COMM 217 - FINAL MCQ Actual Questions and Answers Solved correctly 100%( complete version)
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Course
COMM 217
Institution
Concordia Theological Seminary-Fort Wayne
COMM 217 - FINAL MCQ Actual Questions and Answers Solved correctly 100%( complete version)
COMM 217 - FINAL MCQ Actual Questions and Answers
Solved correctly 100%( complete version)
1. The Total Asset Turnover measures which of the following?
a) the profit generated by efficie...
COMM 217 - FINAL MCQ Actual Questions and
Answers Solved correctly 100%(2023-2024
complete version)
,COMM 217 - FINAL MCQ Actual Questions and
Answers
Solved correctly 100%(2023-2024 complete
version)
1. The Total Asset Turnover measures which of the following?
a) the profit generated by efficient management of assets
b) how quickly we liquidate our inventory
c) the sales revenue generated by efficient management of assets
d) the ability to earn profit for the shareholders
2. Parker Bank is deciding whether to make a loan to Davis
Company. Why would the bank be interested in the amount
of liabilities that Davis has on its statement of financial
position?
a) Liabilities represent resources that could be used to repay the loan.
b) If Davis already has many other obligations, it might not be
able to repay the loan.
c) Existing liabilities give an indication of how profitable Davis has been in
the past.
d) Parker would be interested in the amount of Davis's assets but
not the amount of liabilities.
3. The conceptual framework of accounting helps to ensure that
a) users with no accounting or business knowledge will
understand financial statements.
b) a rule will be in place for every possible situation.
c) there are consistent standards prescribing the nature,
functions and limits of financial statements.
d) all countries have their own unique accounting standards.
4. What is the primary purpose of hiring a public accounting firm
to examine the financial statements of the company?
a) To assure no fraud has been committed by the company's management.
b) To provide credibility that the financial information conforms
with international financial reporting standards in all material
respects.
c) To detect all accounting errors made by the accounting system and
employees.
d) To detect fraud committed by employees.
5. An understatement of the beginning inventory results in
a) no effect on the period's earnings.
b) an overstatement of earnings.
, c) an understatement of earnings.
d) a need to adjust purchases.
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