Question 1

HHF's times interest earned ratio is (rounded) :

Accepted Answer

A)  3.47.
B)  1.73.
C)  2.47.
D)  10.0.

Question 2

The criteria for determining which items comprise cash equivalents often is disclosed in the summary of significant accounting policies.

Accepted Answer

A) True 
 B)False

Question 3

The balance sheet reports:

Accepted Answer

A)  Net income at a point in time.
B)  Cash flows for a period of time.
C)  Assets and equities at a point in time.
D)  Assets and liabilities for a period of time.

Question 4

Which of the following would be disclosed in the summary of significant accounting policies disclosure note?

Accepted Answer

The answer of Which of the following would be disclosed...

Question 5

Listed below are 5 terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the correct term.

Accepted Answer

The answer of Listed below are 5 terms followed by...

Question 6

Use the following to answer questions 
The following partial balance sheet ($ in thousands) for Paisano Seafood Inc.is shown below. 
-Quick assets total:

Accepted Answer

A)  $60.
B)  $230.
C)  $280.
D)  $305.

Question 7

Indicate whether each of the actions listed below will immediately increase (I), decrease (D), or have no effect (N) on the ratios shown. Assume each ratio is greater than 1.0 before the action is taken. 
-

Accepted Answer

The answer of Indicate whether each of the actions listed...

Question 8

Segment reporting requires disclosure of each customer that accounts for more than 5% of total enterprise revenue.

Accepted Answer

A) True 
 B)False

Question 9

Use the following to answer questions 
The following partial balance sheet ($ in thousands) for Paisano Seafood Inc.is shown below. 
-Working capital is:

Accepted Answer

A)  $505.
B)  $265.
C)  $185.
D)  $75.

Question 10

The principal concern with accounting for related-party transactions is:

Accepted Answer

A)  The size of the transactions.
B)  Differences between economic substance and legal form.
C)  The absence of legally binding contracts.
D)  The lack of accurate data to record transactions.

Question 11

Assets do not include:

Accepted Answer

A)  Property,plant,and equipment.
B)  Investments.
C)  Paid-in capital.
D)  Unexpired insurance.

Exam 3: The Balance Sheet and Financial Disclosures

Listed below are 5 terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the correct term.

Correct Answer
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Indicate whether each of the actions listed below will immediately increase (I), decrease (D), or have no effect (N) on the ratios shown. Assume each ratio is greater than 1.0 before the action is taken. -

Correct Answer
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The principal concern with accounting for related-party transactions is:

Correct Answer
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Which of the following would be disclosed in the summary of significant accounting policies disclosure note?

Correct Answer
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The balance sheet reports:

Correct Answer
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Assets do not include:

Correct Answer
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Use the following to answer questions The following partial balance sheet ($ in thousands) for Paisano Seafood Inc.is shown below. -Quick assets total:

Correct Answer
verified

The criteria for determining which items comprise cash equivalents often is disclosed in the summary of significant accounting policies.

Correct Answer
verified

Segment reporting requires disclosure of each customer that accounts for more than 5% of total enterprise revenue.

Correct Answer
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HHF's times interest earned ratio is (rounded) :

Correct Answer
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Use the following to answer questions The following partial balance sheet ($ in thousands) for Paisano Seafood Inc.is shown below. -Working capital is:

Correct Answer
verified

Exam 3: The Balance Sheet and Financial Disclosures

Listed below are 5 terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the correct term.

Correct AnswerverifiedShow Answer

Indicate whether each of the actions listed below will immediately increase (I), decrease (D), or have no effect (N) on the ratios shown. Assume each ratio is greater than 1.0 before the action is taken. -

Correct AnswerverifiedShow Answer

The principal concern with accounting for related-party transactions is:

Correct AnswerverifiedShow Answer

Which of the following would be disclosed in the summary of significant accounting policies disclosure note?

Correct AnswerverifiedShow Answer

The balance sheet reports:

Correct AnswerverifiedShow Answer

Assets do not include:

Correct AnswerverifiedShow Answer

Use the following to answer questions The following partial balance sheet ($ in thousands) for Paisano Seafood Inc.is shown below. -Quick assets total:

Correct AnswerverifiedShow Answer

The criteria for determining which items comprise cash equivalents often is disclosed in the summary of significant accounting policies.

Correct AnswerverifiedShow Answer

Segment reporting requires disclosure of each customer that accounts for more than 5% of total enterprise revenue.

Correct AnswerverifiedShow Answer

HHF's times interest earned ratio is (rounded) :

Correct AnswerverifiedShow Answer

Use the following to answer questions The following partial balance sheet ($ in thousands) for Paisano Seafood Inc.is shown below. -Working capital is:

Correct AnswerverifiedShow Answer

Correct Answer
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