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Upwork Finance and Accounting

Financial Reporting Test 2016

Published by:

1. Which of the following is not a fundamental of accounting?

Answers:

  1. Materiality
  2. Timeliness
  3. Matching
  4. Magnitude

2. What does the indirect method of preparing the cash flow statement effectively accomplish?

Answers:

  1. It keeps the use of cash vague so the reader cannot tell the exact use
  2. It is a less detailed summary version of use of cash
  3. It takes the accrual basis of accounting and converts it to cash basis
  4. It shows the reader how well the management is performing

3. Which cash collection technique is the most cost-effective for companies with many locations?

Answers:

  1. Self-addressed stamped envelopes
  2. Centralized collection system
  3. Lockbox system
  4. Using a post office box
  5. Regional collection offices

4. How does Treasury Stock differ from Trading Stock?

Answers:

  1. Treasury stock is an indication that a company is failing
  2. Treasury stock has no voting or dividend rights
  3. Treasury stock is looked negatively upon by the investment community
  4. Treasury stock can be resold to employees at a discount

5. How often do companies typically generate standard financial reports?

Answers:

  1. Yearly
  2. Quarterly
  3. Monthly
  4. Daily

6. What is one procedure a Company Manager would take to make the information on financial reports more useful for examination?

Answers:

  1. Hire an auditor to validate the company reports
  2. Use the information on the financial reports to do a financial analysis, creating comparable ratios
  3. Compare it to other companies
  4. Change the statement of cash flows to be the direct method

7. How does the income statement of a charity differ from that of a public company?

Answers:

  1. Charities typically have higher overhead expenses such as management wages
  2. Charities produce a similar report which shows funding sources, and program expenses and other commitments
  3. Charities do not generate cash via a revenue model, and do not produce any statements
  4. Charities report each donation as taxable income

8. In what general way do investors use the information in the financial statements?

Answers:

  1. To determine if a company is worth investing in
  2. To determine if a company is too top heavy with management
  3. To look for irregularities and report them to the authorities
  4. To look for insider trading

9. Which of the following is not a part of cost of goods sold?

Answers:

  1. Raw material
  2. Labor
  3. Capital
  4. All of the above are part of cost of goods sold

10. Which of the following does Financing Activities not include?

Answers:

  1. Payments to vendors
  2. Payments of dividends to company shareholders
  3. Payments to repurchase company shares
  4. Repayment of debt

11. A company declares a dividend. What is its effect on the cash?

Answers:

  1. It increases Cash
  2. It decreases Cash
  3. There is no change
  4. It depends on the dividend date

12. How are the Cash Flow Statement and Balance Sheet related?

Answers:

  1. Changes in Accounts Receivable and Accounts Payable are reflected on the Cash Flow Statement
  2. Accounts Receivable is determined by analyzing the Cash Flow statement
  3. Ending Inventory is calculated using the Cash Flow statement
  4. They are not linked directly

13. Which is/are the primary financial statements used to measure liquidity?

Answers:

  1. Balance Sheet
  2. Income Statement
  3. Balance Sheet and Income Statement
  4. Cash Flow Statement and Balance Sheet

14. What is the primary reason a government entity would want to look at a company’s financial statements?

Answers:

  1. To look whether ethical standards meeting expectations
  2. To determine if the company is committing tax fraud or evasion
  3. To determine if a company has an offshore bank account
  4. To determine tax liability

15. A company pays out a previous declared common stock dividend. What is its effect on the cash?

Answers:

  1. It will decrease
  2. It will increase
  3. There would be no change
  4. It depends on the dividend date

16. What is the purpose of a trial balance?

Answers:

  1. To act as a worksheet, making sure all debits equal all credits, as well as aid in the discovery of issues
  2. To be shown to the public along with all other financial statements
  3. To determine if cash reserves are adequate
  4. To demonstrate to management the profitability of the company

17. The best financial report to see a company’s cash balance is ______.

Answers:

  1. Balance Sheet
  2. Income Statement
  3. Margin Analysis

18. Which of the following errors/s can a trial balance be used to detect?

Answers:

  1. An incorrect reversing entry
  2. The omission of payroll raises
  3. An entry where both sides of the transaction are entered as a debit
  4. The lack of a prepaid expense entry

19. What purpose would a company’s financial statements have for the lending institutions?

Answers:

  1. To determine if management is too top heavy
  2. To change a company’s agreed upon interest rate without telling them
  3. To look for a reason to break a loan agreement
  4. To determine if the company is meeting current covenants in their existing debt agreement

20. Financial managers use the _____________ to plan for monthly financing needs.

Answers:

  1. capital budget
  2. cash budget
  3. pro forma
  4. income statement

21. What is another name for the Balance Sheet?

Answers:

  1. Income Statement
  2. Statement of Income
  3. Cash Inflows & Outflows
  4. Statement of Financial Position

22. How are the Cash Flow Statement and Balance Sheet related?

Answers:

    1. The ending cash balance on the Balance Sheet is transferred to the current period Cash Flow Statement
    2. There is no relation
    3. If the cash flow statement is prepared, the balance sheet does not have to show cash

<li>Ending cash balance from the Cash Flow Statement is transferred to the Balance Sheet

23. What are the four traits of a useful financial statement?

Answers:

  1. Material, Timely, Accurate, Cash Basis
  2. Bi Weekly, Audited, Outsourced, Comparable
  3. Relevant, Accurate, Cash Basis, Bi Weekly
  4. Understandable, Relevant, Reliable, Comparable

24. Which of the following errors/s can a trial balance be used to detect?

Answers:

  1. A calculation error resulting in sales tax being entered twice
  2. The omission of depreciation on a new asset purchase
  3. A transposition error when entering the credit side of an entry
  4. A missing payroll entry

25. What is the purpose of an income statement?

Answers:

  1. To show the reader how the company made and spent money in the period presented
  2. To examine income tax liability
  3. To show how much cash was generated in the period presented
  4. To determine management bonuses at year end

26. What is Treasury Stock?

Answers:

  1. Stock purchased by the U.S. Treasury Department
  2. Stock repurchased by the issuing company, reducing the amount of stock outstanding in the open market
  3. Stock purchased by the treasurer of the company for their personal portfolio
  4. Stock not allowed to be purchased in the first 30 days after IPO

27. How do investors turn the information on the financial statements into more useful data which is comparable to other companies?

