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Test Bank for Intermediate Accounting, Volume 2, 5th edition by Kin Lo
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Test Bank for Intermediate Accounting, Volume 2 5e 5th edition by Kin Lo, George Fisher. ISBN-13: 4919 Full Chapters test bank included for Vol 2 Chapter 11 Current Liabilities, Non-Financial Liabilities, and Contingencies A. Introduction B. Definition, Classification, and Measurement of Li...

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  • September 30, 2022
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Test Bank Intermediate Accounting, Vol. 2, 5e (Lo/Fisher)
Appendix A Financial Statement Analysis

Learning Objective 1 Describe the purpose of common size financial statements and the
information they convey.

1) Which of the following statements is correct regarding "common size financial statements"?
A) Common size financial statements are a form of benchmarking.
B) Common size financial statements are used to evaluate the liquidity of a company.
C) Common size financial statements are a type of vertical analysis.
D) Common size financial statements are used primarily for horizontal analysis.
Answer: C
Diff: 1 Type: MC
Skill: Concept
Objective: A-1 Describe the purpose of common size financial statements and the information they
convey.

2) Which of the following practices presents income statement items as a percentage of sales?
A) Benchmarking.
B) Horizontal analysis.
C) Trend analysis.
D) Vertical analysis.
Answer: D
Explanation: Common-size financial statements, which are a form of vertical analysis, present income
statement items as a percentage of sales.
Diff: 1 Type: MC
Skill: Concept
Objective: A-1 Describe the purpose of common size financial statements and the information they
convey.

3) Which of the following practices presents balance sheet items as a percentage of total assets?
A) Benchmarking.
B) Horizontal analysis.
C) Trend analysis.
D) Vertical analysis.
Answer: D
Explanation: Common-size financial statements, which are a form of vertical analysis, present balance
sheet items as a percentage of total assets.
Diff: 1 Type: MC
Skill: Concept
Objective: A-1 Describe the purpose of common size financial statements and the information they
convey.




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