WHICH OF THE FOLLOWING IS NOT A CORE COMPETENCY IN ACCOUNTING AS IDENTIFIED BY THE CPA VISION PROJECT?

WHICH OF THE FOLLOWING IS NOT A CORE COMPETENCY IN ACCOUNTING AS IDENTIFIED BY THE CPA VISION PROJECT?

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Question 1 1 points Save
The most typical time frame for a budget is
one month.
three months.
six months.
one year.
five years.

Question 2 1 points Save
Which of the following is NOT a Core Competency in Accounting as identified by the CPA Vision Project?
skills in interpreting converging information
strategic and critical skills
technology skills
computational skills
communication and leadership skills

Question 3 1 points Save
The ____________ measures the average number of times that inventory is sold and restocked during the year.
inventory turnover ratio
current ratio
the restock factor
The Learning Effect
the acid test ratio

Question 4 1 points Save
As buildings and equipment wear out or become obsolete, their value decreases. To reflect decreasing value, accountants use
prepaid expenses.
subtracting methods.
depreciation.
licensing.
all of the above.

Question 5 1 points Save
_______________ is concerned with reporting the operations of the company as a whole to shareholders and the public.
Managerial accounting
Government accounting
Minor accounting
Financial accounting
Stock market accounting

Question 6 1 points Save
An expense, such as rent, that is paid before the upcoming period in which it is due is referred to as _________ on the balance sheet.
accounts receivable
futures
prepaid expenses
merchandise inventory
marketable securities

Question 7 1 points Save
__________ is also known as net profit or net earnings.
Operating income
Net income
Cash flow
Leverage
Selling income

Question 8 1 points Save
Subtracting income taxes from operating income reveals
operating income.
net income.
cash flow.
leverage.
selling income.

Question 9 1 points Save
Depreciation is
the process of distributing the cost of an asset over its useful life.
the amount paid for an existing business above the value of its other assets.
a debt that must be paid within the year.
additional money, above proceeds from a stock sale, paid directly to a firm by its owners.
a debt that is not due for at least one year.

Question 10 1 points Save
Which of the following statements is the most accurate?
All inventory turnover ratios should be five or above.
A “good” inventory turnover ratio depends upon the industry that a firm is in.
As a rule, any firm strives to achieve an inventory ratio below five.
Most firms pay no attention to inventory turnover.
Inventory turnover is a short-term solvency ratio.

Question 11 1 points Save

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