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Exam 1: Financial Accounting for MBAS

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Question 1

Multiple Choice

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Match the item with each sentence -The _______________ reports cash from financing activities.

A) income statement
B) balance sheet
C) statement of cash flows
D) statement of stockholders' equity
E) financial statements

Correct Answer

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C

Question 2

Multiple Choice

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Match the item with each sentence -The difference between a company's assets and its equity is equal to _______________.

A) liabilities
B) return on assets
C) assets
D) income statement
E) net income

Correct Answer

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Question 3

Multiple Choice

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In its 2016 annual report, Kohl's Corporation reported the following (in millions) : What proportion of Kohl's Corporation is financed by nonowners?

Generally Accepted Accounting Principles (GAAP) are created by: (select all that apply)

Which of the following items would not be found on a balance sheet? (Select all that apply)

Fill in the blanks to complete Whole Food's Statement of Cash Flows ($ millions).

On December 31, 2016, Harley-Davidson, Inc., reported, on its Form 10-K, the following (in millions) : Calculate return on assets (ROA) for 2016.

On October 2, 2016, Starbucks Corporation reported, on its Form 10-K, the following (in millions) : What amount of revenues did Starbucks report for the year ending October 2, 2016?

Sales for the year = $246,687, Net Income for the year = $22,965, and average Assets during the year = $136,357. Return on Assets (ROA) for the year is:

A clean audit opinion includes which of the following assertions: (Select as many as apply)

Match the item with each sentence -Changes in contributed capital during the period are explained on the ____________.

Match the item with each sentence -Net income divided by average assets is known as ____________.

List three users of financial accounting information and explain how each might use financial information.

Procter & Gamble's June 30, 2016, financial statements reported the following (in millions) : What did Procter & Gamble report for cash from financing activities for the year ended June 30, 2016?

Publicly traded companies must provide to the Securities Exchange Commission annual audited financial statements (10-K reports) and quarterly audited financial statements (10-Q reports).

Fill in the blanks to complete the Procter & Gamble Balance Sheet ($ millions).

On October 2, 2016, Starbucks Corporation reported, on its Form 10-K, the following (in millions) : Calculate year-over-year increase or (decrease) in net earnings, in percentage terms.

In its December 31, 2016 annual report, Mattel, Inc. reports the following items. a. Prepare the balance sheet for Mattel, Inc. for December 31, 2016. b. Prepare the income statement for Mattel, Inc. for the year ended December 31, 2016. c. Prepare the statement of cash flows for Mattel, Inc. for the year ended December 31, 2016.

Publicly traded companies are required to provide quarterly financial reports directly to the public.

Return on Assets (ROA) measures the profit the company makes on each dollar of total assets it uses.