5. Which of the following will cause profit to be overstated for the following year?
(A) Current year's ending inventory is understated.
(B) Current year's ending inventory is overstated.
(C) Next year's beginning inventory is overstated.
(D) Next year's ending inventory is understated.

1. The normal order in which the financial statements are prepared is: (A) Balance sheet, income statement, statement of changes in equity. (B) Income statement, statement of changes in equity, balance sheet. (C) Income tax return, income statement, balance sheet. (D) Income statement, statement of cash flows, balance sheet.

2. Financial assets include all of the following except (A) Cash (B) Investments in securities (C) Inventories (D) Accounts receivable

3. Which of the following is not a basic objective of cash management? (A) Provide accurate accounting for cash transactions. (B) Prevent or minimize theft or fraud. (C) Anticipate the need to borrow cash. (D) All three of the above are basic objectives of cash management.

4. Sales to customers using bank credit cards, such as Visa or MasterCard, are recorded as: (A) Cash sales. (B) An account receivable from the cardholder. (C) An account receivable from the bank. (D) Credit card discount expense.

6. A company with a liquid inventory will have: (A) A high inventory turnover and a high average number of days to sell inventory, (B) A high inventory turnover and a low average number of days to sell inventory. (C) A low inventory turnover and a high average number of days to sell inventory. (D) A low inventory turnover and a low average number of days to sell inventory.

7. The logic behind the lower-of-cost-and-net-realizable-value rule is: (A) Inventory gradually becomes obsolete. (B) Inventory that is unsalable should be written down to zero (or its scrap value). (C) An asset is not worth more than it would cost the owner to replace it. (D) An asset is not worth more than it would be sold at its net realizable value.

8. The fair market value of Lewis Company's net identifiable assets is $5,000,000. Martin Corporation purchases Lewis' entire business for S5,800,000. Which of the following statements is not correct? (A) Martin Corporation paid S800,000 for goodwill generated by Lewis Company. (B) Martin feels that Lewis Company has the ability to generate earnings in excess of a normal return on net identifiable assets. (C) Martin will record amortization expense over a period not to exceed 40 years. (D) Martin Corporation will record $800,000 to goodwill, an intangible asset, which will be reported in its balance sheet.

9. Which of the following situations is impossible? (A) Book value is greater than residual value. (B) Book value is equal to the residual value. (C) Book value is less than residual value. (D) Book value is less than the original cost.

10. Off balance sheet financing may involve either: (A) An operating lease. (B) A special purpose entity. (C) Both of the above. (D) Neither of the above.

11. The current portion of noncurrent debt should be reported: (A) Separately in the noncurrent liabilities section of the statement of financial position. (B) In the noncurrent liabilities section of the statement of financial position, along with the other long-term debt. (C) In the current liabilities section of the statement of financial position. (D) In a separate section of the statement of financial position, bet ween noncurrent liabilities and shareholders' equity.

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