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(Solved) would you be able to get these done by tonight?


would you be able to get these done by tonight? they are due by 12 am. I posted them to every one and this guy only answered 10 of the 40. Please help.


1. Aardvark is a small pest-control business that has 30 employees. The company started business within the past year, and needs to make a decision on how best to make sure its finances are managed well as the company continues to grow its customer base and its business. Which of the following questions would be LEAST relevant to a controller as he or she develops a financial forecast for Aardvark?

  A.  What are the future plans of the company? 

  B.  What is the current state of the local economy? 

  C.  What is the future state of the local economy likely to be? 

  D.  What subcontractors should the company use? 


2. Aardvark is a small pest-control business that has 30 employees. The company started business within the past year, and needs to make a decision on how best to make sure its finances are managed well as the company continues to grow its customer base and its business. Which of the following, if true, would NOT strengthen the case that Aardvark needs to hire a full-time controller?

  A.  The company needs its cash flow to be continuously monitored. 

  B.  The company needs to determine how to market its products so as to reach the largest number of customers. 

  C.  The company needs to have its excess funds invested in high-growth opportunities. 

  D.  The company needs to have financial goals mapped out for it. 


3. Which of the following bodies formulates the generally accepted accounting principles?  

  A.  Accounting Disclosure Board 

  B.  Financial Accounting Standards Board 

  C.  Association of Certified Fraud Examiners 

  D.  Securities and Exchange Commission 


4. julie, a recent college graduate, is interested in business and is considering pursuing a career in accounting. Her parents are supportive, with her mother recommending that Julie become a public accountant and her father recommending that she become a private accountant. Which of the following, if true, supports the father's position?

  A.  Julie has said she wants to work for one of the accounting firms like Ernst & Young. 

  B.  The demand for external auditors is expected to grow in the near future. 

  C.  Many accountants flooded the job market when the Arthur Andersen firm effectively went out of business in 2002. 

 D.  Julie has said she wants to work for one of the accounting firms like Ernst & Young because she would not have a vested interest in the companies that she audits. 


5. Bennequin Manufacturing was a highly profitable firm five years ago but has since been severely declining in net revenue, even though the amount of business has held steady. Marlena has been hired as the new Chief Executive Officer to help turn things around for the company. She would like to understand what happened financially to the company in the past five years in order to start coming up with possible solutions. Which of the following documents would be most useful for her?

  A.  income statements from the past five years 

  B.  debt statements from the past five years 

  C.  statements of cash flows from the past five years 

  D.  balance sheets from the past five years 


6. Julie, a recent college graduate, is interested in business and is considering pursuing a career in accounting. Her parents are supportive, with her mother recommending that Julie become a public accountant and her father recommending that she become a private accountant. Which of the following, if true, supports the mother's position?  

  A.  Julie has said that she wants to work for one of the accounting services firms like Ernst & Young. 

  B.  The demand for government accountants is expected to grow in the near future. 

  C.  Two other recent grads in Julie's class chose to pursue public accounting. 

  D.  A recent survey showed that about 45 percent of new accountants chose public accounting. 


7. Which of the following scenarios would most likely occur with a company that has reported disappointing earnings recently but still looks to be financially stable for quite some time?

