SRM401 WEEK 4 quiz

Question Description

Question 11 pts

One of the purposes of auditing is to ensure that a firm's financial statements accurately

hide the fact that the CEO bought himself a new boat with company mone

portray the firm's financial position

disclose the salaries and compensation benefits of its employees

account for the correct amount of taxes to be paid

portray the best recollections of company officers and executives regarding the business

Flag this QuestionQuestion 21 pts

One concern of the auditing process is analyzing whether businesses' internal processes

collectively make for a positive corporate image

allow all employees to feel a part of the organization

make the businesses more profitable than competing organizations

successfully control the flow of financial information

all of these

Flag this QuestionQuestion 31 pts

Internal audits

are filed with the SEC

are published externally to a review board

help ensure accuracy and develop internal controls

are completed by outside people

Flag this QuestionQuestion 41 pts

Independent audits

utilize an external review of finances by people who are not directly involved with the documents being reviewed

can be performed by someone in another division of the company who has not been involved in generating the document being reviewed

may utilize an external entity (company) to perform the review

a and c

all of these

Flag this QuestionQuestion 51 pts

If a sport business wants to detect areas in which it could operate more efficiently and determine ways to increase profits, it could have an _________ audit done.

internal

independent

a and b

neither a nor b

Flag this QuestionQuestion 61 pts

A lender may request earlier repayment because

a loan guarantor's financial condition has improved

the bank does not understand the industry segment

the bank is making money in the relationship

loan covenants have been consistently observed

all of these

Flag this QuestionQuestion 71 pts

Informal reorganization involves extensions of time allowed to pay back debt and a process of asking to repay a lower amount and is typically called a _________.

workout

Chapter 7 bankruptcy

bank credit agreement

negotiation

none of these

Flag this QuestionQuestion 81 pts

If a company has more assets than debt

it is worth more dead than alive

it is a good candidate for informal liquidation

lenders are more likely to obtain a greater return through informal liquidation than bankruptcy

a and b

all of these

Flag this QuestionQuestion 91 pts

A company may decide to sell assets in order to

make room for new, more profitable assets

reduce business costs

raise cash

both b and c

all of these

Flag this QuestionQuestion 101 pts

What documents are needed when determining the value of a business?

operation information

planning information regarding current budgets and forecasts

complete financial statements

federal and state income tax returns

all of these

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Question Description

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