1. Accounts receivable represent:

amounts which are owed to the company by its customers resulting from credit sales.

2. All of the following are principal provisions of the Sarbanes-Oxley Act of 2002 except:

The FASB has oversight and enforcement authority over the SEC.

3. All of the following are reasons that pharmaceutical companies have higher barriers for entry than grocery stores except:

The largest asset is typically capital intensive Property, Plant and Equipment.

4. All of the following are the building blocks for financial statement analysis except:

Targeting growth opportunities that diversify exchange rates, risk exposure, and political uncertainty.

5. An example of an intangible asset is

a patent

6. Assets for a particular business might include

cash, inventories, and goodwill

7. A value chain for an industry sets forth

sequence of activities involved in the creation, manufacture and distribution of its products

8. Current assets are defined as

cash and other assets that the firm expects to sell or consume during the normal operating cycle of a business, usually one year.

9. Extraordinary gains and losses arise from events that have all the following characteristics except:

they result from terminated involvement in a line of business.

10. Net income is equal to:

Revenues and Gains minus Expenses and Losses