  A.  high long-term solvency ratio but low profitability ratio 

  B.  high short-term solvency ratio but low profitability ratio 

  C.  high long-term solvency ratio but low activity ratio 

  D.  high short-term solvency ratio but low activity ratio 


8. Which of the following BEST describes a certified fraud examiner?

  A.  a specialized managerial accountant concerned with issues of fraud 

  B.  a specialized certified public accountant concerned with issues of fraud 

  C.  a specialized forensic accountant concerned with issues of fraud 

  D.  an accounting agent for the Securities and Exchange Commission concerned with issues of fraud 


9. Which organization provides guidelines for ethical conduct for the accounting profession?

  A.  AICPA 

  B.  SEC 

  C.  GAAP 

  D.  FASB 

Reset Selection


10. Which of the following terms refers to the recording of financial transactions?

  A.  bookkeeping 

  B.  accounting 

  C.  controlling 

  D.  budgeting 


11. Which are the two major fields of accounting?

  A.  managerial and forensic 

  B.  financial and managerial 

  C.  bookkeeping and advisory 

  D.  corporate and individual 


12. Which of the following statements is true?

  A.  Forensic accounting is only used as a tool for government regulation and investigation. 

  B.  Forensic accounting is mostly used as a tool for intracompany investigations. 

  C.  Forensic accounting is rarely used to investigate the misuse of government funds. 

  D.  Forensic accounting is often used to investigate the misuse of government funds. 


13. Which of the following terms refers to the examination of a company's accounting system to determine whether its financial reports fairly represent its operations?

  A.  company-wide analysis 

  B.  forensic accounting 

  C.  portfolio analysis 

  D.  audit 


14. Financial statements that do not include interpretation and explanation by management are in violation of which GAAP principle?

  A.  principle of sincerity 

  B.  principle of continuity 

  C.  principle of full disclosure 

  D.  principle of regularity 


15. Which of the following bodies enforces accounting and auditing rules and procedures?

  A.  Accounting Disclosure Board 

  B.  Financial Accounting Standards Board 

  C.  Association of Certified Fraud Examiners 

  D.  Securities and Exchange Commission 


16. Which of the following terms refers to the comprehensive system for collecting, analyzing, and communicating financial information?

  A.  bookkeeping 

  B.  accounting 

  C.  controlling 

  D.  auditing 


17. Which of the following statements BEST describes the need for global accounting standards?

 A.  The complexity of the global market increases the risk of unethical accounting behavior by allowing accountants to choose which national GAAP standards are best for their clients. 

  B.  The rise of the global market increases the risk of money laundering and offshore accounting. 

  C.  The rise of the global market increases the risk of fraudulent business transactions across borders. 

  D.  The rise of the global market increases the risk of international dumping and profit-skimming. 


18. A local bakery is suddenly inundated with many more orders for wedding cakes than it has the physical capacity to make. Rather than turn away customers, the owner decides to rent another kitchen across town to fulfill all of the orders. But she needs to borrow money to pay for the rent and additional workers, the additional cost of which will be paid by the profits from the additional cakes. Which of the following ratios will be most affected by this decision?

  A.  the bakery's short-term solvency ratio 

  B.  the bakery's long-term solvency ratio 

  C.  the bakery's profitability ratio 

  D.  the bakery's activity ratio 


19. Which of the following are the three categories on a company's cash flow statement?

  A.  operating activities, purchase activities, taxes 

  B.  profit inflow, debt outflow, taxes 

  C.  profitable activities, deficit activities, taxes 

  D.  operating activities, investing activities, financing activities 


20. Due to investor disgruntlement, Howard Industries needs to provide a complete review of its financial records in order to confirm that they have been conforming with generally accepted accounting principles. Which of the following processes does Howard Industries need to start?

  A.  company-wide analysis 

  B.  company-wide audit 

  C.  portfolio analysis 

  D.  preliminary investigation 


21. Which of the following financial institutions earn profits from loans taken from the funds in each of its depositors' accounts?

  A.  securities investment firms 

  B.  pension funds 

  C.  credit unions 

  D.  commercial banks 


22. Which of the following agencies guarantees the safety of all of its members' bank accounts?

  A.  Internal Revenue Service 

  B.  Federal Open Market Committee 

  C.  Federal Reserve Bank 

  D.  Federal Deposit Insurance Corporation 


23. Which of the following has a fixed term?

  A.  demand deposits 

  B.  time deposits 

  C.  money market mutual funds 

  D.  credit card accounts 


24. Which of the following best describes the stability characteristic of money?

  A.  Units of money do not expire after a certain time limit. 

  B.  Units of money of different nations are easily converted to other units of money. 

  C.  Units of money can be matched with the value of goods. 

  D.  Units of money have relatively constant value. 

Reset Selection


25. A jeweler assesses the value of a flawless white diamond as considerably more than that of a rhinestone. Which function of money does this illustrate?  

