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1 1. Financial statements are prepared: A) Only for publicly owned business organizations. B) For corporations, but not for sole proprietorships or partnerships. C) Primarily for the benefit of persons outside of the business organization. D) In either monetary or nonmonetary terms, depending upon the need of the decision maker. 2 The basic purpose of an accounting system is to: A) Develop financial statements in conformity with generally accepted accounting principles. B) Provide as much useful information to decision makers as possible, regardless of cost. C) Record changes in the financial position of an organization by applying the concepts of double-entry accounting. D) Meet an organization's need for accounting information as efficiently as possible. 3 Information is cost effective when: A) The information aids management in controlling costs. B) The information is based upon historical costs, rather than upon estimated market values. C) The value of the information exceeds the cost of producing it. D) The information is generated by a computer-based accounting system. 4 Although accounting information is used by a wide variety of external parties, financial reporting is primarily directed toward the information needs of: A) Investors and creditors... B) Government agencies such as the Internal Revenue Service. C) Customers. D) Trade associations and labor unions.

2 5 A complete set of financial statements for Hartman Company, at December 31, 1999, would include each of the following, except: A) Balance sheet as of December 31, B) Income statement for the year ended December 31, C) Statement of projected cash flows for D) Notes containing additional information that is useful in interpreting the financial statements. 6. All of the following are characteristics of managerial accounting, except: A) Reports are used primarily by insiders rather than by persons outside of the business entity. B) Its purpose is to assist managers in planning and controlling business operations. C) Information must be developed in conformity with generally accepted accounting principles or with income tax regulations. D) Information may be tailored to assist in specific managerial decisions. 7. In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a managerial accounting report is more likely to: A) Be used by decision makers outside of the business organization. B) Focus upon the operation results of the most recently completed accounting period. C) View the entire organization as the reporting entity. D) Be tailored to the specific needs of an individual decision maker. 8) Depreciation of machinery will be shown in the profit & loss account under the heading of: A. Selling expense B. Administrative Expenses

3 C. Marketing expense D. Financial expense 9) Advance insurance will be from Insurance expense. A. Added B. Deducted C. Double charged D. None of the given options 10) Money lying in our bank account is our: A. Liability B. Assets C. Expense D. None of the given option 11) Liquidity is: A. The amount of cash to liquidate B. The funds available for use C. The ability of business to receive its cash D. The ability of a business to pay its debts in time Answer of Multiple Choice Questions 1-c 2-d 3-c 4-a 5-c 6-c 7-d 8-b 9-b 10-b 11-d

4 International Corporate Finance 1. Differences in the importance of personal space are an example of which type of international trade barrier? A) political B) technological C) legal D) cultural 2 The United States' former absolute advantage in producing oil drilling equipment is being challenged by which country? A) Great Britain B) Colombia C) China D) Japan 3 An arrangement in which one company allows another company to use its name, products, patents, brands, trademarks, raw materials, and/or production processes in exchange for a royalty is called A) licensing. B) a joint venture. C) direct investment.

5 D) a trading company. 4 The balance of payments includes which of the following? A) a country's balance of trade B) foreign investments C) foreign aid D) all of the above 5 Companies that want more control and are willing to invest considerable resources in A) trading company B) licensing C) direct investment D) contract manufacturing 6 A specific amount of money levied on each unit of a product brought into the country is a(n) A) fixed tariff. B) protective tariff. C) duty-free tariff. D) ad valorem tariff. 7 Many countries in Asia, Africa, and South America A) are less-developed countries. B) are industrialized nations. C) have a high demand for nonessential products.

6 D) have relatively high per capita incomes. 8 The most recent round of GATT provided new rules to prevent dumping. This round was the A) Kennedy Round. B) Uruguay Round. C) Merry-Go Round. D) American Round. 9 Before moving outside their own borders, companies must conduct A) internal audits. B) TQM programs. C) language seminars. D) environmental analyses. Answer of Multiple Choice Questions 1-d 2-d 3-a 4-d 5-c 6-a 7-a 8-b 9-d 1 Which of the following is not a correct expression of the accounting equation? A) Assets - Liabilities = Owners' Equity B) Net Assets = Liabilities + Equities C) Assets = Equities D) Assets = Liabilities + Owners' Equity

