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TRUE OR FALSE? ** IF YOU CAN'T ANSWER THEM ALL, PLEASE DON'T ANSWER ANY** When a company declares...

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Accounting

TRUE OR FALSE?

** IF YOU CAN'T ANSWER THEM ALL, PLEASE DON'T ANSWERANY**

  1. When a company declares of cash dividends retained earnings isreduced.
  2. Authorized stock is the total number of sharesoutstanding.
  3. The asset turnover ratio measures how efficiently a companyuses its assets to generate sales.
  4. Pro forma income usually excludes items that the company thinksare unusual or nonrecurring.
  5. Sales minus operating expenses equals gross profit.
  6. Freight terms of FOB Destination means that the seller pays thefreight costs.
  7. Sales revenues are recognized during the period cash iscollected from the buyer.
  8. Under the lower-of-cost-or-market basis, market is defined ascurrent replacement cost.
  9. The safeguarding of assets is an objective of a company'ssystem of internal control.
  10. The custodian of the petty cash fund has the responsibility ofrecording a journal entry every time cash is used from thefund.
  11. Both accounts receivable and notes receivable represent claimsthat expected to be paid in cash.

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