Acct 2011 Study guides, Class notes & Summaries

1. A(n) ____ is a standardized agreement to deliver or receive a specified amount of a specified financial instrument at a specified price and date. a. option contract b. brokerage contract c. financial futures contract d. margin call ANS: C PTS: 1 2. Interest rate futures are not available on a. Treasury bonds. b. Treasury notes. c. Eurodollar CDs. d. the S&P 500 index. ANS: D PTS: 1 3. ____ take positions in futures to reduce their exposure to future movements in interest rates or...

1. Financial market participants who provide funds are called a. deficit units. b. surplus units. c. primary units. d. secondary units. ANS: B PTS: 1 2. The main provider(s) of funds to the U.S. Treasury is (are) a. households and businesses. b. foreign financial institutions. c. the Federal Reserve System. d. foreign nonfinancial sectors. ANS: A PTS: 1 3. The largest deficit unit is (are) a. households and businesses. b. foreign financial institutions. c. the U.S. Treasury. d. f...

1. Mortgage-backed securities are commonly contained within collateralized debt obligations. a. True b. False ANS: T PTS: 1 2. Federally insured mortgages guarantee a. loan repayment to the lending financial institution. b. that the interest rate will not increase during the life of the mortgage. c. the lending financial institution a selling price for the mortgage in the secondary market. d. all of the above ANS: A PTS: 1 3. At a given point in time, the interest rate offered on a new...

ACCT 431 CHAPTER 3 Auditing and Assurance Services, 15e (Arens) Audit Reports Learning Objective 3-1 1) An audit of historical financial statements most commonly includes the: A) balance sheet, statement of retained earnings, and the statement of cash flows. B) income statement, the statement of cash flows, and the statement of net working capital. C) statement of cash flows, balance sheet, and the statement of retained earnings. D) balance sheet, income statement, statement of cas...

ACCT 431 CHAPTER 3 Auditing and Assurance Services, 15e (Arens) Audit Reports Learning Objective 3-1 1) An audit of historical financial statements most commonly includes the: A) balance sheet, statement of retained earnings, and the statement of cash flows. B) income statement, the statement of cash flows, and the statement of net working capital. C) statement of cash flows, balance sheet, and the statement of retained earnings. D) balance sheet, income statement, statement of cas...

ACCT 504 Final Exam (TCO A) A corporation has which of the following advantages? (Points : 5) Reduced taxes Simple to set up Limited liability for stockholders Owner maintains control Question 2.2. (TCO A) Dividends flow through which one of the following statements? (Points : 5) The Balance Sheet The Statement of Retained Earnings The Income Statement None of the above Question 3.3. (TCOs A and B) Below is a partial list of account balances for LBJ Company. Cash $12,000 Prepaid rent 1,300 Accou...

ACCT 504 Final Exam (TCO A) A corporation has which of the following advantages? (Points : 5) Reduced taxes Simple to set up Limited liability for stockholders Owner maintains control Question 2.2. (TCO A) Dividends flow through which one of the following statements? (Points : 5) The Balance Sheet The Statement of Retained Earnings The Income Statement None of the above Question 3.3. (TCOs A and B) Below is a partial list of account balances for LBJ Company. Cash $12,000 ...

ACCT 212 Financial Accounting WITH CORRECT QUESTIONS AND ANSWERS ASSURED GRADE A+ SCORE Question/Term: Another name for short-term investments is:marketable securities. Question/Term: Investments in marketable securities fall into three categories, including: Question/Term: Trading security for $12,000. The entry to record this transaction will include Question/Term: An unrealized gain: Question/Term: Trading securities are: Question/Term: Unrealized gains or losses on trading securities...

ACCT 553 Final Exam (TCO E) For federal tax purposes, income attributable to the direct efforts of the tax payer, such as salary, is classified as: (TCO D) Which of the following is an example of a nontaxable like-kind exchange? (TCO H) Alex and Amy file a joint return for the 2012 tax year. Their adjusted gross income is $90,000. They had net investment income of $8,000. In 2012, they had the following interest expenses: • Personal credit card interest: $5,000 • Home mortgage interes...

ACCT 504 Final Exam (TCO A) A corporation has which of the following advantages? (Points : 5) Reduced taxes Simple to set up Limited liability for stockholders Owner maintains control Question 2.2. (TCO A) Dividends flow through which one of the following statements? (Points : 5) The Balance Sheet The Statement of Retained Earnings The Income Statement None of the above Question 3.3. (TCOs A and B) Below is a partial list of account balances for LBJ Company. Cash $12,000 Prepaid rent 1,300 Accou...