

Excluding actuarial positive factors and losses from balance sheet pension pieces.

Revaluing plant and equipment upward.

Question 12

Question

Accruals are perfect described as requiring an accounting entry:

Answer

when the earliest tournament in a transaction happens.

simplest when a just right or service has been provided.

when an expense has been incurred.

Question 13

Question

Which of the following statements represents information at a specific level 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 observation for its shareholders prior to the annual assembly or other shareholder vote, it also information the statement 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 come with in a company analysis?

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 gear 26,800 Notes payable 20,000 Retained earnings 32,000 Calculate Wichita's cash and total belongings as of December 31, 2007 based totally handiest on those entries. Cash Total belongings

Answer

,800 9,600

,800 3,600

,000 9,600

Question 18

Question

A firm engages in a new sort of financial transaction that has a subject material impact on its income. An analyst must most likely be suspicious of the new transaction if:

Answer

the transaction is now not ruled via present laws.

no accounting usual exists that applies to the transaction.

control has not defined its industry purpose.

Question 19

Question

Reading the footnotes to a corporate's monetary statements and the Management Discussion & Analysis is least likely to assist an analyst decide:

Answer

how well the financial statements reflect the company's true performance.

the various accruals, changes 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 alternatives is accepted beneath IFRS however now not underneath U.S. GAAP?

Answer

Netting deferred tax assets with deferred tax liabilities.

Revaluing plant and gear upward.

Excluding actuarial good points and losses from stability sheet pension pieces.

Question 21

Question

Information about a company's financial place at a point in time is most likely found in the:

Answer

source of revenue statement.

balance sheet.

money flow observation.

Question 22

Question

Allowance for unhealthy debts and investment in affiliates are most likely to be proven as what varieties of accounts? Allowance for bad debts Investment in associates

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' record?

Answer

Statements that the financial data was once ready in accordance to GAAP.

Doubt regarding the "going concern" assumption.

Uncertainty due to litigation.

Question 25

Question

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

Answer

Liability Equity

Contraasset Contraequity

Question 26

Question

Professional organizations of accountants and auditors that determine financial reporting requirements are called:

Question 27

Question

Management disclosure of the likely affect of implementing lately issued accounting requirements is least likely to:

Answer

conclude that the standard will not impact the monetary statements materially.

conclude that the usual does not observe.

state that the impact of the standard is impossible to resolve.

Question 28

Question

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

Question 29

Question

Which of the following statements about monetary commentary analysis and reporting is least correct?

Answer

Providing information about changes in a corporate's financial position is a function of financial reporting.

Deciding whether to recommend a corporate's securities to investors is a function of financial statement research.

Financial remark analysis makes a speciality of the way companies display their financial performance to traders by means of making ready and presenting monetary statements.

Question 30

Question

According to the IASB conceptual framework, characteristics that fortify relevance and faithful illustration come with:

Answer

comparability and thoroughness.

timeliness and verifiability.

assurance and understandability.

Question 31

Question

In the monetary statement analysis framework, using the data to address the goals of the analysis and deciding what conclusions or suggestions the knowledge supports is best described as:

Question 32

Question

Jack Rivers is an investment analyst for the fairness fund of a circle of relatives place of work. The head of the circle of relatives, Charlotte Blackmon, is involved that control might be manipulating the earnings of some of the corporations that the fund invests in. Rivers explains to Blackmon, "Even even though we should not have access to the detailed transactions that underlie the monetary statements, we can be certain that management is no longer manipulating earnings because I read the footnotes to the financial statements of each corporate we invest in. The footnotes would expose any deviation from suitable accounting parameters." Rivers is:

Answer

right kind.

fallacious because even inside suitable accounting parameters, management can manipulate profits through the assumptions that depend on their discretion.

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

Question 33

Question

Which of the following statements about financial statements and reporting standards is least correct?

Answer

Reporting requirements focal point most commonly on layout and presentation and make allowance control vast latitude in assumptions.

The purpose of financial statements is to supply economic choice makers with helpful data.

Financial statements may potentially take any form if reporting standards didn't exist.

Question 34

Question

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

Question 35

Question

Washburn Motors indicators a contract to sell a 0,000 luxury sedan to be delivered subsequent month, and receives a ,000 cash down payment from the purchaser. How will the transaction most likely affect Washburn's assets 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 effects?

Answer

Increase assets and decrease liabilities.

Increase property and build up fairness.

Decrease assets and building up fairness.

Question 37

Question

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

Answer

Prepare and settle for duty for them.

Provide an opinion concerning their fairness and reliability.

Confirm property and liabilities contained in them.

Question 38

Question

An inventory of all the company's magazine entries by way of date is referred to as the:

Answer

adjusted trial balance.

common ledger.

general journal.

Question 39

Question

In addition to the audited monetary statements included in a firm's annual file, which of the following assets 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 owners' fairness.

A summary of accounting insurance policies.

Disclosures of subject matter occasions.

Question 41

Question

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

Answer

whether the disclosures have changed since the prior period.

what insurance policies are likely to be changed in future sessions.

what policies are discussed.

Question 42

Question

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

Answer

going concern.

faithful illustration.

timeliness.

Question 43

Question

The very best description of the general ledger is that it:

Answer

groups accounts into the categories which can be introduced in the financial statements.

is the place magazine entries are first recorded.

varieties the entries in the general journal by way of account.

