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Passage Two One of the most important functions of the accounting process is to accumulate and report accounting information that shows an organization’s financial position and the results of its operations. Many businesses publish such financial statements at least annually. The subdivision of the accounting process that produces these general-purpose reports is referred to as financial accounting. Another major function of accounting is to provide management with the data needed for decision-making and for efficient operation of the firm. Although management people routinely receive the financial reports, they also require various other information, such as the unit cost of a product, estimates of the profit earned from a specific sales activity, cost comparisons of alternative courses of action and long-range budgets. The process of generating and analyzing such data is often referred to as managerial accounting. Financial statements are used only by the outsiders of a firm.
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Directions: Read the following passages and determine whether the sentences are "Right" or "Wrong". ff there is not enough information to answer "Right" or "Wrong", choose "Doesn’t say".Passage One The most basic tool of the accountant is the accounting equation. This equation presents the assets of the business and the claims to those assets. Assets are economic resources of a business that are expected to be of benefit in the future. Cash, office supplies, merchandise, furniture, land and buildings are examples. Claims to those assets come from two sources. Liability are outsider claims, which are economic obligations, debts payable to outsiders. These outside parties are called creditors. For example a creditor who has loaned money to a business has a claim—a legal right—to a part of the assets until the business pays the debt. "Insider claims" are called owners equity or capital. These are the claims held by the owners of the business. An owner has a claim to the entity’s assets because he or she has invested in the business. Owners’ equity is measured by subtracting liabilities from assets. The amount of liabilities of a business tells us how much the business owes to outsiders.
Passage Two When the stock market turns down, holders of common stocks traditionally begin to move some portion of their (61) out of stocks and into (62) to protect themselves against further declines in the market, PI programs attempt to hedge against the possibility of a market decline by (63) stock index futures contracts or stock index options (buying stock index put options). The more the market falls, the more futures and options contracts are sold by PI programs. If the market continues to fall, the rise in the value of the portfolio’ futures and option positions cushions the decline in the value of the portfolio’ common stocks. PI managers believe that such hedging programs using futures and options involve lower transaction costs and provide greater (64) than the traditional method of actually selling stocks and buying treasury (65)
Directions: There are 10 blanks in the following passages. For each blank, there are four choices marked A, B, C and D.Passage One Underwriting simply means that the investment banker promises to buy the (56) . The investment banks help design the securities and buy it from the (57) with the intent of selling it to (58) as quickly as possible. Usually, the issue is not subscribed to in its entirety by the (59) investment banker but is (60) among other institutions as well.
Directions: Read the following passages and determine whether the sentences are "Right" or "Wrong". ff there is not enough information to answer "Right" or "Wrong", choose "Doesn’t say".Passage One The most basic tool of the accountant is the accounting equation. This equation presents the assets of the business and the claims to those assets. Assets are economic resources of a business that are expected to be of benefit in the future. Cash, office supplies, merchandise, furniture, land and buildings are examples. Claims to those assets come from two sources. Liability are outsider claims, which are economic obligations, debts payable to outsiders. These outside parties are called creditors. For example a creditor who has loaned money to a business has a claim—a legal right—to a part of the assets until the business pays the debt. "Insider claims" are called owners equity or capital. These are the claims held by the owners of the business. An owner has a claim to the entity’s assets because he or she has invested in the business. Owners’ equity is measured by subtracting liabilities from assets. The owners of a business are those who have invested their money in the business. Therefore, they are the only persons who have the right of claims to the assets of the business.
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