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Chris M.
Chris M., M.S.W. Social Work
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1) which of the following statements most accurately reflects

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1) which of the following statements most accurately reflects the approach the FASB and IASB have identified for reaching convergence of US and international accounting standards?
a. convergence will be achieved primarily by modifying FASB standards to conform with IASB standards
b. convergence will be achieved primarily by modifying IASB standars to confrom with FASB standards.
c. FASB and IASB will create new standards rather than trying to eliminate differences between standards that are in need of significant improvement.
d. FASB and IASB will try to eliminate differences between standards by eliminating differences between existing standards of the two standard-setting bodies that can be easily resolved and will the work jointly on more complex issues

2) under international accounting standards, cash paid for interest (associated with interest expense) can be shown on the statement of cash flows as an
a. operating activity only
b. operation or financing activity
c. operating or investing activity
d. investing or financing activity

3)which of the following statements best describes the use of financial statement analysis?
a. financial statement analysis techniques are merely guides to interpretation of financial data
b. financial statement analysis can eliminate the risk in investment decisions
c. measurements for a specific company should be compared only with data from past periods
d. all of these are correct

4) which of the following ratios does not measure liquidity?
a. current ratio
b. quick ratio
c. working capital to total assets
d. debt to equity

5) cleybourne company wrote off an $800 uncollectible account receivable against the allowance for doubtful accounts with a balance for $2,100. The current ratio after the write-off of the uncollectible account
a. would be less than before the write-off of the account
b. would be greater than before the write-off of the account
c. would be the same as before the write-off of the account
d. cannot be determined with the information given
Submitted: 6 years ago.
Category: Homework
Expert:  Chris M. replied 6 years ago.

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