ML-coursera/week3_quiz2.md At Master · Gapself/ML-coursera

Is the following statement TRUE/FALSE.'The Welsh Assembly is responsible for taxation in Wales.' Is the statement below TRUE/FALSE?'The Cabinet makes important decisions about government policy.'The policy often needs to be approved by Parliament.'In the indirect method statement, the period's depreciation is added to net income because it is a source of cashc. Interest payments are included in the operating section of the direct method statementd.Which of the following statements is true about email? A). Email came into existence during the early 1950s. Which of the following is true regarding contexts for communication? A). The sociocultural context affects how individuals communicate.a. The income statement is sometimes called the statement of operations. b. The income statement reports revenues, expenses, and liabilities. [The following information applies to the questions displayed below.]Which of the following is true regarding balance sheets? On the income statement, which of the following line-items represents the amount the company's suppliers receive? A. Revenue B. Selling, general, and administrative expenses C. Interest expense D. Cost of goods sold E. Taxes.

Which one of the following statements is not true about... - Brainly.com

C is true, the bulk of digestion is done by enzymes and the control is hormonal and through the autonomic division of the nervous system.3. Is the following statement true or false ? Pre-built Flex samples are only available for Fixed Income and Foreign Exchange asset classes. 6. Which of the following statements is true with regards to Advanced Search ? C. It is not possible to edit searches using Advanced Search.An income statement or profit and loss account is one of the financial statements of a company and shows the company's revenues and expenses during a particular period. It indicates how the revenues (also known as the "top line") are transformed into the net income or net profit...This series projects AGNC's income statement for the first quarter of 2021. I am projecting AGNC will report a notable gain regarding the company's derivative instruments and other securities This especially holds true due to events that occurred towards the end of the first quarter of 2020 (liquidity...

Multiple Choice Quiz

The income statement is sometimes called statement of operations. The income statement reports revenues, expenses, and liabilities. The income statement reports the financial position of a business at a particular point in time.Is the following statement true or false? It is necessary to save a Flex Document first before saving it as a Favorite. Which 2 of the following options are available from the flyout menu next to a series name in the Datastream Charting Key Indicators page?Which of the following is true regarding the income statement: Reports financial position at a point in time. The answer is True - A missing variable in the cost of goods sold equation can typically be solved if you have 3 of the 4 main components.1. Which of the following is TRUE about the US Institute of International Education? 1) Jane Brown is its president. 2. Which of the following is NOT TRUE about the recent statistics of international education in the USA? 1) There were 23% more international students this academic year.Decide which of the following statements are true (1), false (2) or not stated (3) according to the text. Most people think that advantages are much greater. They are an excellent way to help with the problem of the graffiti in many of our cities.

Question 1

Question

Which of the following is least more likely to be thought to be a task of financial statement research?

Answer

Determining whether or not to put money into the corporate's securities.

Assessing the control talent of the corporate's executives.

To make economic decisions.

Question 2

Question

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

Answer

Increase Increase

No impact Increase

No effect No impact

Question 3

Question

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

Answer

is now not required by means of the SEC.

contains such pieces as discontinued operations, unusual pieces, and different odd or infrequent events.

contains audited disclosures that help explain 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

finishing retained profits minus beginning retained income.

beginning retained income plus income minus bills.

ending retained profits.

Question 5

Question

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

Answer

provides information about adjustments in financial position of an entity.

makes use of the information in a company's financial statements to make economic choices.

is useful to a variety of users.

Question 6

Question

Alpha Company reported the following financial statement 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 alternate in stockholders' equity for the year ended December 31, 2007. Net income Change in stockholders' fairness

Answer

,000

{title}

{content}

,000 lower

( ,000)

{title}

{content}

,000 increase

,000

{title}

{content}

,000 build up

Question 7

Question

What is the elementary 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 asked by means of the CFO of Octabius to review all purchases that took place between February 1 and February 8 to investigate an error on the receiving dock. Singh will possibly look at the:

Answer

initial trial balance.

general ledger.

normal magazine.

