Devry FIN 382 Week 1 Quiz
Question 1. (TCO 7) At the end of the fiscal year, an adjusting entry is made that increases salaries payable and salaries expense. This entry is an application of which accounting principle?
- Full disclosure
Question 2. (TCO 7) Which of the following can offer a type of comparison in financial statement analysis?
- Past ratios and figures
- Industry averages
- Statistics of competitors
- All of the above
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Question 3. (TCO 7) Which of the following is a false statement, as it relates to analysis?
- If merchandise with a 20% markup is sold on credit, it would take ten successful sales of the same amount to make up for one sale not collected.
- Equity capital provides creditors with a cushion against loss.
- There is a difference between the objectives sought by short-term grantors of credit and those sought by long-term grantors of credit.
- The financial structure of the entity is of interest to creditors.
Question 4.(TCO 7) The matching concept is
- recognizing costs with the recognized revenue.
- recognizing the assets with the recognized revenue.
- comparing transactions from period to period.
- matching accounting methods.
Question 5. (TCO 7) Which of the following is not a type of audit opinion?
- Unqualified opinion
- Qualified opinion
- Adverse opinion
- Clean opinion