61、Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
Which of the following is least likely to be a characteristic of an effective financial reporting framework? Select exactly 1 answer(s) from the following:
A. Consistency B. Transparency C. Comparability D. Comprehensiveness
62、Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
An analyst has gathered the following data about Geneva Group Inc. and the health care industry in which it operates:
| Geneva Group
($ millions) | Industry Averages
as a percent of sales | Revenues | 5,000 | 100% | Cost of goods sold | 2,100 | 45% | Operating expenses | 1,750 | 32% | Profit margin | 475 | 9.5% |
Which of the following conclusions can the analyst reasonably make? Compared to the industry Geneva: Select exactly 1 answer(s) from the following:
A. spends less on nonoperating costs and income taxes. B. has the same cost structure and net profit margin as the industry. C. is better at controlling product costs, but less effective at controlling operating costs. D. has a lower gross profit margin than the industry and spends more on its operating costs.
63、Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
Differences between accrued revenue and expenses and cash flows result in the creation of assets and liabilities. Would each of the following revenue events result in the creation of an asset or a liability when the event originally occurs? | Revenue is recognized
before the cash is received. | Cash is received before the
revenue is recognized. | A. | Asset | Asset | B. | Asset | Liability | C. | Liability | Asset | D. | Liability | Liability |
Select exactly 1 answer(s) from the following:
A. AnswerA. B. AnswerB. C. AnswerC. D. AnswerD.
64、Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
Lazlo Ltd, a European-based telecommunications provider, follows IASB GAAP and capitalizes new product development costs. During 2007 they spent | 
发表于 2008-11-6 14:25
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