Answers:

  1. Read all of the notes
  2. Skip to the net income number, the only important number
  3. Track cash balance
  4. Perform financial analysis

28. What is another name for the Income Statement?

Answers:

  1. Income Statement
  2. Profit & Loss Statement
  3. Statement of Cash Flows
  4. Statement of Financial Position

29. Which is/are the primary financial statements used to measure solvency?

Answers:

  1. Balance Sheet
  2. Income Statement
  3. Balance Sheet and Income Statement
  4. Cash Flow Statement and Income Statement

30. The formula to calculate Ending Retained Earnings is ______.

Answers:

  1. Ending Retained Earnings = Cash + Current Assets – Fixed Assets
  2. Ending Retained Earnings = Beginning RE – Investments – Dividends Paid + Net Income
  3. Ending Retained Earnings = Investments + Dividends – Net Income
  4. Ending Retained Earnings = Change in Accounts Receivable – Change in Accounts Payable

31. The three sections of a Statement of Cash Flows are _____.

Answers:

  1. Leverage, liquidity, financing
  2. Operating, investing, profit
  3. Operating, investing, financing
  4. Sales, investing, financing
  5. Operating, investing, borrowing

32. What does GAAP stand for?

Answers:

  1. General Accounting Accrual Procedures
  2. Generally Accepted Accounting Principles
  3. Gap Accounts receivable Accounting Practices
  4. General Accounting Accounts Payable

33. Which financial statement best allows a firm to assess its ability to pay dividends?

Answers:

  1. Statement of Cash Flows
  2. Income Statement
  3. Balance Sheet
  4. Statement of Operations

34. What is one possible use employees would have of the company financial statements?

Answers:

  1. It helps the unionized workers to determine their collective bargaining agreements
  2. It helps the employees to buy shares of the company before a big news release hits
  3. It helps the employees to demonstrate their own personal contribution to the company
  4. It helps in creating human resource policies

35. Which of the following are the 3 main sections of Statement of Cash Flows?

Answers:

  1. Current, Long term, Near Term
  2. Net Income, Gross Margin, Revenues
  3. Assets, Liabilities, Equity
  4. Operating, Investing, Financing

36. Which of the following does the cash flow cycle measure?

Answers:

  1. The time between purchase of raw materials and collection of cash
  2. The time it takes to invest liquid funds
  3. The time it takes for a check to get cleared in the bank
  4. The maturity date of corporate bonds
  5. The time between offering a marketable security and receiving funds from sale of one

37. Which of the following transactions would have no impact on the stockholder’s equity?

Answers:

  1. Purchase of land from the proceeds of a bank loan
  2. Dividends to stockholders
  3. Net loss
  4. Investments in cash by stockholders

38. Which of the following transactions is a non cash event but would be disclosed in the notes of the Statement of Cash Flows?

Answers:

  1. Exchange of shares for cash
  2. Investment of cash in exchange for a note receivable
  3. Exchange of shares for an asset
  4. Payment of accounts payable

39. What does the Balance Sheet reflect?

Answers:

  1. Net changes over a period of time
  2. Only annual balances
  3. Net Income over a period of 1 month
  4. A specific point in time

40. How does Gross Income differ from Net Income?

Answers:

  1. Gross Income determines the company’s cash flow, Net Income does not
  2. Gross Income includes several fixed costs, Net Income does not
  3. Gross Income includes all fixed costs, Net Income does not include any
  4. Gross Income measures profitability before operating expenses, whereas Net Income is calculated after all operating expenses

41. What is historical value?

Answers:

  1. Prices adjusted for inflation
  2. The current sale value of an asset
  3. The original cost or price paid for an asset
  4. The average value of an asset

42. When a company files a statement of their financial plans for the next two years with the SEC, it is called a ______.

Answers:

  1. Market plan
  2. Shelf registration
  3. Stock plan
  4. Statement of intent
  5. Prospectus

43. What does Treasury Stock appear on the balance sheet as?

Answers:

  1. As a reduction of opening Retained Earnings/li>
  2. As a positive entry in the equity section
  3. As Dividends Paid
  4. As a negative entry in the equity section

44. What are the main categories of a balance sheet?

Answers:

  1. Sales, COGS, Operating Expenses, Net Income
  2. Assets, Liabilities, Equity
  3. Retained Earnings, Current Assets, Current Liabilities
  4. Cash, Accounts Receivable, Fixed Assets, Long Term Assets

45. What way is government accounting different from public company accounting?

Answers:

  1. Government accounting has far more rules than public company accounting
  2. Government accounting occurs only once per decade
  3. The chart of accounts and financial statements are classified and organized differently
  4. Governments trade their shares in a different market than Public companies and thus report differently

46. What is the one problem while comparing financial statements with companies based in different countries?

Answers:

  1. Countries use different accounting standards, comparisons can only be made directly with countries using GAAP
  2. The exchange rate needs to be applied
  3. Other countries do not audit their financial statements as thoroughly
  4. Product lines are completely different making a comparison unusable

47. Which is the primary financial statement used to measure profitability?

Answers:

  1. Balance Sheet
  2. Income Statement
  3. Cash Flow Statement
  4. None of the above

48. How are the income statement and balance sheet linked?

Answers:

  1. Cash from the balance sheet transfers to the income statement
  2. They are not linked directly
  3. All debt payments show on both the income statement and balance sheet
  4. Net income from the income statement transfers to the balance sheet equity section

49. Which method of preparing the statement of cash flows begins with Net Income?

Answers:

  1. Direct
  2. Indirect
  3. Current Period
  4. Accrual

50. By doing/issuing which of the following could a company raise short-term funds by selling receivables and inventory?

Answers:

  1. By factoring
  2. By pledging inventory
  3. By line of credit
  4. By Notes
  5. By term loan

51. How would the financial statements be useful for a Company Manager?

Answers:

  1. To decide whether to buy more stock or sell off the stock they own before financial reports become public
  2. To compete against other departments for best sales
  3. To make operational decisions based on comparing past and current results
  4. To decide whether to double fixed assets in the next period

52. What is one possible use employees would have for the company financial statements?

Answers:

  1. Employees can justify larger personal expense reports if the company is doing well
  2. The better the company is performing, the more leeway the employees have for making small mistakes
  3. Employees have a vested interest in the company for job security and any equity incentive they have
  4. The employees can proof read the reports once they are public, looking for possible errors to report to the SEC

53. What is the purpose of the statement of cash flows?

Answers:

  1. To demonstrate how the company used their cash in the period reported
  2. To show net income
  3. To show how much cash the company collected in the period reported
  4. To show outstanding loans and loan payments made

54. Pro forma statements are _______ statements.

Answers:

  1. actual
  2. projected
  3. previous years’
  4. next years’

55. Retained earnings will change over time because of several factors. Which of the following factors would lead to an increase in the Retained Earnings?