Question 44

Question

An organization's chart of accounts is:

Answer

the set of magazine entries that makes up the components of homeowners' equity.

a detailed listing of the accounts that make up the 5 financial observation elements

used for entries that offset other accounts.

Question 45

Question

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

Answer

the relief of the top rate on a bond because it nears maturity.

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

when expected return and required return are equal.

Question 46

Question

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

Answer

Faithful illustration.

Relevance.

Conservatism.

Question 47

Question

Which of the following is the best possible description of the flow of information in an accounting system?

Answer

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

Trial stability, general ledger, common journal, financial statements.

General ledger, trial balance, general magazine, financial statements.

Question 48

Question

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

Answer

Assets simplest Assets, income, expenses, house owners' fairness

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

Assets simplest Assets and revenues only

Question 49

Question

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

Answer

Standard setting.

Transparency.

Valuation.

Question 50

Question

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

Answer

Footnotes may include knowledge regarding contingent losses.

Footnotes provide information about assumptions and estimates used by management.

Some supplementary schedules are audited whereas footnotes aren't audited.

Question 51

Question

Which of the following is least likely to be considered a feature of a coherent monetary reporting framework?

Answer

Transparency.

Stability.

Comprehensiveness.

Question 52

Question

The step in the financial commentary research framework that comes with making any suitable adjustments to the financial statements and calculating ratios is highest described as:

Question 53

Question

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

Answer

money glide statement.

stability sheet.

income statement.

Question 54

Question

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

Answer

going worry and accrual accounting.

accrual accounting and historic cost.

historic cost and going fear.

Question 55

Question

Which of the following perfect describes monetary reporting and monetary remark analysis?

Answer

Financial reporting refers to how companies display their financial efficiency and financial research refers to the usage of the data to make economic selections.

The goal of monetary research is to supply information about the financial position of an entity that is useful to a wide variety of customers.

Financial experiences assess a company's previous efficiency in order to draw conclusions about the corporate's ability to generate cash and profits in the long term.

Question 56

Question

The purchase of apparatus for ,000 cash is most likely to be recorded as:

Answer

an building up in an asset account and an build up in a legal responsibility account.

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

an build 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 way of a decrease in any other legal responsibility account.

A transaction may be recorded in more than two accounts.

An build up in an asset account may be balanced by an increase in an proprietor's fairness account.

Question 59

Question

Under which framework for monetary reporting methods are the monetary commentary elements related to performance outlined as revenues, bills, features, losses, and complete source of revenue?

Question 60

Question

The step in the monetary statement research framework of "processing the data" is least likely to come with which process?

Answer

Making suitable changes to the financial statements.

Acquiring the company's monetary statements.

Preparing shows similar to graphs.

Question 61

Question

Which description of the function of monetary statements is most correct? The goal of financial statements is:

Answer

to supply a wide variety of users with details about a company's monetary possibilities.

to supply financial resolution makers with useful information about a firm's financial efficiency and adjustments in monetary place. to provide securities analysts with purpose data about

to supply securities analysts with function knowledge about a firm's monetary potentialities.

Question 62

Question

Sergey Martinenko is an funding analyst with Profis, Martinenko and Verona. He is explaining to his new assistant, John Stevenson, why it is the most important for an funding analyst to read the footnotes to a firm's monetary observation and the Management Discussion and Analysis (MD&A) ahead of investing resolution. Which rationale is Martinenko least likely to supply to Stevenson regarding the significance of analyzing the footnotes and MD&A?

Answer

The footnotes divulge whether or not or no longer the corporate is adhering to GAAP.

Evaluating the footnotes helps the analyst assess whether or not control is manipulating earnings.

Accruals, adjustments and assumptions are steadily defined in the footnotes and MD&A.

Question 63

Question

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

Question 64

Question

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

Answer

Develop international accounting requirements requiring transparency, comparability, and high quality in monetary statements.

Remain neutral in the debate on the use of global accounting requirements to keep away from appearance of a conflict of pastime.

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

Question 65

Question

Regarding the use of financial statements in safety analysis and selection, it would be most accurate to say that:

Answer

analysts can check the accuracy of monetary statements by means of the use of a firm's detailed accounting system knowledge.

additional research of a company's financial statements is generally now not important if the firm has conformed to acceptable accounting principles.

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

Question 66

Question

Which of the following is most likely to be regarded as a barrier to creating one universally known set of reporting requirements?

Answer

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

Different standardsetting our bodies of different countries disagree on the absolute best treatment of a specific issue.

GATT already requires enough settlement.

Question 67

Question

Which of the following is the best description of the monetary statement analysis framework?

Answer

State the objective and context, gather knowledge, process the knowledge, analyze and interpret the information, document the conclusions or recommendations, replace the research.

Gather knowledge, analyze and interpret the data, determine the context, file the conclusions, update the analysis.

Gather data, analyze and interpret the data, process the conclusions, assess the context, file the suggestions, update the analysis.

Question 68

Question

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

Answer

balance sheet and explanatory notes.

cash go with the flow statement and auditor's record.

income statement and dealing capital abstract.

Question 69

Question

The following amounts were drawn from the information of JME Company: general belongings = 1,200; overall liabilities = 0; contributed capital = 0. Based on this data alone, retained earnings must be equal to:

Answer

−0.

Question 70

Question

The same old auditor's document is most likely required to:

Answer

provide cheap assurance that management is dependable.

supply an "unqualified" opinion if material uncertainties exist.

supply cheap assurance that the monetary statements include no material mistakes.

Question 71

Question

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