QUIZ

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Question 1.1. (TCO 2) A statement that reports the financial position (assets, liabilities, and stockholders' equity) of an accounting entity at a point in time is called a(an): (Points : 5)

Income statement Statement of retained earnings Balance sheet Statement of cash flows Report of management

Question 2.2. (TCO 2) Two major methods of asset valuation are: (Points : 5)

historical cost and future cost historical cost and acquisition cost historical cost and replacement cost acquisition cost and future cost

Question 3.3. (TCO 2) _____ is the most important financial metric to review to determine long-term financial viability. (Points : 5)

Return on equity Total margin Days cash on hand Hospital cost index None of the above

Question 4.4. (TCO 2) What is/(are) the primary determinant(s) of firm value? (Points : 5)

Profit Investment Cost of capital All of above

Question 5.5. (TCO 2) What are the major reasons for accrual accounting? (Points : 5)

Question 6.6. (TCO 2) What is an accounting entity? (Points : 5)

Question 7.7. (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? (Points : 10)

Question 8.8. (TCO 2) What is the basic accounting equation? (Points : 10)