5. An analysis of the firm's financial position is useful in assessing it's solvency, which is the ability to * (1 Point) Satisfy short-term obligation Meet all obligation when due fall Maintain a desirable level of resources O Survive a major economic downturn 6. Which of the following is describe as the overall objective of accounting? * (1 Point) To provide vital information to managers in controlling the cost of operation Accounting information shows the performance of the company for a particular period Accounting provides information primarily financial in nature that is useful in decision making To give information to prospective creditors in extending loans 10. The International Accounting Standards Board * (1 Point) Has its headquarters in Geneva Can overrule the USA GAAP when their policies disagree Was the predecessor to the IASC Promotes the use of high-quality and understandable global accounting standards 15. Which of the following cost should be included as capitalizable cost of an inventory? * (1 Point) Cost incurred in selling the inventory Abnormal amounts of waste materials from the production process Freight cost on goods acquired FOB destination Storage cost necessary for further production of the good 19. Which of the following should be presented as an operating activity?* (1 Point) Repayment of cash borrowed Cash proceed from issuance of preferred shares Cash advances and loans made by financial institutions Cash disbursement made by a firm in acquiring equipment for production purposes