Reference no: EM133011431
Problem 1: Management's Report on Internal Control Over Financial Reporting
a. provides the auditor's opinion on the fairness of the financial statements.
b. contains personal certification of the financial statements by the company's executives.
c. contains a detailed description of compensation of the company's executives for the year.
d. provides a summary of significant accounting policies used to prepare financial statements.
Problem 2: The current ratio is calculated as
a. current assets divided by long-term assets.
b. current assets divided by total assets.
c. current assets divided by current liabilities.
d. current assets divided by total liabilities.
Problem 3: The acid-test ratio is also known as the
a. current ratio.
b. debt to equity ratio.
c. times interest earned ratio.
d. quick ratio.