7 2 The owners' equity section of a balance sheet contains two major components: A) Common Stock and Additional Paid-in Capital B) Paid-in Capital and Retained Earnings C) Common Stock and Retained Earnings D) Net Income and Dividends 3 The principle stating that all expenses incurred while earning revenues should beidentified with the revenues when they are earned, and reported for the same time period is the: A) cost principle. B) revenue principle. C) expense principle. D) matching principle. 4 Which of these is not a limitation of financial statements? A) Qualitative data are not reflected in financial statements. B) Market values of assets are not generally reported. C) Estimates are commonly used and are sometimes inaccurate. D) All of the above are limitations of financial statements. 5 The balance sheet is sometimes referred to as the: A) Statement of Financial Position. B) Statement of Assets and Liabilities. C) Statement of Changes in Financial Position.

8 D) Statement of Current Affairs 6 The time frame associated with a balance sheet is: A) a point in time in the past. B) a one-year past period of time. C) a single date in the future. D) a function of the information included in it. 7 The distinction between a current asset and other assets: A) is based on how long the asset has been owned. B) is based on amounts that will be paid to other entities within a year. C) is based on the ability to determine the current fair market value of the asset. D) is based on when the asset is expected to be converted to cash, or used to benefit the entity. 8 The purpose of the income statement is to show the: A) change in the fair market value of the assets from the prior income statement. B) market value per share of stock at the date of the statement. C) revenues collected during the period covered by the statement. D) net income or net loss for the period covered by the statement 9 The going concern concept refers to a presumption that: A) the entity will be profitable in the coming year. B) the entity will not be involved in a merger within a year.

9 C) the entity will continue to operate in the foreseeable future. D) top management of the entity will not change in the coming year. 10 The principle of consistency means that: A) the accounting methods used by an entity never change. B) the same accounting methods are used by all firms in an industry. C) the effect of any change in an accounting method will be disclosed in the financial statements or notes thereto. D) there are no alternative methods of accounting for the same transaction. Answer of Multiple Choice Questions 1-b 2-b 3-d 4-d 5-a 6-a 7-d 8-d 9-c 10-c Redemption of Preference Shares and Debentures (1). The fixed value of a share register with the registrar of Companies is called value. (a) Base (c) Face (b) Cash (d) None (2). A company can issue types shares. (a) One (c) Three (b) Two (d) Four (3). According to which Companies Act, a company can issue only redeemable shares. (a) Act, 1950 (b) Act, 1958 (c) Act, 1962 (d) Act, 1956

10 (4). The rate of dividend also varies from year to year. (a) True (b) False (5). The preference shareholders contribute capital to the company. According to which section? (a) 78 (b) 91 (c) 85 (d) 82 (6). preference shares were redeemed on 1 January,... (a) 2005 (b) 2008 (c) 2004 (d) 2007 Answer of Multiple Choice Questions 1. (c) 2. (b) 3. (d) 4. (a) 5. (c) 6. (d) 1 Early in an audit engagement, a CPA assesses the inherent risk that is present. In the current audit, the assessment of inherent risk turns out to be higher than the auditor had anticipated. Which of the following is the most likely result of that change in estimation? a. The assessment of control risk will need to be reduced. b. Materiality levels will need to be reduced. c. The acceptable level of detection risk will need to be reduced. d. The acceptable level of audit risk will need to be reduced. 2. A CPA begins an audit engagement and discovers that the chief financial officer of the company has much less practical experience than had been anticipated. What is the result of this new knowledge? a. The assessment of inherent risk goes up.

11 b. The assessment of control risk goes up. c. The acceptable level of detection risk goes up. d. The acceptable level of audit risk goes up. 3. When do brainstorming sessions take place and what is their purpose? a. Brainstorming sessions occur at the beginning of an audit and periodically thereafter so that the audit team can consider how fraud might take place. b. Brainstorming sessions occur at the end of an audit to ensure that all required audit steps have been properly followed. c. Brainstorming sessions occur after the assessment of inherent risk to determine the impact on substantive testing d. Brainstorming sessions occur after the assessment of control risk to determine the impact on substantive testing. 4. An independent auditor discovers that the management of the reporting company is dominated by one person, the chief executive officer. What type of fraud risk factor is indicated by this situation? a. Employees can rationalize fraudulent financial reporting. b. Employees have the opportunity for fraudulent financial reporting. c. Employees have the incentive to misappropriate assets d. Employees can rationalize the misappropriation of assets. 5. An auditor begins an audit engagement and soon finds that the initial assessment of inherent risk needs to be raised while the initial assessment of control risk can be lowered. Which of the following statements is true? a. The acceptable level of overall audit risk will not be affected. b. The assessed level of detection risk will have to be reduced c. The amount of substantive testing will have to be increases

