-Which of the following is an asset utilization ratio? Multiple Choice quick rat
ID: 2585451 • Letter: #
Question
-Which of the following is an asset utilization ratio?
Multiple Choice
quick ratio
return on equity
return on assets
receivables turnover
current ratio
-are one of the primary external users of a firm's audited accounting information.
Multiple Choice
Employers
Potential investors
Economic planners
Welfare associations
-
Which of the following acts was passed in 2010 by Congress to strengthen the oversight of financial institutions?
Multiple Choice
the Financial Transaction Report Act
the Gramm-Leach-Bliley Act
the Dodd-Frank Act
the Sarbanes-Oxley Act
the Financial Institutions Act
-Hannah's Hair Accessories Store began an accounting period with an inventory of $3500 worth of hair accessories. During the accounting period, Hannah bought another $2000 worth of accessories, giving the shop a total inventory worth $5500. At the end of the accounting period, Hannah's inventory was worth $1500, which means the cost of goods sold during this period would have been
Multiple Choice
$4000.
$5500.
$1500.
$3500.
$2000
Explanation / Answer
Ans 1: return on assets
it is used to compute the rate of return on the asset . it is done by dividing Net Income by Total Assets.
Ans 2: Potential investors
They are the external users who rely on the financial to compare company's financial with the peers. For making the Investment decision.
Ans 3:
The Gramm-Leach-Bliley Act
The Gramm–Leach–Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999and commonly pronounced glibba, (Pub.L. 106–102, 113 Stat. 1338, enacted November 12, 1999) is an act of the106th United States Congress (1999–2001). It repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. With the bipartisan passage of the Gramm–Leach–Bliley Act, commercial banks, investment banks, securities firms, and insurance companies were allowed to consolidate. Furthermore, it failed to give to the SEC or any other financial regulatory agency the authority to regulate large investment bank holding companies. The legislation was signed into law by President Bill Clinton.
Ans 4: $ 4000
cost of goods sold during this period = $ 5500-1500 = $ 4000.
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