Answers:

  1. Net loss
  2. Net income
  3. Dividends
  4. Investments by stockholders

56. Which is/are the primary financial statements used to measure stability?

Answers:

  1. Balance Sheet
  2. Income Statement
  3. Balance Sheet and Income Statement
  4. Statement of Cash Flows and Income Statement

57. Which of the following is a difference between a public company and a private one?

Answers:

  1. Public companies use different accounting software than private ones
  2. Public companies will always have more employees than a private one
  3. Only public companies can form corporations
  4. Public companies must have audited financial statements and prepared SEC reports

58. What is the purpose of an audit?

Answers:

  1. To look for fraud
  2. To make-work project for CPA’s
  3. To verify that statements made by the company are true based on an independent party’s evaluation
  4. To look for additional tax liability

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Upwork Finance and Accounting

Financial Forecasting Test 2016

Published by:

1. A company has a post-money valuation of $500,000. The last investor put in $100,000. The pre-money valuation before the investor came in was _________________.

Answers:

  1. $400,000
  2. $600,000
  3. $1,000,000
  4. $100,00

2. Why does a Balance Sheet balance (assets = liabilities + equity)?

Answers:

  1. It is required by law.
  2. Companies force it to balance.
  3. Accounting is a double-entry system of equal debits and credits.
  4. Auditors make adjustments to make it balance.

3. The primary financial statements that are forecast are _________________.

Answers:

  1. income statement only
  2. retained earnings and cash flow
  3. balance sheet and trial balance
  4. income statement, balance sheet, and cash flow

4. Which of the following is NOT an operating expense?

Answers:

  1. Rent
  2. Accounts Payable
  3. Insurance
  4. Bank fees

5. An operating budget in a corporate setting is usually prepared ________________.

Answers:

  1. for the following fiscal year
  2. for the next 5 years
  3. one month at a time
  4. None of the above; an operating budget is not typically created in a corporate setting.

6. Why would a company perform a variance/sensitivity analysis?

Answers:

  1. It is a required financial statement.
  2. Auditors will ask for it.
  3. Shareholders require the document.
  4. To see how the forecast model changes based on changing dynamic inputs

7. Depreciation on the Balance Sheet reflects ___________________.

Answers:

  1. the current period depreciation
  2. Tax Liability
  3. Total Assets
  4. cumulative depreciation on fixed assets

8. For which of the following company structures is it easiest to issue shares?

Answers:

  1. LLC
  2. C Corporation
  3. Sole Proprietorship
  4. LLP

9. Why might someone forecast future years as one annual number?

Answers:

  1. The forecaster is lazy.
  2. It is the best method for forecasting future years.
  3. It saves management time and energy.
  4. Because it is difficult to predict what will happen, applying a growth percentage to the year is the most reasonable assumption.

10. Why is it reasonable for a startup company to forecast a Net Loss for several years?

Answers:

  1. A company can never make money in its first years.
  2. It reduces tax liability in future years.
  3. As the company launches and grows, expenses will often exceed any revenue-generating abilities; hence, the expected payoff will not come until future years.
  4. It’s not reasonable and should not be done.

11. Which of the following represents three possible revenue streams for an online venture?

Answers:

  1. Product Sales, In-Store Sales, Bulk Purchases
  2. Ad Revenue, Affiliate Revenue, Product Sales
  3. In-Store Sales, Ad Revenue, Product Sales
  4. In-Store Sales, Affiliate Revenue, Product Sales

12. For a startup company looking to gain investor interest, which of the following seems like a reasonable amount of time to forecast ahead?

Answers:

  1. 6 months
  2. 1 year
  3. 5 years
  4. 20 years

13. Revenues on the Profit & Loss should be changed ___________________.

Answers:

  1. by inputting them directly into the cells
  2. through the accounting system
  3. by showing change in cash flow
  4. by changing assumptions on the assumptions page

14. Is income tax forecasted?

Answers:

  1. Yes, usually
  2. Never
  3. Not unless required by the country law
  4. Yes, but only if the company is forecasted to earn over $1 million

15. Which of the following would NOT be included on a summary page?

Answers:

  1. Cash Balance
  2. Net Income
  3. Payroll Expense
  4. Total Equity

16. Which of the following parties should be kept in mind when creating a financial forecast?

Answers:

  1. The government
  2. The end user
  3. The financial model builder
  4. The Board of Directors

17. What does an increasing trend in Accounts Payable indicate for a company?

Answers:

  1. It indicates nothing in particular.
  2. The company is making better use of its cash and is not paying bills as quickly.
  3. Cash is being mismanaged.
  4. Net Income is increasing.

18. The Net Income on the Cash Flow Forecast comes from the __________________.

Answers:

  1. Balance Sheet
  2. Statement of Retained Earnings
  3. Forecasted Profit & Loss Statement
  4. Variance Analysis

19. Why is Change in Accounts Payable added back to Net Income?

Answers:

  1. There is no reason to do so.
  2. An increase in AP reflects the fact that the company did not spend cash on paying its bills.
  3. It is required by the SEC.
  4. It is required by IRS tax law.

20. To calculate a worst case scenario, a company would ____________ and ____________.

Answers:

  1. increase revenue streams, decrease operating expenses
  2. increase operating expenses, increase revenues
  3. decrease revenues, increase operating expenses
  4. show no change to revenue, show change only to operating expenses

21. A capitalization summary would show ______________________.

Answers:

  1. Net Income, Cash, and Retained Earnings
  2. Operating Expenses and Tax Liability
  3. Change in Accounts Receivable
  4. Valuation, Investment, and Ownership %

22. In what way are the Income Statement and the Cash Flow Statement linked in a dynamic forecast?

Answers:

  1. Change in Accounts Receivable is carried forward to the Cash Flow Statement.
  2. Depreciation Expense is carried forward to the Cash Flow Statement.
  3. Net Income is carried over to the first line of the Cash Flow Statement.
  4. Rent expense is used on the Cash Flow Statement.

