Financial Accounting and Statement Of Financial Position Assignment Essay
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Financial Accounting and Statement Of Financial Position Assignment Essay
Question No. 1 (33 marks)
Select the best answer for each of the following multiple-choice items and enter your answer on the Scantron Sheet provided. Failure to use the Scranton Sheet will result in zero marks for Question No. 1. Only one answer will be accepted for each question. There is no penalty for guessing. No account will be taken of any explanations provided.
Financial Accounting and Statement Of Financial Position Assignment Essay
Items 1 to 11 are each worth one mark.
1. In order for accounting information to be relevant, it must
a. have very little cost.
b. help predict future events or confirm prior expectations.
c. be verifiable.
d. be used by a lot of different organizations.
- Working capital is a measure of
a. comparability.
b. liquidity.
c. profitability.
d. solvency.- A liquidity ratio measures the
a. profit or operating success of a company over a period of time.
b.- ability of a company to survive over a long period of time.
c. short-term ability of a company to pay its maturing obligations and to meet unexpected needs for cash.
d. percentage of total financing provided by creditors.- A weakness of the current ratio is
a. the difficulty of the calculation.
b. that it doesn’t take into account the composition of the current assets.
c. that it is rarely used by sophisticated analysts.
d. that it can be expressed as a percentage, as a rate, or as a proportion.- Which one of the following is a fundamental qualitative characteristic?
a. Relevance
b. Timeliness
c. Understandability
d. Comparability- Accounting information should be neutral in order to enhance
a. faithful representation
b. materiality.
c. comparability.
d. understandability.- On a classified statement of financial position, current assets are often listed
a. in alphabetical order.
b. with the largest dollar amounts first.
c. in the order in which they are expected to be converted into cash.
d. in the order of acquisition.- Long-lived assets without physical substance are
a. listed directly under current assets on the statement of financial position.
b. not listed on the statement of financial position because they do not have physical substance.
c. intangible assets.
d. listed as a long-term investment on the statement of financial position.- The classification and normal balance of the unearned revenue account is
a. asset, debit
b. liability, credit.
c. revenues, credit.
d. shareholders’ equity, credit.
10. In general, revenue recognition occurs
a. when cash is received
b. when it is earned.
c. when expenses are incurred.
d. in the period that income taxes are paid.Financial Accounting and Statement Of Financial Position Assignment Essay
- Recording transactions that affect a company’s financial statements in the periods in which they occur rather than when cash is received or paid is called
a. time period accounting
b. the cash basis of accounting.
c. monetary accounting.
d. the accrual basis of accounting.Financial Accounting and Statement Of Financial Position Assignment Essay
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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