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4. Which of the following economic characteristics is consistent
with a commercial bank?
5. Which of the following assets appears on the balance sheet at
fair value?
6. The use of acquisition cost as a valuation method is justified on
the basis that acquisition cost is:
7. U.S. GAAP, IFRS, and other major accounting standards are
best characterized as
8. Toro Company recognized $655,000 of cost of goods sold in
2010, in addition its implementation of a just-in-time inventory
system allowed it to reduce its inventory from $325,000 at the
beginning of the year to $230,000 at the end of 2010. How much
cash did Toro spend for inventory in 2010?
9. Free cash flows to all debt and common equity shareholders
represents the excess of cash flows from
10. Normally, cash flows from financing will start using cash
during which phase of the product life cycle?
11. When preparing the statement of cash flows using the indirect
method, an increase in inventories would appear as
12. Which of the following scenarios is consistent with a
increasing cost of goods sold to sales percentage and increasing
inventory turnover
13. Which of the following industries would you expect to have, on
average, high asset turnover and low profit margin?
14. One important difference between return on assets (ROA) and
return on common shareholder’s equity (ROCE) is