23. Net Income on the Balance Sheet reflects _______________.

Answers:

  1. Net Income for the current month
  2. year-to-date Net Income
  3. Change in Assets from inception
  4. Tax liability

24. What is meant by the term “post-money valuation”?

Answers:

  1. The valuation of a company before collecting accounts receivable
  2. The valuation of a company after collecting all accounts receivable
  3. The valuation of a company after an investment round
  4. The valuation of a company before an investment round

25. One method of calculating the valuation of a company is ________________.

Answers:

  1. Accounts Payable change
  2. Discounted Cash Flows
  3. Retained Earnings Growth
  4. Tax Liability discounted

26. The purpose of a worst case analysis is to _____________________.

Answers:

  1. show the best possible result
  2. advise the reader not to invest
  3. show that management is competent
  4. show what the results would be if things do not work out as forecasted

27. Should a summary include metrics such as Gross Margin %?

Answers:

  1. Yes, they are good high-level indicators.
  2. Yes, it is required by law.
  3. No, they are excessive information.
  4. No, they are too complex for a summary.

28. Which of the following would most likely be included on a summary page for Balance Sheet data?

Answers:

  1. Total Assets, Total Liabilities, Total Equity
  2. Net Income, Total Sales, Total Operating Expense
  3. Cash Balance, Cash Inflows, Cash Outflows
  4. Retained Earnings and Cash

29. Operating expenses should ____________________.

Answers:

  1. be summarized, showing one lump sum per period
  2. be organized by department
  3. be detailed, showing each line item that the actual P&L will have
  4. not be included

30. In what way are the Cash Flow Statement and the Balance Sheet linked in a dynamic forecast?

Answers:

  1. They are not interrelated.
  2. Cash from the Cash Flow Statement is carried over to the Balance Sheet cash line.
  3. Equity from the Balance Sheet is transferred to the Cash Flow Statement.
  4. Accounts Receivable is transferred from the Cash Flow Statement to the Balance Sheet.

31. How is income tax forecasted?

Answers:

  1. By applying the prevailing corporate tax rate to any income for the period
  2. By showing it escalating over time
  3. By assuming zero unless profits exceed $1 million
  4. By tax professionals who handle forecasting separately

32. In which of the following ways would typical Rent Expense be modeled?

Answers:

  1. Consistent over the next five years
  2. Based on average rent in major metropolitan areas
  3. Always assuming a 10% growth per year
  4. Related to both the number of employees and natural increases in rent

33. The term “burn rate” refers to ______________.

Answers:

  1. the total operating expenses
  2. the amount of cash a company spends on average in a given period
  3. the total fixed asset expenditures
  4. revenue growth

34. Capitalization is defined as ______________________.

Answers:

  1. the debt structure of a company
  2. the capital structure of a company
  3. current assets
  4. the annual net income

35. In what way are the Income Statement and the Balance Sheet linked in a dynamic forecast?

Answers:

  1. Change in Accounts Receivable is determined on the Income Statement.
  2. Ending cash balance is brought from the Income Statement to the Balance Sheet.
  3. There is no relationship between the two.
  4. Net income is carried over to the Equity section.

36. Another way to express the Balance Sheet formula is ________________.

Answers:

  1. Cash = Liabilities
  2. Equity = Assets – Liabilities
  3. Net Income = Assets – Liabilities
  4. Retained Earnings = Assets + Liabilities

37. Which of the following would one expect to be the highest expense?

Answers:

  1. Liability insurance
  2. Salaries
  3. Benefits
  4. Office supplies

38. In which of the following sections would Change in Accounts Receivable be recorded?

Answers:

  1. Cash from Investing
  2. Net Income
  3. Cash from Operations
  4. Cash from Financing

39. Which of the following decisions could be made by looking at the Balance Sheet?

Answers:

  1. To move offices
  2. To invest excess cash into higher-yield investments
  3. To reduce employee benefits
  4. To outsource payroll functions

40. Which of the following is the accepted format for a forecasted Balance Sheet?

Answers:

  1. Expenses first, then Revenue
  2. Revenue, COGS, Operating Expenses
  3. Taxes, COGS, Revenue, Operating Expenses
  4. Assets, Liabilities, Equity

41. What is meant by the term “pre-money valuation”?

Answers:

  1. The valuation of a company before collecting accounts receivable
  2. The valuation of a company after collecting all accounts receivable
  3. The valuation of a company after an investment round
  4. The valuation of a company before an investment round

42. Which of the following would be the most useful forecasting interval?

Answers:

  1. Monthly
  2. Quarterly
  3. Yearly
  4. Weekly

43. Why is it important to create assumptions for all possible changing variables?

Answers:

  1. It’s not important; there is no real value in doing so.
  2. It makes the model overly complex and difficult to use.
  3. It allows the user to avoid paying taxes.
  4. It makes future updates to the model easier because the user does not need to search for numbers embedded in formulas in the financial statements.

44. The most logical formatting convention for assumptions would be ___________________.

Answers:

  1. to use a 10-color coding scheme
  2. to spread assumptions throughout the entire model
  3. to outline and use red text in all input cells, and to add a note at the top of the assumptions stating that only red-text cells are to be changed, with uniform formatting and assumptions placement
  4. to use no particular formatting, but to make the assumptions simple with black text and no highlighting

45. Which of the following decisions would best be made by looking at cash flow?

Answers:

  1. Decisions about inventory management
  2. Decisions about tax planning
  3. The decision to spend less on capital assets and pay down payables in the next period
  4. The decision to increase production

46. To be as specific as possible, a revenue forecast should ______________.

Answers:

  1. be summarized by year
  2. be summarized by quarter
  3. be detailed month by month
  4. show a total for five years

47. Ad Revenue, which is revenue generated by placing advertisements of other companies on your site, can be modeled by _________________.

Answers:

  1. assuming a fixed amount each year and applying it to all years
  2. assuming that Google’s ad rates apply
  3. figuring the average revenue per ad multiplied by the expected number of advertisement spots in a given period
  4. figuring the average sales revenue on other products

48. The majority ownership of a private company is typically held by __________________.

Answers:

  1. private bankers
  2. venture capital firms
  3. employees
  4. company officers

49. In general, a financial plan can be defined as _____________________.

Answers:

  1. a plan for spending, saving, and generating revenue
  2. a 10-year strategy plan
  3. the prior year’s financial reports
  4. a plan to be used only by the Board of Directors

50. Why would an investor be interested in a company’s pre-money valuation?

Answers:

  1. The investor is required by law to ask for the pre-money valuation.
  2. Knowing the valuation allows the investor to secretly calculate how much he can expect in return.
  3. Knowing the valuation helps the investor put his investment in perspective and understand how it is relative to the capital already in the company.
  4. Knowing the valuation gives the investor the ability to calculate net income.

