56、Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
When an issue is going to be put to a vote, by shareholders, at an annual general meeting the company prepares a(n): Select exactly 1 answer(s) from the following:
A. annual report. B. interim report. C. proxy statement. D. management statement of responsibility.
57、Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
Which of the following is least likely to be classified as a financial statement element? Select exactly 1 answer(s) from the following:
A. Asset B. Revenue C. Liability D. Net income
58、Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
Bishop Ltd. received an advanced payment of $10,000 on December 1, for rent on a property for December and January. On receipt they correctly recorded it as cash and unearned revenue. If at December 31, their year-end, they failed to make an adjusting entry related to this payment, ignoring taxes, what would the effect on the financial statements for the year be? Select exactly 1 answer(s) from the following:
A. Assets are overstated by $5,000 and Liabilities are overstated by $5,000. B. Liabilities are overstated by $5,000 and Net income is overstated by $5,000. C. Assets are overstated by $5,000 and Owner's equity is overstated by $5,000. D. Liabilities are overstated by $5,000 and Owners' equity is understated by $5,000.
59、Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
An analyst gathered the following information from a company's accounting records: Assets, December 31, 2007 | $5,250,000 | Liabilities, December 31, 2007 | $2,200,000 | Contributed capital, December 31, 2007 | $1,400,000 | Retained earnings, January 1, 2007 | $800,000 | Dividends declared during 2007 | $200,000 |
The analyst's estimate of net income for 2007 would be closest to: Select exactly 1 answer(s) from the following:
A. $650,000. B. $850,000. C. $1,050,000. D. $1,850,000.
60、Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
A financial reporting system has two components: the establishing of the rules or standards, and the enforcing of the rules. The responsibility for those two components generally lies with which of the following bodies? | Establishing the rules | Enforcing the rules | A. | Standard-setting bodies | Standard-setting bodies | B. | Standard-setting bodies | Regulatory authorities | C. | Regulatory authorities | Standard-setting bodies | D. | Regulatory authorities | Regulatory authorities |
Select exactly 1 answer(s) from the following:
A. AnswerA. B. AnswerB. C. AnswerC. D. AnswerD. | 
发表于 2008-11-6 14:24
| 
