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Reading 22 . Financial Statement Analysis: An Introduction 试题整理

PRACTICE PROBLEMS

1. Providing information about the performance and financial position of companies so that users can make economic decisions best describes the role of: A .auditing. B.financial reporting. C.financial statement analysis.

2. A company's current financial position would best be evaluated using the: A. balance sheet. B .income statement. C .statement of cash flows.

3 .A company's profitability for a period would best be evaluated using the: A .balance sheet. B .income statement. C .statement of cash flows.

4 .Accounting policies, methods, and estimates used in preparing financial statements are most likely found in the: A .auditor's report.

B .management commentary. C .notes to the financial statements.

5 .Information about management and director compensation would least likely be found in the: A .auditor's report. B .proxy statement.

C. notes to the financial statements.

6 .Information about a company's objectives, strategies, and significant risks would most likely be found in the:

A .auditor's report.

B .management commentary. C .notes to the financial statements.

7 . What type of audit opinion is preferred when analyzing financial statements? A .Qualified. B .Adverse. C .Unqualified.

8 . Ratios are an input into which step in the financial statement analysis framework? A .Process data. B .Collect input data.

C .Analyze/interpret the processed data.

Reading 22 . Financial Statement Analysis: An Introduction 试题答案整理 Solutions SOLUTIONS

evaluate the financial reports.

1. B is correct. This is the role of financial reporting. The role of financial statement analysis is to

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2. A is correct. The balance sheet portrays the current financial position. The income statement and statement of cash flows present different aspects of performance.

3. B is correct. Profitability is the performance aspect measured by the income statement. The balance sheet portrays the current financial position. The statement of cash flows presents a different aspect of performance.

4. C is correct. The notes disclose choices in accounting policies, methods, and estimates.

5. A is correct. Information about management and director compensation is not found in the auditor's report. Disclosure of management compensation isrequired in the proxy statement, and some aspects of management compensation are disclosed in the notes to the financial statements. 6. B is correct. These are components of management commentary.

7. C is correct. An unqualified opinion is a \present the company's performance and financial position fairly in accordance with a specified set of accounting standards.

8. C is correct. Ratios are an output of the process data step but are an input into the analyze/interpret data step.

Reading 23 . Financial Reporting Mechanics 试题整理 A .Issuance of debt.

B .Acquisition of a competitor.

C. Sale of automobiles by an automobile dealer.

2. Which of the following items would most likely be classified as financing activity? A .Issuance of debt. B .Payment of income taxes.

C .Investments in the stock of' a supplier.

3. Which of the following elements represents an economic resource? A. Asset. B .Liability. C. Owners' equity.

4 .Which of the following elements represents a residual claim? A .Asset. B .Liability. C .Owners' equity.

5. An analyst has projected that a company will have assets of

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