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1、Chapter 02 - Financial Statements and Cash FlowChapter 02 Financial Statements and Cash Flow Answer Key Multiple Choice Questions1.The financial statement showing a firms accounting value on a particular date is the:A.income statement.B.balance sheet.C.statement of cash flows.D.tax reconciliation st
2、atement.E.shareholders equity sheet.Difficulty level: EasyTopic: BALANCE SHEETType: DEFINITIONS2.A current asset is:A.an item currently owned by the firm.B.an item that the firm expects to own within the next year.C.an item currently owned by the firm that will convert to cash within the next 12 mon
3、ths.D.the amount of cash on hand the firm currently shows on its balance sheet.E.the market value of all items currently owned by the firm.Difficulty level: EasyTopic: CURRENT ASSETSType: DEFINITIONS3.The long-term debts of a firm are liabilities:A.that come due within the next 12 months.B.that do n
4、ot come due for at least 12 months.C.owed to the firms suppliers.D.owed to the firms shareholders.E.the firm expects to incur within the next 12 months.Difficulty level: EasyTopic: LONG-TERM DEBTType: DEFINITIONS4.Net working capital is defined as:A.total liabilities minus shareholders equity.B.curr
5、ent liabilities minus shareholders equity.C.fixed assets minus long-term liabilities.D.total assets minus total liabilities.E.current assets minus current liabilities.Difficulty level: EasyTopic: NET WORKING CAPITALType: DEFINITIONS5.A(n) _ asset is one which can be quickly converted into cash witho
6、ut significant loss in value.A.currentB.fixedC.intangibleD.liquidE.long-termDifficulty level: EasyTopic: LIQUID ASSETSType: DEFINITIONS6.The financial statement summarizing a firms accounting performance over a period of time is the:A.income statement.B.balance sheet.C.statement of cash flows.D.tax
7、reconciliation statement.E.shareholders equity sheet.Difficulty level: EasyTopic: INCOME STATEMENTType: DEFINITIONS7.Noncash items refer to:A.the credit sales of a firm.B.the accounts payable of a firm.C.the costs incurred for the purchase of intangible fixed assets.D.expenses charged against revenu
8、es that do not directly affect cash flow.E.all accounts on the balance sheet other than cash on hand.Difficulty level: EasyTopic: NONCASH ITEMSType: DEFINITIONS8.Your _ tax rate is the amount of tax payable on the next taxable dollar you earn.A.deductibleB.residualC.totalD.averageE.marginalDifficult
9、y level: EasyTopic: MARGINAL TAX RATESType: DEFINITIONS9.Your _ tax rate is the total taxes you pay divided by your taxable income.A.deductibleB.residualC.totalD.averageE.marginalDifficulty level: EasyTopic: AVERAGE TAX RATESType: DEFINITIONS10._ refers to the cash flow that results from the firms o
10、ngoing, normal business activities.A.Cash flow from operating activitiesB.Capital spendingC.Net working capitalD.Cash flow from assetsE.Cash flow to creditorsDifficulty level: MediumTopic: CASH FLOW FROM OPERATING ACTIVITIESType: DEFINITIONS11._ refers to the changes in net capital assets.A.Operatin
11、g cash flowB.Cash flow from investingC.Net working capitalD.Cash flow from assetsE.Cash flow to creditorsDifficulty level: MediumTopic: CASH FLOW FROM INVESTINGType: DEFINITIONS12._ refers to the difference between a firms current assets and its current liabilities.A.Operating cash flowB.Capital spe
12、ndingC.Net working capitalD.Cash flow from assetsE.Cash flow to creditorsDifficulty level: EasyTopic: NET WORKING CAPITALType: DEFINITIONS13._ is calculated by adding back noncash expenses to net income and adjusting for changes in current assets and liabilities.A.Operating cash flowB.Capital spendi
13、ngC.Net working capitalD.Cash flow from operationsE.Cash flow to creditorsDifficulty level: MediumTopic: CASH FLOW FROM OPERATIONSType: DEFINITIONS14._ refers to the firms interest payments less any net new borrowing.A.Operating cash flowB.Capital spendingC.Net working capitalD.Cash flow from shareh
14、oldersE.Cash flow to creditorsDifficulty level: MediumTopic: CASH FLOW TO CREDITORSType: DEFINITIONS15._ refers to the firms dividend payments less any net new equity raised.A.Operating cash flowB.Capital spendingC.Net working capitalD.Cash flow from creditorsE.Cash flow to stockholdersDifficulty level: MediumTopic: CASH FLOW TO STOCKHOLDERSType: DEFINITIONS16.Earnings per share is equal to:A.net income divided by the total number of shares outstanding.B.net income divided by the par value of the common stock.C.gross in
