Which independent accounting firm expressed an opinion as to whether Apple's financial statements present fairly, in all material respects, the company's financial position, results of operations, and cash flows during its most recent reporting period? a. PricewaterhouseCoopers b. Deloitte and Touche c. Ernst & Young d. KPMG 2 points

QUESTION 2 What type of opinion did the independent auditors issue on Apple's financial statements and notes to the financial statements? a. Unqualified b. Qualified c. Adverse d. Disclaimer 2 points

QUESTION 3 Apple's cash and cash equivalents: a. as a percentage of total current assets increased from fiscal year-end 2020 to fiscal year-end 2021. b. as a percentage of total current assets decreased from fiscal year-end 2020 to fiscal year-end 2021. c. as a percentage of total current assets did not change from fiscal year-end 2020 to fiscal year-end 2021. d. cannot be determined 2 points

QUESTION 4 Which of Apple's balance sheet accounts is increased for sales made on account (credit sales)? a. Cash. b. Accounts receivable. c. Net sales. d. Accounts payable. 2 points

QUESTION 5 At the most recent balance sheet date, the amount of cash that Apple estimated it will collect from credit sales to customers was (in millions): a. $94,680. b. $365,817. c. $54,763. d. $26,278. 2 points

QUESTION 6 The amount that Apple's customers owe the company from credit sales has ______ over the last two balance sheet dates. a. decreased b. increased c. stayed the same d. cannot be determined 2 points

QUESTION 7 When Apple collects an accounts receivable from a customer: a. Net sales on the income statement is increased and accounts receivable on the balance sheet is increased. b. Net sales on the income statement is increased and accounts receivable on the balance sheet is decreased. c. Total assets are decreased on the balance sheet and net income on the income statement is increased. d. Total assets are unchanged on the balance sheet and the income statement is not affected. 2 points

QUESTION 8 The amount of Apple's total assets decreases when the company write-offs uncollectible accounts receivable from a customer. True False 2 points

QUESTION 9 Cash flows from ____________ activities are _______________ when Apple collects an accounts receivable from a customer. a. operating, decreased b. investing, decreased c. financing, increased d. operating, increased 2 points

QUESTION 10 Use the following formula to calculate the company's accounts receivable turnover for the last two balance sheet dates and select the correct answer below. Accounts receivable turnover ratio = Total net sales / Accounts receivable, net a. Apple collected accounts receivables slower in the fiscal year ended 2021 than in the fiscal year ended 2020. b. Apple collected accounts receivable quicker in the fiscal year ended 2021 than the fiscal year ended 2020. c. Apple collected accounts receivable at the same rate in fiscal year ended 2021 as in fiscal year ended 2020. d. Cannot determine Apple's rate of collection of accounts receivable.