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Accountancy Test Questions

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Accountancy Test Questions
QUESTION 1
1.
Why might income tax expense on the income statement differ from actual income taxes paid to the government?
Answer
Error: Reference source not found
a.
Financial statement preparers can use an estimated tax rate.
Error: Reference source not found
b.
The IRS requires deferral of most expenses.
Error: Reference source not found
c.
There are timing differences to when income is recognized and there are items that may or may not be subject to taxation.
Error: Reference source not found
d.
The IRS uses the accrual method of calculating income.
3.3 points
QUESTION 2
1.
Which of the following is a question an analyst would ask when assessing the quality of a firm’s financial statements?
Answer
Error: Reference source not found
a.
Has the firm integrated forward into retailing to final consumers?
Error: Reference source not found
b.
Is the firm diversified across several geographical markets?
Error: Reference source not found
c.
Do earnings include nonrecurring gains or losses?
Error: Reference source not found
d.
Are the company’s products designed to meet a specific market segment?
4.3 points
QUESTION 3
1.
Which of the following economic characteristics is consistent with a pharmaceutical company?
Answer
Error: Reference source not found
a.
Low profit margins.
Error: Reference source not found
b.
Low barriers to entry.
Error: Reference source not found
c.
Low business risk.
Error: Reference source not found
d.
High levels of research and development.
3.3 points
QUESTION 4
1.
Which of the following would not inhibit new entrants into a market?
Answer
Error: Reference source not found
a.
Existing patented technology.
Error: Reference source not found
b.
Existing technological expertise.
Error: Reference source not found
c.
Large required capital investment.
Error: Reference source not found
d.
Lack of rivalry among current participants.
3.3 points
QUESTION 5
1.
As a
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