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Financial Reporting Fundamentals Test
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Financial Reporting Fundamentals Test
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25 Questions

1. Accrual Basis Accounting matches what?
2. How do you calculate goodwill?
3. If a bond is trading at par
4. True or False? The SEC and FASB have similar duties.
5. A decrease in non-current assets is _________ net income.
6. Which form corresponds to an annual summary?
7. A balance sheet typically has:
8. True or False? The diluted earnings per share is a more reliable way to measure earnings per share.
9. True or False? Earnings per share do not include taxes for the year.
10. The general formula for a balance sheet is
11. Which of the following is a current asset?
12. Nowadays most financial statements can be found on
13. The SEC usually deals with:
14. An item needed for financial reporting is:
15. True or False? The balance sheet is a snapshot of a firm's financial position.
16. Revenue - Expenses = what?
17. True of False? Financial statements need to be audited.
18. The cash flow statement details a firm's _________?
19. True or False? Financial reporting is not needed by small companies listed on the OTC bulletin board.
20. Current Dividend Yield = ?
21. Which activity is represented first in the Cash Flow Statements?
22. The single step income statement approach totals revenues and subtracts ________?
23. True or False? Financial reports are not important in making investment decisions.
24. Which of the following is an example of a non-current asset?
25. If a firm's payout ratio is greater than 1

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