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Q1. This course includes _ modules.
Q2. I am required to purchase a textbook for this course.
Q3. Which of the following activities is NOT required in each module?
Q4. The following tool(s) will help me use the discussion forums:
Q5. If I have a problem in the course I should:
Q1. When measuring the height of a building, what represents the attribute of interest?
Q2. When measuring the speed of a cheetah, what represents the phenomenon of interest?
Q1. Which financial statement serves as a substitute attribute for position?
Q2. Which financial statement serves as a substitute attribute for performance?
Q1. What is assigning numerals or other symbols to represent the magnitude of an attribute or phenomenon called?
Q2. Since we cannot directly observe a baby’s happiness, what would we call a substitute way of measuring the happiness by looking at “smiles per hour”?
Q3. The attribute of a phenomenon cannot change. True or false?
Q4. A phenomenon can have many attributes. True or false?
Q5. What are the three measurement questions that are substitute attributes for financial statements themselves?
Q6. What is the phenomenon in the example “the height of the child”?
Q7. To measure how friendly a student is, one would likely use a substitute attribute. True or false?
Q8. What is the characteristic of the phenomenon called?
Q9. Assets, liabilities, and equity are the three components of what financial statement?
Q10. What are economic resources owned by the company called?
Q11. What are the obligations that the company has to others?
Q12. What is thought of as the net worth of the company because it represents the difference between assets and liabilities?
Q13. Which financial statement represents a picture of the company on a certain date?
Q14. Which financial statement represents transactions that occurred over a designated period of time?
Q15. Publicly traded companies are required to produce financial statements. True or false?
Q16. Which account on the income statement represents resources earned from normal operating activities?
Q17. Which account on the income statement represents an outlay of resources as part of normal operating activities?
Q18. Companies not required to produce financial statements have no incentive to generate them. True or false?
Q19. The company’s assets can help answer which measurement question?
Q20. The company’s liabilities can help answer which measurement question?
Q1. Marketable securities represent investments that can be converted to cash quickly. True or false?
Q2. Prepaid expense should be presented in the financial statements as an asset. True or false?
Q1. Property and equipment is an alternative name for fixed asset. True or false?
Q2. All fixed assets should be depreciated. True or false?
Q1. Inventory is listed as a current asset on the balance sheet, which means inventory should be used up within a year. True or false?
Q2. Which balance sheet item represents investments that can be converted to cash quickly?
Q3. Which account would NOT be listed on the balance sheet for a bakery?
Q4. What the company is in the business to sell determines whether an item can be presented in raw materials inventory or finished goods inventory. True or false?
Q5. Which is not one of the three categories of inventory that a manufacturing company would include on the balance sheet?
Q6. A prepaid expense, such as prepaid rent, is an example of what?
Q7. Accounts receivable can be described as
Q8. The amount the company is owed by customers that it estimates it will NOT receive is called what?
Q9. What kind of asset is not expected to be converted to cash or used up within a year?
Q10. Which is a non-current asset?
Q11. Which is NOT a fixed asset at a running shoe store?
Q12. What can be thought of as the estimated amount of property, plant, and equipment that the company has used up since it was first acquired?
Q13. What is the unidentifiable asset that coincides with purchasing a company for more than the value of the assets acquired?
Q14. Intangible assets cannot be listed on the balance sheet. True or false?
Q15. Say you just bought a company from a friend. If you bought the company’s assets for $70,000, and the total value of the assets was actually $50,000, what would the goodwill be reported as on the balance sheet?
Q16. In general, accounting regimes allow companies to record intangible assets that they have created themselves.
Q17. Which of the following is classified as a non-current asset on the balance sheet?
Q18. Inventory can be under current or non-current assets depending on what the company chooses to list it as. True or false?
Q19. Which of the following are intangible assets?
Q20. Goodwill, patents, and copyrights are examples of current assets. True or false?
Q1. Accrued liabilities represent an amount a company owes. True or false?
Q2. Accounts payable and accrued liabilities are interchangeable line items. True or false?
Q1. The long-term debt line item on the balance sheet includes interest owed on the long-term debt. True or false?
Q2. In a transaction between a customer and a company, only the customer can acquire a liability. True or false?
Q1. What is a liability?
Q2. Current liabilities are not expected to require payment to be made within a year. True or false?
Q3. If a company receives several shipments from a supplier during a month, it can be more convenient to pay one time at the end of the month. The company will owe the supplier payment for the supplies, and the amount owed will be reported on the company balance sheet during the month as what?
Q4. Accrued liabilities are not a liability, but are actually an expense. True or false?
Q5. Which is NOT an example of an accrued liability?
Q6. Accrued liabilities are a current liability on the balance sheet. True or false?
Q7. Where is accounts payable found on the balance sheet?
Q8. What section of the balance sheet can be thought of as a company’s debt?
Q9. Obtaining a loan to buy a bakery that is in the process of making repayment would be considered a current liability since there are payments being made. True or false?
Q10. All debt on a company’s balance sheet is bad. True or false?
Q11. There is always a cash payment needed to satisfy a liability. True or false?
Q12. Which is a long-term liability?
Q13. When a company has long-term debt, the debt agreement often requires the company to pay a portion of the debt each year. True or false?
Q14. What is an advantage to a company of taking on debt?
Q15. What measurement question can be answered by looking at liabilities on the balance sheet?
Q16. If you delivered inventory to John, but John had not paid for the inventory yet, what liability account for John would increase?
Q17. A dance studio that receives payment from customers to deliver children dance lessons is an example of the dance studio’s what?
Q18. A company’s liability can decrease by
Q19. Which is NOT a liability on the balance sheet?
Q20. What is another term for non-current liabilities?
Q1. Preferred stockholders of a company typically have more voting rights to influence the direction of the company than common stockholders. True or false?
Q2. Treasury stock is related to stock that a company holds as an investment in another company. True or false?
Q1. Paying out dividends increases the company’s equity. True or false?
Q2. The balance sheet equation requires that the difference between a company’s assets and its liabilities equals its equity. True or false?
Q1. Equity can also be thought of as what?
Q2. What are the people that contributed capital to the company in exchange for some share of ownership in the company called?
Q3. What is the portion of a company’s earnings that is retained by the company and not distributed to the company’s owners called?
Q4. Which are ways that retained earnings would decrease?
Q5. Additional paid in capital (APIC) and common stock are listed as separate line items on the balance sheet. True or false?
Q6. The difference between resources the company earns and the resources it disperses during a period is what?
Q7. Where is net income dumped at the end of each period?
Q8. A company’s net worth can be thought of in two parts: (1) the value that owners contributed to the company, and (2) the accumulation of what the company has earned since it began doing business. True or false?
Q9. Who receives payment when a company issues dividends?
Q10. Assets minus liabilities equals what?
Q11. What refers to how quickly an asset will be converted to cash?
Q12. In the asset section of the balance sheet, on what basis is the order of assets listed?
Q13. Which financial statement could also be called the statement of financial position?
Q14. What does a company’s liabilities + owner’s equity equal?
Q15. Financial statements are a representation of a company’s position and performance. True or false?
Q16. Which is NOT an asset?
Q17. If an asset is not a current asset, it is a non-current asset. True or false?
Q18. The three sections of the balance sheet are: assets, liabilities, and net income. True or false?
Q19. Which financial statement is a snapshot of the company on a particular date?
Q20. The balance sheet answers the measurement questions of, what do you own? and, what do you owe? True or false?
This course is intended for audiences of all experiences who are interested in learning about new skills in a business context; there are no prerequisite courses.