1)All of the following are true regarding balance sheets EXCEPT they

Multiple Choice

include assets, liabilities, and owners' equity.

include a statement of cash flows.

take their name from their reliance on the accounting equation.

list items on the basis of their original cost less accumulated depreciation.

include all financial transactions conducted by an organization since its founding. ?2)

Candace manages a popular, urban hair salon. During the day-to-day operations of the salon, Candace has to pay her staff and the costs of maintaining the salon. Which of the following types of expenses does this scenario best describe?

Multiple Choice

selling expenses

research and development expenses

interest expenses

marketing expenses

general and administrative expenses

3)

The _____ is a financial report that offers one of the clearest possible pictures of the company's overall revenues and the costs incurred in generating those revenues.

Multiple Choice

cash flow

balance sheet

ledger

audit

income statement ?4)If the owners' equity in Yang Corp. is $200,000, and its liabilities are $80,000, then the assets of this company amount to Multiple Choice $300,000. $120,000. $400,000. $280,000. $250,000. 5)

Stephanie owns a small chain of shoe stores. All of the following are assets Stephanie's company most likely has EXCEPT

Multiple Choice

an inventory of various shoe styles.

cash from selling shoes and accessories.

the money Stephanie owes to shoe suppliers.

the buildings that house Stephanie's shoe stores.

shelves for displaying shoes. 6)

The accountants at Excess Electronics have prepared the company's financial statements, which revealed a low return on stockholders' investments and poor managerial performance. As a result, which of the following will this company most likely do?

Multiple Choice

It will start a campaign to attract more investors who want to help improve the company.

It will pay its employees more to come work for the company.

It will bribe its investors to stay with the company.

It will make changes in its top management.

It will file bankruptcy to avoid accountability for its poor performance. 7)Marshall is a controller at a large corporation. He is deeply involved in the important financial decisions of the company, and his main role is preparing and analyzing the company's financial statements. Based on this scenario, what type of accountant is Marshall? Multiple Choice a certified public accountant a private accountant a certified management accountant a forensic accountant a certified fraud examiner