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FAST - Accounting Quiz
Please answer this quiz after reading the Accounting Portion of the Breaking Into Wall Street.
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Normally Goodwill remains constant on the Balance Sheet - why would it be impaired and what does Goodwill Impairment mean?
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What is the
Cash Flow Statement
?
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How do the 3 financial statements link together?
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A company has had positive EBITDA for the past 10 years, but it recently went bankrupt. How could this happen?
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If cash collected is not recorded as revenue, what happens to it?
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If you only had 1 statement what is the best financial statement to use when reviewing the overall health of the company?
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Now go out 1 year to the start of year 2. Assume the debt is high-yield so no principal is paid off, and assume an interest rate of 10%. Also assume the factories depreciate at a rate of 10% per year. What happens?
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What are the 3 financial statements?
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What happens when Accrued Compensation goes up by $10?
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When would a company collect cash from a customer and not record it as revenue?
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1 point
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If Depreciation is a non-cash expense, why does it affect the cash balance?
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Recently, banks have been writing down their assets and taking huge quarterly losses. Walk me through what happens on the 3 statements when there's a write-down of $100.
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If Apple buys $100 worth of new iPod Factories with debt, how are all 3 statements affected at the start of "Year 1" before anything else happens?
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Why is the Income Statement not affected by changes in inventory?
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What is the Income Statement?
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If you only had 2 statements to assess a company's prospects, which 2 would you use?
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What is the
Balance Sheet
?
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What happens when Inventory goes up by $10, assuming you pay for it with cash?
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Can you ever end up with negative Shareholders' equity? What does it mean?
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At the start of Year 3, the Factories all break down and the value of the equipment is written down to $0. The loan must also be paid back now. Walk through what happens in the 3 statements.
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What is working capital and how is it used?
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