Question 9

Question

Beta Company reported the following financial statement 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 assets and stockholders' fairness as of December 31, 2007. Total property Stockholders' fairness

Answer

,750 ,000

,750 ,750

,250 ,750

Question 10

Question

An accounting access that updates the historical price of an asset to present marketplace levels is best possible described as:

Question 11

Question

Which of the following monetary reporting possible choices is approved underneath IFRS but no longer below U.S. GAAP?

Answer

Netting deferred tax assets with deferred tax liabilities.

Excluding actuarial beneficial properties and losses from balance sheet pension items.

Revaluing plant and kit upward.

Question 12

Question

Accruals are absolute best described as requiring an accounting access:

Answer

when the earliest match in a transaction occurs.

only when a just right or carrier has been provided.

when an expense has been incurred.

Question 13

Question

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

Question 14

Question

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

Question 15

Question

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

Answer

144.

DEF14A.

8K.

Question 16

Question

Which of the following is an analyst least more likely to rely on as objective information to include in an organization 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 equipment 26,800 Notes payable 20,000 Retained profits 32,000 Calculate Wichita's money and overall belongings as of December 31, 2007 based simplest on these entries. Cash Total assets

Answer

,800 9,600

,800 3,600

,000 9,600

Question 18

Question

A company engages in a new sort of financial transaction that has a material effect on its income. An analyst will have to in all probability be suspicious of the new transaction if:

Answer

the transaction is no longer governed through present laws.

no accounting usual exists that applies to the transaction.

control has not defined its industry function.

Question 19

Question

Reading the footnotes to an organization's monetary statements and the Management Discussion & Analysis is least prone to help an analyst determine:

Answer

how neatly the monetary statements mirror the company's true performance.

the quite a lot of accruals, changes and assumptions that went into the financial statements.

the detailed data that underlies the corporate's accounting device.

Question 20

Question

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

Answer

Netting deferred tax assets with deferred tax liabilities.

Revaluing plant and gear upward.

Excluding actuarial beneficial properties and losses from balance sheet pension items.

Question 21

Question

Information about a company's monetary place at a cut-off date is in all probability found in the:

Answer

income statement.

balance sheet.

cash waft statement.

Question 22

Question

Allowance for unhealthy money owed and investment in affiliates are in all probability to be shown as what types of accounts? Allowance for bad debts Investment in affiliates

Answer

Liabilities Asset

Contraasset Asset

Contraasset Liabilities

Question 23

Question

Characteristics of a coherent financial reporting framework are best possible 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' report?

Answer

Statements that the monetary data used to be prepared in line with GAAP.

Doubt regarding the "going concern" assumption.

Uncertainty because of litigation.

Question 25

Question

Accumulated depreciation and treasury stock are most likely to be proven as what varieties 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 called:

Question 27

Question

Management disclosure of the most probably impact of imposing just lately issued accounting requirements is least more likely to:

Answer

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

conclude that the usual does no longer apply.

state that the affect of the standard is unattainable to resolve.

Question 28

Question

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

Question 29

Question

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

Answer

Providing details about changes in an organization's monetary position is a task of monetary reporting.

Deciding whether to counsel a company's securities to investors is a task of monetary statement research.

Financial statement research specializes in the manner companies show their financial efficiency to investors through preparing and presenting financial statements.

Question 30

Question

According to the IASB conceptual framework, characteristics that strengthen relevance and trustworthy representation come with:

Answer

comparison and thoroughness.

timeliness and verifiability.

assurance and understandability.

Question 31

Question

In the financial statement analysis framework, the use of the data to handle the objectives of the research and deciding what conclusions or recommendations the information helps is easiest described as:

Question 32

Question

Jack Rivers is an funding analyst for the fairness fund of a family place of job. The head of the circle of relatives, Charlotte Blackmon, is concerned that management may be manipulating the income of some of the firms that the fund invests in. Rivers explains to Blackmon, "Even regardless that we would not have get admission to to the detailed transactions that underlie the monetary statements, we will make sure that management is no longer manipulating earnings because I read the footnotes to the monetary statements of each corporate we spend money on. The footnotes would reveal any deviation from suitable accounting parameters." Rivers is:

Answer

right kind.

mistaken because even within appropriate accounting parameters, control can manipulate profits thru the assumptions that rely on their discretion.