  A.  foundation of banking 

  B.  medium of exchange 

  C.  store of value 

  D.  measure of worth 


26. Which response is FALSE regarding the International Monetary Fund?

  A.  The IMF promotes the stability of exchange rates. 

  B.  The IMF encourages members to cooperate on international monetary issues. 

  C.  The IMF provides long-term loans to member countries. 

  D.  In some developing countries, part of the IMF's requirements are to cut back on social programs and spending. 


27. Which of the following statements best describes why U.S. Treasury securities have always been considered risk-free investments?

  A.  They are backed by the U.S. government. 

  B.  They have a guaranteed rate of return. 

  C.  They are easily sold. 

  D.  They are readily available for purchase. 


28. How are the individual Federal Reserve Banks organized?

  A.  by size of financial institution members—small, medium, large, etc. 

  B.  by type of financial institution members—commercial banks, credit unions, etc. 

  C.  by geographical region—Southeast, Northeast, West, etc. 

  D.  by financial purpose—buying, lending, interest controlling, etc. 


29. Which of the following terms refers to the interest level at which member banks can borrow money from the Federal Reserve System?

  A.  discount rate 

  B.  key rate 

  C.  prime rate 

  D.  federal insurance premium 


30. In which of the following financial institutions would all of the people who allow it to hold their funds be able to participate in major decision-making?

  A.  commercial bank 

  B.  savings and loan association 

  C.  savings institutions 

  D.  credit union 


31. David is saving $25 a week toward getting a new truck. Which function of money does this illustrate?

  A.  stabilization of value 

  B.  foundation of banking 

  C.  medium of exchange 

  D.  store of value 


32. Which of the following financial institutions are considered to be owned by their depositors?

  A.  commercial banks and savings and loan associations 

  B.  savings and loan associations and mutual savings banks 

  C.  mutual savings banks and credit unions 

  D.  credit unions and pension funds 


33. Which of the following describes the requirements that the International Monetary Fund has made on certain developing countries?

  A.  that the government decrease spending in order to bring inflation under control 

  B.  that private industries decrease prices in order to bring inflation under control 

  C.  that the government increase loans in order to create more money in the local markets 

  D.  that the local banks increase loans in order to create more money in the local markets 


34. Which of the following best describes the durability characteristic of money?

  A.  Units of money do not expire after a certain time limit. 

  B.  Units of money can be matched with the value of goods. 

  C.  Units of money allow people to measure the relative value of goods and services. 

  D.  Units of money of different nations are easily converted to other units of money. 


35. Which of the following best describes what is called the "open-market operations" of the Federal Reserve System?

  A.  the development of new financial opportunities for banks 

  B.  the minting of new money to disperse into the money market 

  C.  the control of interest rates among banks 

  D.  the buying and selling of securities 


36. Regarding the international payments process, which statement is true?

  A.  In international trade, money will flow from the country with the strongest currency to that of the weakest. 

  B.  The World Bank monitors the trade of its members to insure that money is flowing properly between the various countries. 

  C.  The World Bank monitors the national banks of its members to insure that money is flowing properly between the various countries. 

  D.  Money does not actually have to flow between two countries. 


37. Which of the following is NOT a component of the statement of cash flows?

  A.  Cash flows from operations 

  B.  Cash flows from investing 

  C.  Goodwill 

  D.  Cash flows from financing 


38. Money frees society from a system of barter. In doing so, money is performing which of the following functions?

  A.  store of value 

  B.  measure of worth 

  C.  unit of account 

  D.  medium of exchange 


39. Which of the following financial institutions is considered a thrift institution?

  A.  pension fund 

  B.  credit union 

  C.  commercial bank 

  D.  savings and loan association


40. Which of the following is NOT part of the M-2 money supply?

  A.  debit card account 

  B.  time deposits 

  C.  money market mutual funds 

  D.  credit card account 

 


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