What is one primary purpose of financial statement analysis?
Accounting NOCTI

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Business
•
11th Grade
•
Medium
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20 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
To determine tax liabilities for the company
To evaluate the financial health and performance of the company
To calculate the exact amount of cash on hand
To determine the cost of raw materials
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following is NOT a primary use of financial statements?
Assessing a company’s profitability
Predicting future cash flows
Determining tax liabilities
Evaluating management’s performance
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is the primary responsibility of a forensic accountant?
Managing a company’s day-to-day financial transactions
Investigating fraud and disputes involving financial data
Preparing budgets and forecasting future costs
Auditing financial statements for regulatory compliance
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following represents revenue for a manufacturing company?
Interest income from investments
Sales of goods to customers
Salary payments to employees
Insurance premiums paid
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
If Social Security tax is 6.2% and Medicare tax is 1.45%, what is the total FICA tax for an employee with a gross pay of $3,000?
$234
$180
$250
$300
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which method ensures segregation of duties in controlling cash receipts?
Reconciling bank statements monthly
Allowing the same person to handle cash receipts and disbursements
Using a petty cash fund for small expenditures
Having different employees approve and record cash transactions
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What principle ensures that accountants provide accurate and unbiased financial information?
Transparency
Objectivity
Professional skepticism
Compliance
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