Financial statements could probably take any form if reporting standards did not exist.

Question 33

Question

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

Answer

Reporting standards center of attention mostly on layout and presentation and allow control wide latitude in assumptions.

The objective of financial statements is to supply financial determination makers with useful data.

Financial statements could potentially take any form if reporting standards did not exist.

Question 34

Question

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

Question 35

Question

Washburn Motors indicators a freelance to sell a 0,000 luxury sedan to be delivered next month, and receives a ,000 cash down cost from the buyer. How will the transaction possibly 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 possibly to have which of the following results?

Answer

Increase assets and reduce liabilities.

Increase belongings and increase equity.

Decrease belongings and building up equity.

Question 37

Question

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

Answer

Prepare and settle for responsibility for them.

Provide an opinion concerning their equity and reliability.

Confirm property and liabilities contained in them.

Question 38

Question

An inventory of all the firm's magazine entries by way of date is known as the:

Answer

adjusted trial stability.

common ledger.

basic magazine.

Question 39

Question

In addition to the audited monetary statements incorporated in a firm's annual file, which of the following resources of data is in all probability to contain audited information?

Question 40

Question

Which of the following is an organization least most likely required to offer consistent with International Accounting Standard (IAS) No. 1?

Answer

Statement of adjustments in owners' fairness.

A summary of accounting insurance policies.

Disclosures of subject matter occasions.

Question 41

Question

An analyst is least likely to make use of disclosures of accounting policies and estimates to guage:

Answer

whether the disclosures have changed since the prior length.

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

what policies are mentioned.

Question 42

Question

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

Answer

going concern.

trustworthy illustration.

timeliness.

Question 43

Question

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

Answer

teams accounts into the classes that are presented in the financial statements.

is where journal entries are first recorded.

varieties the entries in the common magazine by means of account.

Question 44

Question

A company's chart of accounts is:

Answer

the set of magazine entries that makes up the parts of homeowners' fairness.

an in depth list of the accounts that make up the 5 monetary statement components

used for entries that offset different accounts.

Question 45

Question

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

Answer

the relief of the top class on a bond as it nears adulthood.

the process of creating one universally approved set of accounting requirements.

when anticipated return and required return are equal.

Question 46

Question

Which of the following is least most likely a qualitative characteristic accounting data should possess so as to supply helpful knowledge to an analyst, in step with the IASB Conceptual Framework?

Answer

Faithful illustration.

Relevance.

Conservatism.

Question 47

Question

Which of the following is the easiest description of the drift of knowledge in an accounting device?

Answer

Journal entries, common ledger, trial steadiness, financial statements.

Trial stability, normal ledger, general journal, monetary statements.

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

Question 48

Question

A furniture retailer acquires a set of chairs for 0 money and sells them for $a thousand money. These transactions are in all probability to have an effect on which accounts? Purchase Sale

Answer

Assets only Assets, income, bills, house owners' equity

Assets and expenses Assets, income, expenses, owners' fairness

Assets only Assets and revenues most effective

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 might include knowledge regarding contingent losses.

Footnotes supply details about assumptions and estimates utilized by management.

Some supplementary schedules are audited whereas footnotes are not audited.

Question 51

Question

Which of the following is least prone to be thought to be a feature of a coherent monetary reporting framework?

Answer

Transparency.

Stability.

Comprehensiveness.

Question 52

Question

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

Question 53

Question

An organization's operating revenues for a reporting length are in all probability to be shown on its:

Answer

money glide statement.

balance sheet.

income statement.

Question 54

Question

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

Answer

going fear and accrual accounting.

accrual accounting and ancient price.

ancient cost and going fear.