51. In which of the following sections would a startup company record an investment by a venture capital firm?

Answers:

  1. Cash from Investing
  2. Net Income
  3. Cash from Operations
  4. Cash from Financing

52. In what way are the Balance Sheet and the Cash Flow Statement linked in a dynamic forecast?

Answers:

  1. There is no relationship between the two.
  2. Changes in Accounts Receivable are carried over to the Cash Flow Operating Activities section.
  3. Net Income is determined on the Balance Sheet and carried over to the Cash Flow Statement.
  4. Tax liability is calculated using both statements.

53. The term “revenue driver” refers to ____________________.

Answers:

  1. the per-unit sales price
  2. any factor that drives revenue, such as site impressions
  3. the total revenue by product
  4. the total revenue

54. A simple method of calculating variance is to _________________.

Answers:

  1. apply a percentage increase/decrease to each line item on the P&L
  2. build an entirely new model for each
  3. use current interest rates
  4. look at the company’s FICA score

55. Which of the following is the accepted format for a forecasted P&L?

Answers:

  1. Expenses first, then Revenue
  2. Revenue, COGS, Operating Expenses
  3. Taxes, COGS, Revenue, Operating Expenses
  4. Assets, Liabilities, Equity

56. What is the purpose of a summary page?

Answers:

  1. It is required by the IRS.
  2. It saves the financial model creator from having to delve into details.
  3. It makes the financial model creator look smart.
  4. It gives a quick overview of the forecasted outcomes for various financials.

57. Would it be better to create detailed input that individually forecasts expenses or to create a simple, one-line input for Operating Expenses?

Answers:

  1. Simple input: it will save the end user a lot of time.
  2. Simple input: it’s not worth figuring out the specifics of Operating Expenses.
  3. Detailed input: each expense grows based on different variables.
  4. Detailed input: the model looks more impressive if there are more line items.

58. A normal revenue model will _______________.

Answers:

  1. decline in revenue due to restructuring
  2. decline in revenue as the initial buzz wears off
  3. have straight line revenues
  4. increase revenues over time

59. For most new ventures in the process of creating a forecast, the expense that warrants the most detailed analysis and input is _____________.

Answers:

  1. wages
  2. rent
  3. telephone and utilities
  4. benefits

60. Overall, what is the purpose of a Cash Flow Statement?

Answers:

  1. It shows how the company received and spent cash each period.
  2. It is used to determine whether a company should pay dividends.
  3. It shows Net Income.
  4. It determines tax liability.

61. To calculate a best case scenario, a company would ____________ and ____________.

Answers:

  1. increase revenue streams, decrease operating expenses
  2. increase operating expenses, increase revenues
  3. decrease revenues, increase operating expenses
  4. show no change to revenue, show change only to operating expenses

62. What purpose does a central assumptions input tab serve in an Excel-based forecast?

Answers:

  1. It adds a level of complexity.
  2. It helps create an easy-to-use spreadsheet in which all inputs are located in one place.
  3. There is no particular purpose for it; it is simply required by law.
  4. There is no particular purpose for it; it is simply required by the SEC.

63. Naming assumption cells is helpful because ____________________.

Answers:

  1. it allows for easier creation and tracking of formulas built into the model
  2. formulas will not work unless they are named
  3. it prevents subsequent users from editing the cells
  4. management cannot decipher any hidden references

64. Companies calculate their valuation for the purpose of _____________________.

Answers:

  1. determining their Net Income
  2. seeing if they can get credit from the bank
  3. determining their tax liability
  4. using the outcome as a basis for working with investors and deciding how much equity an investment is worth

65. The basic formula for a Balance Sheet is __________________.

Answers:

  1. Cash = Liabilities
  2. Assets = Liabilities + Equity
  3. Net Income = Assets – Liabilities
  4. Retained Earnings = Assets + Liabilities

66. Which of the following is the accepted format for a forecasted Cash Flow Statement?

Answers:

  1. Net Income, Operating Activities, Financing Activities, Investing Activities
  2. Revenue, COGS, Operating Expenses
  3. Taxes, COGS, Revenue, Operating Expenses
  4. Assets, Liabilities, Equity

67. Which of the following would most likely NOT be included on summary financials?

Answers:

  1. Net Income
  2. Total Assets
  3. Accounts Payable
  4. Sales

68. Retained Earnings reflect ____________________.

Answers:

  1. the cumulative Net Income for a company from inception until its last reporting year
  2. Net Income for the current year
  3. Change in Assets
  4. Change in Liabilities

69. Which of the following would be a logical arrangement for showing revenue?

Answers:

  1. Summary totals
  2. Detailed by revenue stream
  3. Detailed by sales person
  4. Summarized by sales person

70. In a variance/sensitivity analysis, a company will typically calculate _________________.

Answers:

  1. only a worst case scenario
  2. only a best case scenario
  3. both best case and worst case scenarios of altered revenues and expenses
  4. None of the above; most companies won’t do a variance/sensitivity analysis.

71. How is Cash at the beginning of the period determined?

Answers:

  1. It depends on the company’s AR level.
  2. It is determined by looking at revenues.
  3. It is determined through a complex calculation involving interest.
  4. It is taken from the prior period’s ending cash balance.

72. A company has a pre-money valuation of $1,000,000. An investor will invest $100,000. The post-money valuation is _________________.

Answers:

  1. $900,000
  2. $1,000,000
  3. $1,100,000
  4. $2,200,000

73. Valuation can be calculated by ____________________.

Answers:

  1. discounting net income for the next several years
  2. applying a fixed percentage to tax liability
  3. examining Rent Expense
  4. Total Retained Earnings

74. Valuation will typically trend _______________.

Answers:

  1. in a straight line; valuation does not change
  2. upwards over time as the company increases sales
  3. downwards over time as the company increases sales
  4. upwards over time as the company decreases sales

75. Why would a company be conservative when projecting revenues?

Answers:

  1. Being conservative is better than being overly optimistic.
  2. The company wants to show the highest possible revenue.
  3. Being conservative reduces the firm’s tax liability.
  4. Being conservative is required by law.

