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Chapters 1-4 The Accounting Cycle
Chapters 5-8 Current Assets
Chapters 9-11 Long-Term Assets
Chapters 12-14 Liabilities/Equities
Chapters 15-16 Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20 Managerial/Cost
Chapters 21-24 Budgeting/Decisions

Chapter 15 - Goals Achievement

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Chapter 15 – Goals Achievement

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Goals Achievement
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Question 1 of 15

1. Question
The utilization of a prior period adjustment is appropriate for:
- correction of an error
- an appropriation
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Question 2 of 15

2. Question
Changing from one generally accepted accounting method to another one should be accounted for via:
- retrospective adjustment
- restatement
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Question 3 of 15

3. Question
Earnings per share is a popular measure of corporate book value.
- true
- false
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Question 4 of 15

4. Question
Which of the following takes into account potential dilution from convertible securities?
- basic earnings per share
- diluted earnings per share
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Question 5 of 15

5. Question
Book value per share is the same as fair value per share.
- true
- false
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Question 6 of 15

6. Question
When two classes of stock are outstanding, the book value per share computation involves dividing total stockholders’ equity by the sum of the number of common and preferred shares outstanding.
- true
- false
Correct

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Question 7 of 15

7. Question
The dividend payout ratio is calculated by dividing dividends per share by:
- earnings per share
- stock price per share
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Question 8 of 15

8. Question
One specific objective of financial accounting is to provide information useful in assessing the amounts, timing, and uncertainty of an organization’s:
- cash flows
- sales projections
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Question 9 of 15

9. Question
Financial statements are generally regarded as:
- general purpose
- special purpose
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Question 10 of 15

10. Question
Which characteristic of financial accounting pertains to the degree to which information bears on the decision-making process?
- relevancy
- reliability
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Question 11 of 15

11. Question
The establishment of generally accepted accounting principles means that all organizations record and measure financial activity in the same manner.
- true
- false
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Question 12 of 15

12. Question
The private sector group responsible for the establishment of financial accounting rules is the:
- Securities and Exchange Commission
- Financial Accounting Standards Board
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Question 13 of 15

13. Question
A presumption that a business will continue to operate for an indefinite period of time unless there is substantial evidence to the contrary is the:
- going-concern assumption
- periodicity assumption
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Question 14 of 15

14. Question
If a foreign currency account payable is established in the accounts at $0.50 per unit, and the exchange rate subsequently changes to $0.60 per unit, then which of the following will result?
- exchange gain
- exchange loss
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Question 15 of 15

15. Question
Exchange gains and losses should be recognized on the date of settlement of the foreign currency payable or receivable, and also:
- at the end of each accounting period
- on the day the transaction creating the payable or receivable occurs
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Chapters 1-4
Chapters 5-8
Chapters 9-11
Chapters 12-14
Chapters 15-16
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20
Chapters 21-24
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