1. Minimum disclosures are not required as part of interim reporting for:
a. sales or gross revenues
b. primary and fully diluted earnings per share
c. contingent items
d. segment information
2. A difference between the segment disclosures required by IFRS and GAAP is that:
a. under GAAP each segment's liabilities must be disclosed under certain circumstances, while under IFRS liabilities by segment need not be disclosed
b. under IFRS each segment's cash balances must be disclosed under certain circumstances, while under GAAP cash balances by segment need not be disclosed
c. under IFRS each segment's total assets must be disclosed under certain circumstances, while under GAAP total assets by segment need not be disclosed
d. under IFRS each segment's liabilities must be disclosed under certain circumstances, while under GAAP liabilities by segment need not be disclosed
3. A company's current ratio of 2:1 will decrease if the company:
a. declares a 10% stock dividend on its common stock
b. receives cash from a customer on account
c. pays a creditor on account
d. purchases merchandise on account
4. Which one of the following ratios is a test of a company's short-term debt-paying ability?
a. profit margin
b. price/earnings
c. acid-test
d. times interest earned