GAAP Accounting Assingment Help With Solution
1. Which of the following will most likely increase the sustainable growth of a company, all other things equal? a. increase dividend payout
b. pay suppliers more quickly c. pay suppliers more slowly d. decrease dividend payout
2. If a company changes the useful life of its assets from 10 years to 12 years, this will be recorded on the income statement as:
a. a non-recurring gain. b. an extraordinary item.
c. a change in accounting principle. d. none of the above
3. Earnings that are high quality would
a. be informative about current performance and provide information about the long-run sustainability of profits.
b. be informative about past performance and provide information about the long-run sustainability of profits. c. be informative about current performance and provide information about the long-run sustainability of
d. be informative about past performance and provide information about the long-run sustainability of assets and liabilities.
4. Which of the following would be considered an extraordinary item? I. Write-down of receivables
II. Gains on disposal of a business segment III. Loss of inventory resulting from a fire IV. Loss resulting from a strike
a. I and IV
b. I, III and IV c. III only
d. I, II and III
5. Which of the following statements is true? Under GAAP, comprehensive income: a. may be reported in addition to net income.
b. must be reported in addition to net income. c. may be reported instead of net income.
d. must be reported instead of net income.
6. Items that appear in Other Comprehensive Income are the result of a. market prices changes in all non-current assets and liabilities. b. changes in stockholders’ equity.
c. market price changes which are difficult to measure. d. market price changes that have not been realized.
7. One definition of earnings management is that it occurs when managers use
a. judgment in financial reporting to alter financial reports to mislead stakeholders. b. an accounting method that is inconsistent with other industry members.
c. more conservative accounting estimates than other companies. d. proforma accounting results as opposed to GAAP results.
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8. When a company makes a change in an estimate that it has used in its financial statements, it should account for the change by
a. retroactively restating all prior financial statements
b. treat the change as a cumulative effect change in accounting estimate c. spread the effect of the change over the current and future periods
d. companies are not allowed to make changes to estimates
9. In a restructuring it is possible that managers may use the opportunity to write down assets that do not even relate directly to the restructuring action. Why might a manager decide to write down an asset that is not included in the restructuring action?
a. The manager is practicing conservatism.
b. The write down relieves future periods of depreciation expense, which increases cash flows.
c. Normally the stock market reacts positively to restructuring and the greater the amount the better. d. The write down relieves future periods of depreciation expense, which increases earnings.
10. Examples of poor earnings quality that hinder the forecasting of expected future earnings include all of the following except:
a. Earnings dominated by a substantial one-time gains from the sale of real estate tangential to the firm’s operations.
b. Reporting a large expense from a warehouse fire that was not covered by insurance.
c. A local government corrects a processing error and a firm receives an unexpected rebate on property taxes previously paid.
d. The company adds equipment that reduces carbon emissions in response to EPA requirements and increases production efficiency.
11. The best measure of a firm’s sustainable income is a. net income.
b. income from continuing operations. c. income before extraordinary items.
d. income before extraordinary item but before discontinued operations.
12. On the income statement, income from discontinued operations is shown a. as an accounting principle change.
b. without any income tax effect.
c. as a separate section of income from continuing operations. d. net of taxes after income from continuing operations.
13. Income or loss from discontinued operations would best be regarded by an analyst as: a. sustainable earnings.
c. transitory earnings. d. permanent earnings.
14. If a company receives an unqualified audit opinion it means the auditors:
a. did not complete a full audit and therefore do not feel qualified to give an opinion on financial statements. b. are providing assurance that the company will remain financially viable for at least the next year.
c. are providing assurance that the company’s financial statements fairly present company’s financial perfor-mance and position.
d. are providing assurance that the company’s financial statements are free from misstatement, fraudulent ac-counting and fairly indicate future performance.
15. Which of the following statements concerning quality of earnings is correct?
a. The more cyclical the industry within which a company operates the lower its quality of earnings, all other things equal
b. The smoother the earnings stream of a company, the greater the quality of the earnings c. Quality of earnings is independent of business risk
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