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firms to offer honest information about the 2. Which of the following is not a key accounting characteristic in the preparation of accounting data? (a) Materiality. (b) Comparability. (c) Consistency. (d) Revenue generation. 6. What does an unqualified auditor's report indicate? (a) The financial statements unfairly and inaccurately present the company's financial position for the accounting period. (b) The financial statements present fairly the financial position, the results of operations, and the changes in cash flows for the company. (c) There are certain factors that might impair the firm's ability to con- tinue as a going concern. (d) Certain managers within the firm are unqualified and, as such, are not fairly or adequately representing the interests of the shareholders. 7. Which of the following statements is false? (a) The balance sheet or statement of financial position shows the finan- cial position of the firm on a particular date, such as the end of a quarter or a year. (b) The income or earning statement presents the results of operations for the accounting period. (c) The statement of cash flows provides information related to the amount of accruals done during an accounting period. (d) The statement of stockholders' equity reconciles the beginning and ending balances of all accounts that appear in the stockholders' equity section of the balance sheet. 8. In terms of inventory valuation for the recognition of the cost of goods sold, which of the following methods is not acceptable? (a) Cost based on the selling price of the goods. (b) Lowest cost of goods sold first. AP (c) Most recent goods sold first. (d) Oldest goods sold first. 9. What subject(s) should the management discussion and analysis section discuss? (a) Liquidity. (b) Commitments for capital expenditures. (c) A breakdown of sales increases into price and volume components. (d) All of the above. 10. Which of the following statements is true? (a) Annual reports only contain glossy pictures. (b) Public relations material should be used cautiously. (c) Market data refers to the advertising budget of a firm. (d) The shareholders' letter should be ignored. 11. What information can be found in a proxy statement? (a) Information on voting procedures. (b) Information on executive compensation. (c) Information on the breakdown of audit and nonaudit fees paid to the audit firm. (d) All of the above. 12. What does it mean by the matching principle in accounting? (a) Expenses are matched with the generation of revenues to determine net income for an accounting period. (b) Generation of revenues are matched with expenses to determine net income for the previous period. (c) Generation of revenues are matched with asset purchases to deter- mine the efficiency of asset usage. (d) Expenses are matched with asset purchases to determine the return on investment. 13. What is the accrual basis of accounting? (a) Recognition of revenue when it is received in cash. (b) Recognition of revenue in the accounting period when the sale is made rather than when cash is received. (c) Matching expenses with revenue in the appropriate accounting period. (d) Both (b) and (c). 14. Which of the follow @ All or 15. Match each element with its financial statement: (1) Expenses. (2) Cash flow from operating activities. (3) Assets (4) Dividends. (5) Revenues. (6) Cash flow from operating activities. (7) Liabilities. (8) Cash flow from financing activities. (a) Balance sheet. (b) Income statement. (c) Statement of stockholders' equity. (d) Statement of cash flows