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A discontinued operation refers to:


A) The sale or disposal of a significant component of a company's operations.
B) Discontinued inventory items.
C) Inventory items that have been completed and sold.
D) The sale of most long-term assets.

E) A) and B)
F) A) and C)

Correct Answer

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When using vertical analysis,we express balance sheet accounts as a percentage of


A) Sales.
B) Total assets.
C) Total liabilities.
D) Total stockholders' equity.

E) A) and C)
F) None of the above

Correct Answer

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Value stocks have lower share prices in relationship to their fundamental ratios,and therefore,trade at lower PE ratios.

A) True
B) False

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Use the following information to answer the next ten questions: Excerpts from Stealth Company's December 31,2015 and 2014,financial statements are presented below: Use the following information to answer the next ten questions: Excerpts from Stealth Company's December 31,2015 and 2014,financial statements are presented below: -Stealth Company's 2015 average collection period is: A) 73 days. B) 104 days. C) 109 days. D) 128 days. -Stealth Company's 2015 average collection period is:


A) 73 days.
B) 104 days.
C) 109 days.
D) 128 days.

E) All of the above
F) B) and C)

Correct Answer

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Use the following information to answer the next ten questions: Excerpts from TPX Company's December 31,2015 and 2014,financial statements are presented below: Use the following information to answer the next ten questions: Excerpts from TPX Company's December 31,2015 and 2014,financial statements are presented below: -TPX Company's 2015 return on equity is: A) 16.7%. B) 15.0%. C) 15.8%. D) 21.4%. -TPX Company's 2015 return on equity is:


A) 16.7%.
B) 15.0%.
C) 15.8%.
D) 21.4%.

E) A) and B)
F) A) and C)

Correct Answer

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Use the following information to answer the next two questions: Recent financial statement data for Harmony Health Foods (HHF) Inc.is shown below. Use the following information to answer the next two questions: Recent financial statement data for Harmony Health Foods (HHF) Inc.is shown below. -HHF's debt to equity ratio is: A) 0.75. B) 1.13. C) 0.38. D) 1.80. -HHF's debt to equity ratio is:


A) 0.75.
B) 1.13.
C) 0.38.
D) 1.80.

E) All of the above
F) C) and D)

Correct Answer

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Which of the following is correct? Which of the following is correct?

Correct Answer

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The following is an example of: The following is an example of: A) Vertical analysis. B) Horizontal analysis. C) Diagonal analysis. D) Both vertical and horizontal analysis.


A) Vertical analysis.
B) Horizontal analysis.
C) Diagonal analysis.
D) Both vertical and horizontal analysis.

E) B) and C)
F) A) and C)

Correct Answer

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Use the following information to answer the next ten questions: Excerpts from Stealth Company's December 31,2015 and 2014,financial statements are presented below: Use the following information to answer the next ten questions: Excerpts from Stealth Company's December 31,2015 and 2014,financial statements are presented below: -Stealth Company's 2015 gross profit ratio is: A) 77.1%. B) 80.0%. C) 40.0%. D) 60.0%. -Stealth Company's 2015 gross profit ratio is:


A) 77.1%.
B) 80.0%.
C) 40.0%.
D) 60.0%.

E) A) and B)
F) A) and C)

Correct Answer

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The following is an example of: The following is an example of: A) Vertical analysis. B) Horizontal analysis. C) Diagonal analysis. D) Both vertical and horizontal analysis.


A) Vertical analysis.
B) Horizontal analysis.
C) Diagonal analysis.
D) Both vertical and horizontal analysis.

E) A) and D)
F) A) and C)

Correct Answer

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A

A discontinued operation is the sale or disposal of any long-term asset.

A) True
B) False

Correct Answer

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Vertical analysis expresses each item in a financial statement as a percentage of the same base amount.

A) True
B) False

Correct Answer

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Which of the following is a negative sign that a company is not selling its inventory quickly?


A) A low inventory turnover ratio.
B) A high inventory turnover ratio.
C) A low average days in inventory.
D) Both a high inventory turnover ratio and a low average days in inventory.

E) A) and D)
F) All of the above

Correct Answer

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A

Return on assets equals:


A) Gross profit ratio x Inventory turnover.
B) Profit margin x Inventory turnover.
C) Gross profit ratio x Asset turnover.
D) Profit margin x Asset turnover.

E) A) and C)
F) A) and B)

Correct Answer

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Use the following information to answer the next ten questions: Excerpts from TPX Company's December 31,2015 and 2014,financial statements are presented below: Use the following information to answer the next ten questions: Excerpts from TPX Company's December 31,2015 and 2014,financial statements are presented below: -TPX Company's 2015 receivables turnover ratio is: A) 5.3 times. B) 5.6 times. C) 5.0 times. D) 0.2 times. -TPX Company's 2015 receivables turnover ratio is:


A) 5.3 times.
B) 5.6 times.
C) 5.0 times.
D) 0.2 times.

E) B) and D)
F) A) and D)

Correct Answer

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Vertical analysis calculates the amount and percentage change of an account over time.

A) True
B) False

Correct Answer

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Given the information below,what is the company's gross profit? Given the information below,what is the company's gross profit? A) $250,000. B) $70,000. C) $220,000. D) $50,000.


A) $250,000.
B) $70,000.
C) $220,000.
D) $50,000.

E) A) and D)
F) B) and C)

Correct Answer

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For vertical analysis,we express each balance sheet item as a percentage of sales.

A) True
B) False

Correct Answer

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Use the following information to answer the next ten questions: Excerpts from TPX Company's December 31,2015 and 2014,financial statements are presented below: Use the following information to answer the next ten questions: Excerpts from TPX Company's December 31,2015 and 2014,financial statements are presented below: -TPX Company's 2015 debt to equity ratio is: A) 50.0%. B) 60.0%. C) 70.0%. D) 80.0%. -TPX Company's 2015 debt to equity ratio is:


A) 50.0%.
B) 60.0%.
C) 70.0%.
D) 80.0%.

E) A) and B)
F) A) and C)

Correct Answer

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The following income statement and balance sheets for Laser World are provided: The following income statement and balance sheets for Laser World are provided: Assuming that all sales were on account,calculate the following risk ratios for 2015: The following income statement and balance sheets for Laser World are provided: Assuming that all sales were on account,calculate the following risk ratios for 2015: Assuming that all sales were on account,calculate the following risk ratios for 2015: The following income statement and balance sheets for Laser World are provided: Assuming that all sales were on account,calculate the following risk ratios for 2015:

Correct Answer

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