12 d. The change in the assessment of inherent risk caused the change in the assessment of control risk. 6. Which of the following would be a consideration in planning an auditor's sample for a test of controls? a Preliminary judgments about materiality levels. b. The auditor's allowable risk of assessing control risk too high. c. The level of detection risk for the account. d. The auditor's allowable risk of assessing control risk is too low. 7. Which of the following is true. A) Auditors are responsible for detecting all fraudulent financial reporting. B) Auditors must specifically consider fraud risk from overstating liabilities. C) Auditors must specifically consider fraud risk from management override of controls. D) All of the above are true. 8. Auditors would perform the following steps in which order? A) Set audit risk; assess risk of material misstatement; calculate detection risk. B) Set audit risk; determine detection risk, assess risk of material misstatement. C) Assess risk of material misstatement; determine detection risk; calculate audit risk. D) Assess risk of material misstatement; assess audit risk, determine detection risk. 9. Inspection of tangible assets provides evidence for which assertion? A) Existence. B) Completeness.

13 C) Rights and obligations. D) Occurrence. 10. The risk that the auditor may unknowingly fail to appropriately modify the opinion on financial statements that are materially misstated is referred to as A) Audit risk. B) Detection risk. C) Information risk. D) Business risk. 11. With respect to management's accounting estimates, auditors are not for A) Determining the reasonableness of estimates. B) Determining that estimates are presented in conformity with GAAP. C) Determining that estimates are adequately disclosed in the financial statements. D) All of the above. Answer of Multiple Choice Questions 1-c 2-b 3-a 4-b 5-a 6-d 7-c 8-a 9-a 10-a 11-d 1. The standard cost of a product is: a. The unit cost of products incurred at the start of a particular period b. The average unit cost of products produced during a particular period c. The average unit cost of products produced in the previous period d. The planned unit cost of products produced during a particular period

14 2. What term is used to describe the level of efficiency achieved that appropriately trained, motivated and resourced employees can achieve in the long-run? a. Standard ex ante b. Standard ex post c. Standard hours d. Standard performance 3. A standard that represents the most likely scenario can be referred to as the: a. Average standard b. Basic standard c. Ideal standard d. Attainable standard 4. When calculating cost variances under a standard costing system we must: a. Compare standard costs with actual costs at the standard level of activity b. Compare actual costs with those that were budgeted c. Compare actual costs with standard costs at the actual level of output d. Compare actual outputs against budgeted outputs 5. When carrying out variance analysis, ideally we should: a. Look at all adverse and favourable variances that are over a predetermined amount b. Look at all variances c. Look at adverse variances that are over a predetermined amount

15 d. Look at controllable adverse and favourable variances that are over a predetermined amount 6. The efficiency ratio can be defined as: a. Actual hours worked / actual production based on standard hours b. Standard hours produced/ actual labour hours worked c. Standard hours produced / budgeted labour hours d. Actual hours worked / budgeted labour hours 7. The labour rate variance can be calculated by the following equation: a. Budgeted labour costs - actual labour costs b. (Standard wage rate - actual wage rate) * standard hours worked c. (Standard hours - actual hours) * actual wage rate d. (Standard wage rate - actual wage rate) * actual hours worked 8. An adverse material usage variance together with a favourable materials price variance could suggest that: a. We are using less materials than expected but in total we are paying more than we should b. We are paying higher prices for our materials than expected c. We are paying less for our materials than expected but we are using more materials d. We are paying the same for our materials but we are using more than expected 9. An adverse labour efficiency variance together with a favourable labour rate variance may mean that: a. The business is paying a higher hourly rate than the standard b. Less labour hours are needed to make the same amount of output

