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1、CHAPTER3FINANCIALSTATEMENTS,CASHFLOW,ANDTAXES(DifficultyLevels:Easy,Easy/Medium,Medium,Medium/Hard,andHard)Thischapterhasalotofdefinitions.Theyareimportant,butwedon'tliketomakestudentsmemorizetoomanyofthemearlyinthecourse.Weletourstudentsuseaformulasheetthatincludesthekeydefinitions.Notethatthere
2、issomeoverlapbetweentheT/Fandthemultiplechoicequestions,assomeT/FstatementsareusedintheMCquestions.SeetheprefaceforinformationontheAACSBletterindicators(F,M,etc.)onthesubjectlines.MultipleChoice:True/False(3-1)AnnualreportFKAnswer:aEASY.(3-1)AnnualreportFKAnswer:aEASY.Theannualreportcontainsfourb
3、asicfinancialstatements:theincomestatement,thebalancesheet,thecashflowstatement,andstatementofstockholders'equity.a.Trueb.False(3-1)AnnualreportFKAnswer:aEASY.(3-1)AnnualreportFKAnswer:aEASY.Theprimaryreasontheannualreportisimportantinfinanceisthatitisusedbyinvestorswhentheyformexpectationsaboutt
4、hefirm'sfutureearningsanddividends,andtheriskinessofthosecashflows.a.Trueb.False(3-1)FinancialstatementsFKAnswer:bEASY.(3-1)FinancialstatementsFKAnswer:bEASY.Companiestypicallyprovidefourbasicfinancialstatements:thefixedincomestatement,thecurrentincomestatement,thebalancesheet,andthecashflowstate
5、ment.a.Trueb.False(3-2)BalancesheetFKMAnswer:aEASY.(3-2)BalancesheetFKMAnswer:aEASY.Onthebalancesheet,totalassetsmustalwaysequalthesumoftotalliabilitiesplusequity.a.Trueb.False(3-2)BalancesheetFKMAnswer:aEASY.(3-2)BalancesheetFKMAnswer:aEASY.Assetsotherthancashareexpectedtoproducecashovertime,but
6、theamountofcashtheyeventuallyproducecouldbehigherorlowerthantheamountsatwhichtheassetsarecarriedonthebooks.Chapter3:FinancialStatementsTrue/FalsePage39©2013CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertai
7、nproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.a.Trueb.False(3-2)BalancesheetCKMAnswer:bEASY.(3-2)BalancesheetCKMAnswer:bEASY.TheamountshownontheDecember31,2012balancesheetas“retainedearnings”i