76. Valuation is a ______________________.

Answers:

  1. result of Net Income, Sales, and Cash Flow
  2. result of Accounts Receivable
  3. result of Accounts Payable
  4. result of Equity and Retained Earnings

77. Another name for the Balance Sheet is ____________________.

Answers:

  1. Statement of Financial Position
  2. Cash Flow Statement
  3. Statement of Retained Earnings
  4. Statement of Accounts

1,047 total views, 3 views today

Upwork Finance and Accounting

Financial Analysis Test 2016

Published by:

1. What is financial analysis?

Answers:

  1. Comparing ratios using numbers from the income statement and balance sheet
  2. Determining a company’s financing needs
  3. Determining the pricing model for the next year
  4. Determining the company’s stock price

2. Why would a company calculate their Risk Adjusted Return on Capital?

Answers:

  1. Is required by the SEC
  2. Auditors will overlook other abnormalities if a firm demonstrates a favorable RAROC
  3. Gives companies the ability to allocate capital in the optimal structure
  4. Keeps the financial analysis department busy

3. What is the purpose of measuring profitability?

Answers:

  1. To determine the amount of cash a company brings in on an average in a month
  2. To analyze specific expenses to look for cost cutting measures
  3. To measure a company’s ability to earn a profit and continue to grow in the short-term and long-term
  4. To measure a company’s ability to pay the highest dividend relative to its competitors

4. Operating Efficiency is defined as ______.

Answers:

  1. Net Income/Operating Expenses
  2. Gross Profit/Operating Expenses
  3. Gross Profit/Sales
  4. Net Income/Sales

5. To measure a firm’s solvency as completely as possible, we need to consider ______.

Answers:

  1. the firm’s relative proportion of debt and equity in its capital structure
  2. the firm’s capital structure and the liquidity of its current assets
  3. the firm’s ability to use Net Working Capital to pay off its current liabilities
  4. the firm’s leverage and its ability to make interest payments on its long-term debt
  5. the firm’s leverage and its ability to turn its assets into sales

6. How does Gross Income differ from Net Income?

Answers:

  1. Gross Income determines the company’s cash flow, Net Income does not
  2. Gross Income includes several fixed costs, Net Income does not
  3. Gross Income includes all fixed costs, Net Income does not include any
  4. Gross Income measures profitability before operating expenses, whereas Net Income is calculated after all operating expenses

7. Which of the following are traded in the capital markets?

Answers:

  1. Convertible securities
  2. Bonds
  3. Common stock
  4. Preferred stock
  5. All of the above

8. By doing/issuing which of the following could a company raise short-term funds by selling receivables?

Answers:

  1. By factoring receivable
  2. By pledging inventory
  3. By line of credit
  4. By Notes
  5. By term loan

9. Government mandated requirements, such as installing pollution control equipment ______.

Answers:

  1. increase a company’s profits in the long run
  2. drive many companies out of business
  3. have resulted in many instances of unethical behavior on the part of managers
  4. may reduce a company’s earnings but are considered a necessary social responsibility for the firm
  5. do not affect a firm’s profit potential

10. Why do you not subtract interest expense from operating profit when calculating Return on Investment Capital?

Answers:

  1. Denominator includes debt capital
  2. Numerator includes debt capital
  3. Interest is not material in the calculation
  4. It is important to include interest as it is part of expenses

11. Which of the following is a flaw with financial analysis?

Answers:

  1. Each company uses different formulas to calculate the ratios
  2. Ratios are too difficult to calculate and require a specialist
  3. Auditors do not look at financial ratios
  4. One ratio alone does not tell much about the entire financial situation of a company

12. What does the Price to Earnings (P/E) ratio demonstrate?

Answers:

  1. The price of the company’s products relative to how much they earn on the sale of those products
  2. A company’s stock price relative to its earnings. Higher growth companies have higher P/E ratios
  3. The prices paid for goods relative to how much the company earns on those goods
  4. The ability of a company to pay dividends

13. Which of the following is not a part of cost of goods sold?

Answers:

  1. Raw material
  2. Labor
  3. Capital
  4. All of the above are part of cost of goods sold

14. What is the purpose of measuring solvency?

Answers:

  1. To determine a firm’s ability to pay its creditors in the long term
  2. To determine a firm’s ability to pay its creditors in the short term
  3. To measure a firm’s cash flow turnover
  4. To measure a firm’s current assets to current liabilities

15. If a company has a high P/E ratio relative to it’s competitors ____.

Answers:

  1. it is expected to grow more rapidly
  2. the analyst has inside information
  3. it has a bad year for earnings, making the denominator smaller, and the P/E ratio higher
  4. everyone should invest in this stock and not the competitor’s

16. Financial managers use the _____________ to plan for monthly financing needs.

Answers:

  1. capital budget
  2. cash budget
  3. pro forma
  4. income statement

17. With which of the following regulatory bodies would a publicly traded company be much more involved than a private company would be?

Answers:

  1. SEC
  2. GAAP
  3. IRS
  4. FCC

18. Which of the following transactions would have no impact on the stockholder’s equity?

Answers:

  1. Purchase of land from the proceeds of a bank loan
  2. Dividends to stockholders
  3. Net loss
  4. Investments in cash by stockholders

19. Which of the following is a flaw with financial analysis?

Answers:

  1. It is complicated
  2. Changes in accounting policy can drastically affect the results of a ratio, making comparison analysis difficult
  3. Companies are required by law to do it, even when they do not want to
  4. Errors are inherent in financial analysis, rendering it useless

20. What is historical value?

Answers:

  1. Prices adjusted for inflation
  2. The current sale value of an asset
  3. The original cost or price paid for an asset
  4. The average value of an asset

21. Which is the primary financial statement used to measure profitability?

Answers:

  1. Balance Sheet
  2. Income Statement
  3. Cash Flow Statement
  4. Statement of Retained Earnings

22. What is operating leverage defined as?

Answers:

  1. Extent to which variable costs are utilized
  2. Extent to which fixed assets are utilized
  3. Extent to which fixed assets and fixed costs are utilized
  4. Extent to which fixed costs are utilized
  5. Extent to which prices change

23. Which report does a publicly traded company file quarterly with the SEC?

Answers:

  1. 8K
  2. 10K
  3. 10Q
  4. Prospectus

24. If a company using financing has a 60% chance of a $75,000 return under normal conditions but a 40% chance of a $20,000 return when money is tight and borrowing costs are higher, what is the expected return for this firm ?

