quiz 2

Topics: Generally Accepted Accounting Principles, Balance sheet, Depreciation Pages: 3 (225 words) Published: December 18, 2014
quiz 2

TCO 2) A statement that reports inflows and outflows of cash during the accounting period in the categories of operations, investing, and financing, is called a(an):  
Income statement
Statement of retained earnings
Balance sheet
Statement of cash flows
Report of management
Question 2. Question :
(TCO 2) Two major methods of asset valuation are:
: historical cost and future cost
historical cost and acquisition cost
historical cost and replacement cost
acquisition cost and future cost

Question 3. Question :
(TCO 2) _____ is the most important financial metric to review to determine long-term financial viability.  
Return on equity
Total margin
Days cash on hand
Hospital cost index
None of the above
Question 4. Question :
(TCO 2) What should be a firm's primary long-term financial objective?  
Profit growth
Debt growth
Asset growth
Equity growth
Question 5. Question :
(TCO 2) Explain the difference between the accrual basis of accounting and the cash basis of accounting.?  Question 6. Question :
(TCO 2) What is an accounting entity?
Question 7. Question :
(TCO 2) The HC method, which uses unadjusted historical costs, does not take into account depreciation expenses, purchasing power, and unrealized gains in replacement value. Despite these weaknesses as a financial reporting method, the HC method is used more frequently for accounting purposes than other methods, such as the HC-GPL, CV, and CV-GPL methods. Why is this so?  

Question 8. Question :
(TCO 2) Define and describe the purpose of fund accounting (now called net assets).
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