Question 55

Question

Which of the following highest describes monetary reporting and fiscal statement analysis?

Answer

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

The objective of monetary analysis is to offer details about the monetary position of an entity that is useful to a wide range of users.

Financial experiences assess an organization's past efficiency with the intention to draw conclusions about the corporate's ability to generate money and profits in the future.

Question 56

Question

The acquire of apparatus for ,000 cash is in all probability to be recorded as:

Answer

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

an increase in a single asset account and a decrease in some other asset account.

an build up in two asset accounts.

Question 57

Question

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

Question 58

Question

Which of the following least correctly describes a proper use of doubleentry accounting?

Answer

A lower in a legal responsibility account may be balanced by means of a lower in every other liability account.

A transaction could also be recorded in additional than two accounts.

An increase in an asset account could also be balanced via an build up in an proprietor's fairness account.

Question 59

Question

Under which framework for financial reporting systems are the monetary statement components related to performance defined as revenues, expenses, features, losses, and comprehensive income?

Question 60

Question

The step in the monetary statement analysis framework of "processing the data" is least prone to include which task?

Answer

Making suitable adjustments to the financial statements.

Acquiring the corporate's monetary statements.

Preparing shows corresponding to graphs.

Question 61

Question

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

Answer

to offer a wide range of users with details about a company's monetary prospects.

to offer financial resolution makers with helpful information about a firm's financial performance and adjustments in financial place. to offer securities analysts with purpose information about

to provide securities analysts with purpose data a couple of firm's financial prospects.

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 a very powerful for an investment analyst to read the footnotes to a firm's monetary statement and the Management Discussion and Analysis (MD&A) before investing decision. Which rationale is Martinenko least most likely to provide to Stevenson regarding the significance of examining the footnotes and MD&A?

Answer

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

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

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

Question 63

Question

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

Question 64

Question

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

Answer

Develop global accounting requirements requiring transparency, comparability, and top of the range in financial statements.

Remain impartial in the debate on the use of global accounting requirements to steer clear of look of a warfare of pastime.

Account for the needs of emerging markets and small companies when implementing world accounting requirements.

Question 65

Question

Regarding the use of financial statements in security analysis and selection, it will be maximum accurate to say that:

Answer

analysts can test the accuracy of financial statements by means of using a firm's detailed accounting system data.

additional research of a company's monetary statements is most often not important if the company has conformed to acceptable accounting rules.

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

Question 66

Question

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

Answer

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

Different standardsetting our bodies of other countries disagree on the best possible treatment of a particular issue.

GATT already requires enough agreement.

Question 67

Question

Which of the following is the best possible description of the financial statement analysis framework?

Answer

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

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

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

Question 68

Question

Required monetary statements, in keeping with International Accounting Standard (IAS) No. 1, include a(n):

Answer

stability sheet and explanatory notes.

cash glide statement and auditor's file.

income statement and dealing capital abstract.

Question 69

Question

The following quantities had been drawn from the records of JME Company: total assets = 1,200; total liabilities = 0; contributed capital = 0. Based in this knowledge on my own, retained earnings must be equal to:

Answer

−0.

Question 70

Question

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

Answer

supply cheap assurance that control is reliable.

supply an "unqualified" opinion if material uncertainties exist.

supply affordable assurance that the monetary statements include no subject material errors.

Question 71

Question

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

Answer

slender the vary within which control estimates may also be observed as cheap.

are disclosed on Form 8K by means of publicly traded firms in the United States.

make sure that the knowledge is "useful to a wide range of users."

Question 72

Question

Which of the following statements relating to the notes to the audited monetary statements of an organization is least correct? Financial statement notes:

Question 73

Question

Desirable attributes of accounting standardsetting our bodies least likely include:

Answer

making choices which can be in the public passion.

working independently of stakeholders.

having transparent and constant standardsetting processes.

Question 74

Question

Which of the following is least prone to be to be had on EDGAR (Electronic Data Gathering, Analysis, and Retrieval System)?

Question 75

Question