16 c. Less skilled staff are being used in production d. More products are being made per hour 10. The formula for calculating the variable overhead total variance is: a. Actual variable overhead less (standard hours * actual production * variable overhead absorption rate) b. Actual overhead less (actual hours * actual hours worked * variable overhead absorption rate) c. Actual variable overhead expenditure less budgeted variable overhead expenditure d. (Standard hours less actual hours) * variable overhead absorption rate 11. The formula for calculating the fixed overhead volume variance is: a. Budgeted fixed expenditure less (standard hours * actual production * fixed overhead expenditure variance) b. Budgeted fixed expenditure less (actual hours * actual production * fixed overhead absorption rate) c. Budgeted fixed expenditure less (actual hours * fixed overhead absorption rate) d. Actual fixed overhead less (standard hours * actual production * fixed overhead absorption rate) Answer of Multiple Choice Questions 1-d 2-d 3-d 4-c 5-d 6-b 7-b 8-c 9-c 10-a 11-b 1. Which of the following statements about business ethics is false? A. It concerns the impact of a business's activities on society.

17 B. It refers to principles and standards that define acceptable behavior in business organizations. C. It relates to an individual's values and moral standards and the resulting business decisions he or she makes. D. What is ethical is determined by the public, government regulators, interest groups, competitors, and each individual's personal moral values. E. Studying it can help you recognize ethical issues and understand how others make unethical decisions. 2. Ethical violations destroy A. nothing. B. jobs. C. trust. D. profits. E. morale. 3. The Sarbanes-Oxley Act was passed to A. punish those who committed accounting fraud in the late 1990s. B. improve corporate profits. C. help laid-off employees get their jobs back. D. help restore confidence in Corporate America. 4. Which of the following have been cited as incidents of unethical business activity recently? A. Unfair competitive practices in the computer industry B. Deceptive advertising of medicines and toys

18 C. Accounting fraud D. All of the above 5. Which of the following statements is false? A. Ethical issues are limited to for-profit organizations. B. Business ethics goes beyond legal issues. C. Ethical conduct builds trust among individuals and in business relationships. D. Ethical conflicts may evolve into legal disputes. 6. In the United States, if a businessperson brought an elaborately wrapped gift to a prospective client on their first meeting, it might be viewed as A. appropriate. B. expected. C. a bribe. D. a gift. 7. The Surgeon General's warning on cigarette packages about the health implications of smoking is an example of which of the following ethical issues? A. Conflict of interest B. Fairness and honesty C. Communications D. Relationships within a business 8. The following behavior is an example of ethical consideration within business relationships: A. keeping company secrets. B. avoiding obligations.

19 C. shirking responsibilities. D. setting a poor example for others. 9. What occurs when an employee exposes an employer's wrongdoing to outsiders? A. Fraud B. Whistleblowing C. Plagiarism D. Mayhem 10. Unethical behavior in business can be reduced if management does all of the following except A. establish clear policies on unethical behavior. B. limit opportunities for unethical behavior. C. depend totally on employees' personal ethics. D. punish unethical behavior firmly. Answer of Multiple Choice Questions 1-a 2-c 3-d 4-d 5-a 6-c 7-c 8-a 9-b 10-c 1. are more secure than shares, in the sense that you are guaranteed payments with high interest rates. (a) Interest (c) Debentures (b) Shares (d) None of these

20 2. Shares cannot be converted into debentures whereas debentures can be converted into.. (a) shares (c) shareholders (b) debentures (d) Fund 3. Company decides the rate of interest for debentures where debenture is just a simple document which is used to create either debt or acknowledge the (a) Credit (c) Interest (b) debt (d) None of these 4. A corporation may make a rights issue to its ordinary. (a) shareholders (c) fund (b) debentures (d) investment 5. Equity shares means that part of the share capital which is not a Preference share.. (a) capital (c) commission (b) Owners (d) None of these 6. Debenture forms part of.. (a) Capital (c) Fund (b) Loan (d) None of these 7. Share holders are. (a) Owners (c) Debtors (b) Creditors (d) None of these Answer of Multiple Choice Questions 1. (c) 2. (a) 3. (b) 4. (a) 5. (a) 6. (b) 7. (a)

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