Answers:

  1. $75,000
  2. $60,000
  3. $53,000
  4. $40,000
  5. $20,000

25. What is one caveat when calculating ROA and comparing to other companies?

Answers:

  1. Asset values change over time
  2. Carrying value of assets may be valued differently (historical, market) by different companies
  3. Liabilities vary month to month making this ratio difficult to track accurately
  4. Every financial analyst calculates it differently making comparison useless

26. Which is/are the primary financial statements used to measure stability?

Answers:

  1. Balance Sheet
  2. Income Statement
  3. Balance Sheet and Income Statement
  4. Statement of Cash Flows and Income Statement

27. Which ratio would you use to assess a company’s ability to pay bills?

Answers:

  1. Interest coverage ratio
  2. Times interest earned ratio
  3. Price earnings ratio
  4. Current ratio
  5. Profit margin

28. In breakeven analysis, if fixed costs rise, then the breakeven point will __________.

Answers:

  1. fall
  2. riseM
  3. stay the same
  4. none of the above

29. Firm A has a Return on Equity (ROE) equal to 24%, while firm B has a ROE of 15% during the same year. Both firms have a total debt ratio (D/V) equal to 0.8. Firm A has an asset turnover ratio of 0.9, while firm B has an asset turnover ratio equal to 0.4. From this, it can be assessed that ______.

Answers:

  1. Firm A has a higher profit margin than firm B
  2. Firm B has a higher profit margin than firm A
  3. Firm A and B have the same profit margin
  4. Firm A has a higher equity multiplier than firm B
  5. more information is needed to say anything about the firm’s profit margin

30. In 2002, the US passed the Sarbanes-Oxley law which ____.

Answers:

  1. did not change any function of the Boards of Directors of publicly traded corporations
  2. gave the Financial Accounting Standards Board the oversight responsibility for public auditing firms
  3. does not change the responsibilities of independent auditors
  4. was developed in response to the accounting scandals at Enron, Tyco, WorldCom and others
  5. protects senior executives from prosecution for accounting fraud if they are unaware of its existence

31. An inventory pricing procedure in which the oldest costs incurred rarely have an effect on the final inventory valuation is ________.

Answers:

  1. FIFO
  2. LIFO
  3. Retail
  4. Weighted-average

32. Which of the following equations properly represents a derivation of the fundamental accounting equation?

Answers:

  1. Assets + liabilities = owner’s equity
  2. Assets = owner’s equity
  3. Cash = assets
  4. Assets – liabilities = owner’s equity

33. Accounting scandals of the past 5 years ______.

Answers:

  1. resulted in criminal convictions of senior executives at large US corporations like Enron and WorldCom
  2. resulted in the criminal conviction of at least one major independent auditing firm
  3. resulted in record fines being paid by major brokerage companies to the SEC
  4. resulted in the strengthening of the SEC’s enforcement powers
  5. All of the above are true

34. CAPM formula calculates which of the following?

Answers:

  1. Present value of equity
  2. Expected return on equity
  3. Discounted rate on equity
  4. Weighted interest rate on equity

35. Which of the following is an example of an area of business where use of “questionable” ethics is considered a necessity?

Answers:

  1. Attracting and sustaining new customers
  2. Aggressive accounting practices that stretch the intent of accounting standards
  3. Dealing with other firms who use “questionable” ethics
  4. Suppressing information that may negatively affect a firm’s reputation
  5. None of the statements above is correct

36. The accounting scandals of recent years ______.

Answers:

  1. had no effect on the level of prices in the US stock markets
  2. were a complete surprise to analysts who followed the stocks of the companies involved as they were issuing positive recommendations of the securities to their clients
  3. brought out the fact that brokerage firms were promoting stocks to earn hefty fees for underwriting new security issues
  4. were of such a small magnitude that the government did not feel it was warranted to prosecute the companies and their officers that were involved
  5. have been dismissed as falling within the latitude of judgment for applying GAAP rules

37. Which ratio would you use to measure how effectively the firm uses the money shareholders have invested?

Answers:

  1. Return on assets
  2. Profit margin
  3. Earnings per share
  4. Price earnings ratio
  5. Return on equity

38. Which of the following types of firms may operate with high operating leverage?

Answers:

  1. A doctor’s office
  2. An auto manufacturing facility
  3. A mental health clinic
  4. None of the above would have high operating leverage

39. What is meant by “the goal of the corporation is to maximize shareholder wealth”?

Answers:

  1. Pay out dividends
  2. Maximize profits
  3. Achieve the highest possible value for the firm
  4. Control costs
  5. Increase sales

40. Which of the following is considered a profitability measure?

Answers:

  1. Day’s sales in inventory
  2. Fixed asset turnover
  3. Price-earnings ratio
  4. Cash coverage ratio
  5. Return on Assets

41. Which is/are the primary financial statements used to measure liquidity?

Answers:

  1. Balance Sheet
  2. Income Statement
  3. Balance Sheet and Income Statement
  4. Cash Flow Statement and Balance Sheet

42. What does CAPM stand for?

Answers:

  1. Current Asset Pricing Model
  2. Capital Asset Pricing Model
  3. Current Average Product Model
  4. Capital Average Product Model

43. Which is a characteristic of an efficient market?

Answers:

  1. Stock prices are high
  2. Prices adjust rapidly to new information
  3. Stock prices are low
  4. Trading is difficult
  5. There are only small daily changes in price

44. What does Return on Assets indicate?

Answers:

  1. How well a company employs its capital investments
  2. How much cash the company has generated over the last year
  3. How much debt the company has to pay relative to its asset base
  4. How profitable a company is before leverage

45. Which of the following would not be included in a balance sheet?

Answers:

  1. Accounts receivable
  2. Accounts payable
  3. Sales
  4. Cash

46. Gerald’s had opening total stockholders’ equity of $160,000. During the year, total assets increased by $240,000 and total liabilities increased by $120,000. Their net income was $180,000. No additional investments were made. However, some amount was paid as dividend during the year. What was the amount of the dividend paid?

