QUESTION 1 � � Current liabilities would not include: “� � QUESTION 2 � � Of the following forms of business organization, which have stockholders with limited liability? � “� � QUESTION 3 � � � A business organization that receives the limited liability of a corporation but is taxed as a proprietorship or partnership is called a: � � � � “� � QUESTION 4 � � � Which one of the following alternatives is commonly used to reduce agency problems as they relate to corporate control? � � “� � QUESTION 5 � � � Which of the following business organizations limit the liability of some or all of their owners to the extent of their investment in the company? � � � “� � QUESTION 6 � � � The actual disbursement of cash is recorded in which of the following financial statements? � � “� � QUESTION 7 � � � On the income statement, gross profit is defined as: � � “� � QUESTION 8 � � � What would be recorded in the common stock account on the balance sheet if 20,000 shares are issued at a par value of $2 and the market value is $5? � � � � � � � “� � QUESTION 9 � � � The average tax rate on a corporation with $75,000 in income and a tax liability of $15,000 is: � � � � � � � “� � QUESTION 10 � � Generally accepted accounting principles are formulated by the: � � � � � “� � QUESTION 11 � � As part of the measurement of financial leverage, the total debt ratio is calculated as: � � � � � � � � “� � QUESTION 12 � � Which one of the following financial statements reports a firm’s assets and the claims on assets? “� � QUESTION 13 � � The method of calculating return on assets which highlights the importance of sales, profit margin, and asset turnover is known as: � � “� � QUESTION 14 � � If a firm’s sale price per unit decreases, the firm’s operating breakeven point will � � � � � � “� � QUESTION 15 � � The ________ method of developing a pro forma income statement forecasts sales and values for the cost of goods sold, operating expenses, and interest expense that are expressed as a ratio of projected sales. � � � “� � QUESTION 16 � � Which one of the following ratios indicates the average number of days that sales are outstanding? � � � � “� � QUESTION 17 � � Which of the following is not a variable cost? � � � � � � � � � � “� � QUESTION 18 � � Ratios used to compare different firms at the same point in time belong to a category of analysis called: � � � � � “� � QUESTION 19 � � The extent to which assets are financed by borrowed funds and other liabilities is indicated by: � � “� � QUESTION 20 � � If a firm’s variable cost per unit increases, the firm’s operating breakeven point will
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