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1
Ashley is a self-employed accountant who has the authority to assess the accuracy of the financial statements of certain firms and express an unbiased opinion regarding them. According to this information, it can then be concluded that Ashley is a(n) _____ accountant.
A)certified public
B)certified managerial
C)environmental
D)government
E)forensic
2
Natalie is an accountant whose primary job responsibilities involved analyzing fraudulent entries in financial statements. According to this information, it can then be concluded that Natalie is a(n) _____ accountant.
A)government
B)environmental
C)social
D)project
E)forensic
3
Andrew is an accountant who works in Bates Corp. His has been certified by the National Association of Accountants and is involved in preparing annual financial reports to higher authorities in his firm. According to this information, it can then be concluded that Andrew is a _____ accountant.
A)project
B)fund
C)government
D)certified public
E)certified managerial
4
Financial statements are used by potential investors:
A)to determine a company's ability to pay its workers.
B)to determine a company's authority over product pricing and promotion.
C)to assess the ability to repay a loan quickly with cash generated from sales.
D)to compare the returns from a given firm with similar other firms.
E)to establish reasonable expectations for salary and other benefit requests.
5
Financial statements are used by labor unions:
A)to assess the company's profitability and indebtedness to lenders.
B)to determine whether the company meets the investment requirements.
C)to establish reasonable expectations for salary and other benefit requests.
D)to assess a firm's cash flow in order to repay loans.
E)to take major finance related company decisions.
6
Jennifer and Joe decide to start a catering business. Each of them put $10,000 into the business and borrow $5,000 from a bank. The sum of $20,000 that Joe and Jennifer invest represents _____.
A)asset
B)liability
C)owner's equity
D)profit margin
E)net income
7
Which of the following is classified as a liability?
A)Cash
B)Inventory
C)Equipment
D)Factory building
E)Supplier credit
8
Which of the following is an example of administrative expenses?
A)Salaries of executives
B)Salaries of advertising agents
C)Cost of design equipment
D)Depreciation of fixed assets
E)Salaries of salespeople
9
Sigma Corp. has recently received patent rights for their new application in the software industry. According to this information, it can be inferred that the patent rights received by Sigma Corp. is its _____.
A)return on asset
B)current asset
C)liquid asset
D)fixed asset
E)asset turnover
10
Which of the following is a debt utilization ratio?
A)Quick ratio
B)Current ratio
C)Return on assets
D)Return on equity
E)Times interest earned ratio





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