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General MCQ for Financial Statements

1. Net Income Equals:

2. A measure of the overall efficiency of asset utilization is the:

3. EBITDA is Operating Profit:

4. In preparing consolidated financial statements, which type of transaction is NOT wholly or partially eliminated?

5. What is the appropriate exchange rate to use when translating the income statement from functional to reporting currency?

6. If a company is using the installment method of accounting for a project with a gross profit of 30%, how much revenue will be recorded when the initial $100,000 payment is received?

7. Which can be described as 'claims on resources that result from benefits previously received by the company, and which require that a specified amount be paid on a specified date'?

8. The phenomenon of common shareholders trading at extra risk for a potentially higher return is called __________________.

9. Which represent a measure of the assets provided by the original shareholder in exchange for an ownership interest in the firm?

10. The Rate of Return on Assets can be disaggregated into two other ratios. Which is one of the two ratios?

11. A company wants to increase its rate of return on assets from 8 percent to 14 percent. It is believed that the firm's total assets turnover of .667 cannot be easily increased at the present time. What must the profit margin percentage be to achieve the desired 14 percent rate of return on assets?

12. XYZ Company reports total assets and total liabilities of $425,000 and $200,000, respectively, at the conclusion of its first year of business. The company earned $95,000 during the first year and distributed $50,000 in dividends. What was the firm's contributed capital?

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Financial Statements Subjects
Basic Financial Statements MCQs
More Resources
Financial Statements MCQ
Financial Statements Skill Assessment
Financial Statements PDF
Related MCQs
General Financial Accounting
Generally Accepted Accounting Principles (GAAP)
Health Club Management
Human Resource Management
Human Resource Management (Fundamentals)
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