Answers:

  1. $20,000
  2. $60,000
  3. $140,000
  4. $220,000

47. Which short-term financing rate always requires the use of international data?

Answers:

  1. Cost of failing to take a cash discount
  2. Prime rate
  3. LIBOR
  4. Effective rate
  5. Effective rate with compensating balances

48. A company wants to increase its current ratio. Which of the following would help the most?

Answers:

  1. Borrowing a long term loan
  2. Borrowing a short term loan
  3. Creating more stringent collection policies to decrease accounts receivable
  4. Using cash to pay down accounts payable

49. Rate of profit (r) is defined as ______.

Answers:

  1. r=(surplus-value)/(fixed assets)
  2. r=(surplus+value)/(capital invested)
  3. r=(surplus+value)/(fixed assets)
  4. r=(surplus-value)/(capital invested)

50. Which of the following is not a financial intermediary?

Answers:

  1. Commercial banks
  2. Credit unions
  3. Insurance companies
  4. Credit card companies
  5. Pension funds

51. Which is an example of a variable cost?

Answers:

  1. Management salaries
  2. Utilities
  3. Property taxes
  4. Raw material
  5. Depreciation

52. Insider trading _____.

Answers:

  1. is permitted by the SEC as long as the information becomes public within 30 days
  2. is a victimless crime as no one suffers an economic loss
  3. serves no beneficial or economic purpose
  4. is not legal under any circumstances
  5. is not illegal as long as the person using the information obtained it from someone else

53. If a firm has $100 in inventories, a current ratio equal to 1.2, and a quick ratio equal to 1.1, what is the firm’s Net Working Capital?

Answers:

  1. $0
  2. $100
  3. $200
  4. $1,000
  5. $1,200

54. Which of these items would be accounted for as an expense?

Answers:

  1. Repayment of a bank loan
  2. Dividends to stockholders
  3. Purchase of land
  4. Payment of the current period’s rent

55. Which of the following inventory methods will always produce the same results under both a periodic and a perpetual system?

Answers:

  1. FIFO
  2. LIFO
  3. Average
  4. All of these

56. Which of the following does the cash flow cycle measure?

Answers:

  1. The time between purchase of raw materials and collection of cash
  2. The time it takes to invest liquid funds
  3. The time it takes for a check to get cleared in the bank
  4. The maturity date of corporate bonds
  5. The time between offering a marketable security and receiving funds from sale of one

57. If two companies have equal risk, which one will have the higher stock price?

Answers:

  1. The one with the expectations of higher returns
  2. The one that pays dividends
  3. The one that splits its stock
  4. The one whose stock is traded most frequently
  5. online/All of the above

58. Which of the following is not an area which is assessed by financial analysis?

Answers:

  1. Profitability
  2. Solvency
  3. Stability
  4. online/Adequate Cash balances<

59. What is the formula for Return on Investor Capital?

Answers:

  1. ROIC = (NetOperatingProfitLessAdjustedTaxes) / (Fixed Assets)
  2. ROIC = (NetOperatingProfit) / (InvestedCapital)
  3. ROIC = (NetOperatingProfitLessAdjustedTaxes) / (InvestedCapital)
  4. ROIC = (NetOperatingProfitLess) / (Fixed Assets)

60. Which financial statement best allows a firm to assess its ability to pay dividends?

Answers:

  1. Statement of Cash Flows
  2. Income Statement
  3. Balance Sheet
  4. Statement of Retained Earnings
  5. Statement of Operations

61. Return on Assets is defined as _______.

Answers:

  1. Net Income/Current Assets
  2. Net Income/Total Assets
  3. Gross Margin/Current Assets
  4. Gross Margin/Total Assets

62. How often can a company change its inventory valuation methodology and still be compliant with GAAP?

Answers:

  1. Once per month
  2. Anytime, there are no rules
  3. Once per year, but not every year
  4. Never, you decide once and only once

63. Which security makes up the majority of external financing for corporations?

Answers:

  1. Common stock
  2. Preferred stock
  3. Bank loans
  4. Bonds
  5. Venture capital funds

64. What type of analysis will describe how changes in volume affect costs and profits?

Answers:

  1. Trend analysis
  2. Break even analysis
  3. Common size analysis
  4. Ratio analysis
  5. DuPont analysis

65. The three sections of a Statement of Cash Flows are _____.

Answers:

  1. Leverage, liquidity, financing
  2. Operating, investing, profit
  3. Operating, investing, financing
  4. Sales, investing, financing
  5. Operating, investing, borrowing

66. What is the DuPont analysis?

Answers:

  1. Breaks Return on Equity into 3 pieces: Operating Efficiency, Asset Use Efficiency, Financial Leverage
  2. An analysis created by the DuPont paint company
  3. A ratio analysis style based on factors beyond the financial numbers
  4. A modified cash flow analysis

67. How does Cash Flow Return on Investment differ from most financial ratios?

Answers:

  1. It is the only ratio involving cash flow
  2. It can be calculated from the income statement
  3. It assumes the stock market sets prices based on cash flow, not profitability
  4. It is the only ratio where a negative number is a good result

68. Which cash collection technique is the most cost-effective for companies with many locations?

Answers:

  1. Self-addressed stamped envelopes
  2. Centralized collection system
  3. Lockbox system
  4. Using a post office box
  5. Regional collection offices

69. What is the purpose of measuring stability?

Answers:

    • To determine if management is being ethical
    • To determine if the company has an adequate product mix
    • To determine the firm’s ability to stay in business in the long run
    • To determine if the company has too many high level executives

70. Retained earnings will change over time because of several factors. Which of the following factors would lead to an increase in the Retained Earnings?

Answers:

  1. Net loss
  2. Net income
  3. Dividends
  4. Investments by stockholders

71. Planning for future growth is called ________.

Answers:

  1. capital budgeting
  2. working capital management
  3. financial forecasting
  4. none of the above

72. Pro forma statements are _______ statements.

Answers:

  1. actual
  2. projected<>/span>
  3. previous years’
  4. next years’

73. Which of the following is not a fundamental of accounting?

Answers:

  1. Materiality
  2. Timeliness
  3. Matching
  4. Magnitude

74. Asset Turnover is defined as ______.

Answers:

  1. Assets/Inventory
  2. Sales/Assets
  3. Sales/Net Income
  4. Assets/Net Income

75. What is the purpose of measuring liquidity?

Answers:

  1. To determine if the firm is keeping enough cash on hand to pay accounts payable
  2. To determine if the firm is investing their liquid assets to earn the highest return available
  3. To measure a firm’s ability to remain cash flow positive and meet its short-term obligations
  4. To measure a firm’s return on investment

76. Which is/are the primary financial statements used to measure solvency?

Answers:

  1. Balance Sheet
  2. Income Statement
  3. Balance Sheet and Statement of Retained Earnings
  4. Cash Flow Statement and Income Statement

1,481 total views, 2 views today