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Chapter 8 Accounting: Decision Making by the Numbers
TRUE/FALSE
1. Accounting is a system for recognizing, recording, organizing, analyzing, summarizing, and

reporting information about the financial transactions that affect an organization.
ANS: T DIF: LL1 REF: Page 95 OBJ: 1
2. Recording financial transactions is an accounting function.
3. The managers of a company are the only stakeholders of a company that have a legitimate
interest in its accounting information.
ANS: F DIF: LL2 REF: Page 95 OBJ: 1
4. Key users of a corporation’s accounting information include managers, government agencies,

and stockholders.
5. Mary Reardon is an employee and stockholder for the McNeely Company. Mary is
considered a primary user of her firm’s accounting information.
6. Accounting systems are utilized by companies for several reasons, but they have little value
when it comes to making economic decisions.
7. Internal auditors are also known as certified public accountants.
8. Private accountants work within a business organization, preparing reports and analyzing
financial information for the company that employs them.
9. The use of computerized accounting systems has greatly reduced the need for private
accountants in medium and large-sized firms.
10. Accountant and bookkeeper are just two terms that refer to the same profession.

11. Private, internal, and government accountants are business titles used by certified public
accountants.
12. The accounting profession is seldom concerned with the interpretation of financial
information.
13. The vast majority of firms today use computerized accounting systems and sophisticated
software to record and summarize transactions.
14. Through additional preparation, accountants may become a certified management

accountant (CMA), certified public accountant (CPA), and/or certified internal auditor. These
certifications signify advanced preparation in their field.
15. Private accountants work for private citizens who are not part of a firm, while public
accountants work internally for publicly traded companies.
16. Internal auditors are private accountants responsible for verifying their company’s internal
accounting procedures.
17. Public accountants provide a variety of accounting services for clients on a fee basis.
18. Private and public accountants do the same type of work but have different qualifications.
19. Forensic accountants combine their knowledge of accounting with investigative skills.
20. Forensic accountants provide standardized reports primarily intended for managers and other
decision-makers employed by an organization.
21. The Financial Accounting Standards Board (FASB) is the private, self-regulating board
established to develop and enforce the generally accepted accounting principles that guide
the practice of financial accounting.

22. FASB is an acronym that stands for Federal Accounting Systems Board.
23. Generally accepted accounting principles (GAAP) are a set of accounting standards used in
the preparation of financial statements.
24. As a result of the accounting scandals of the early 21st century, many states have imposed
new ethics-related requirements on certified public accountants.
25. Financial accounting is the branch of accounting that prepares financial statements for use by
owners, creditors, suppliers, and other stakeholders.
26. The rules governing the practice of financial accounting are established and enforced by the
Federal Accounting Standards Commission (FASC).
27. One criticism of GAAP is that it is too rigid and fails to take into account the fact that one size
doesn’t fit all in accounting.
28. GAAP is the policy board that establishes the rules known as the FASB of accounting.
29. The purpose of GAAP is to specify the procedures used in managerial accounting to prepare
budgets and cost reports.
30. Two of the goals underlying GAAP are to ensure that the statements prepared in financial
accounting are relevant and consistent.
31. Since it deals strictly with numbers, the practice of accounting is free from ethical
considerations.
32. Recently, some critics of current practices have suggested that GAAP’s flexibility allows
managers to manipulate financial statements in ways that make their firms’ financial
performance appear to be better than it really was.
33. Assets = Liabilities + Net income.
34. Liabilities are resources owned by a firm.
35. A statement of cash flows is the financial statement identifying a firm’s sources and uses of
cash in a given accounting period.
36. According to the accounting equation, Assets - Expenses = Net Income.
37. The owners’ equity section of the balance sheet indicates the claims a firm’s owners have
against their company’s assets.
38. Net income is the difference between the revenue a firm earns and the expenses it incurs in
a given time period.
39. An income statement is the financial statement that reports revenues, expenses, and net
income resulting from a firm’s operations over an accounting period.
40. Revenue, expenses, and net income are the key sections found on a statement of cash
flows.
41. The statement of cash flows shows the cash flowing in and out of the firm from three types of
activities: operations, investing, and financing. It also shows the net increase or decrease in
cash from all three sources and the total amount of cash on hand at the end of the period.
42. Assets are the tangible and intangible resources of value owned by a firm.
43. The accounting equation is based on the fact that the value of a firm’s assets is, by definition,
exactly equal to the financing provided by creditors and by owners for the purchase of those
assets.
44. Liabilities could include bank loans and current payments owed to suppliers.
45. Expenses are listed on the left side of a balance sheet.
46. Revenues are increases in a firm’s assets resulting from the sale of goods, the provision of
services, or other activities intended to earn income.
47. A balance sheet is a financial statement reporting the financial position of a firm at a
particular point in time by identifying and reporting the value of the firm’s assets, liabilities,
and owners’ equity.
48. The accounting entity approach is an accounting method that recognizes revenue when it is
earned and matches expenses to the revenues produced.
ANS: F DIF: LL2 REF: Pages 100-101

OBJ: 4
49. Accrual-basis accounting is the method that recognizes revenue when it is earned and
matches expenses to those revenues.
ANS: T DIF: LL2 REF: Pages 100-101

OBJ: 4
50. A company’s balance sheet will “balance” even if it is on the verge of bankruptcy.
51. Business expenses are available resources that stakeholders control.
52. The statement of retained earnings shows how retained earnings have changed from one
accounting period to the next. By subtracting dividends paid to shareholders from net income,
managers will see changes in this statement over time.
53. Balance sheets only reflect the assets and liabilities of the cost of goods sold.

54. The cash balance reported at the bottom of the statement of cash flows should equal the
amount of cash reported for a balance sheet prepared at the end of the same accounting
period.
55. Ralph owns some stock in the Lottadoe Corporation, and wants to know whether this
company earned a profit over the most recent year. This information would be available in the
company’s balance sheet.
ANS: F DIF: LL3 REF: Page 99-100

OBJ: 4
56. Rosalyn owns stock in Munnymacher Inc. and just received her annual report from this
company. If she wants to see the total value of Munnymacher’s assets, she should look at
the company’s balance sheet.
ANS: T DIF: LL3 REF: Page 99-100

OBJ: 4
57. The cash flows received from operations reported in the statement of cash flows should be
exactly equal to the revenue the firm reports on its income statement.

OBJ: 4
58. A college student registers for classes and pays the tuition with a credit card. Because it uses
accrual-basis accounting, the college will recognize the payment as revenue as soon as the
transaction turns into cash in the school’s bank account.
59. When an external audit doesn’t uncover any problems with the firm’s financial methods and
statements, the auditor will issue an unqualified opinion.
60. The Sarbanes-Oxley Act of 2002 included provisions designed to improve external auditing
procedures and enhance financial reporting for publicly traded firms.
61. Ratio analysis computes rates, proportions, or percentages in order to compare selected
values contained in a firm’s financial statements.
62. Vertical analysis is an analysis of information in financial statements that involves expressing
various accounts as a percentage of some base amount.

63. Horizontal analysis is an analysis of financial statements comparing account values reported
over a period of years. This information is used to serve as a basis of comparison and to
identify trends.
64. Publicly traded firms with complex changes in their operations may report these changes in
the notes section of their annual report.
65. Horizontal analysis compares the balance sheet in a given year to the income statement and
statement of cash flows in that same year to ensure that these three statements contain
consistent information.
66. Geoff has been looking at some liquidity ratios for K&M Enterprises. This indicates that he
wants to know whether the firm is likely to face problems in repaying its current liabilities.
67. The main purpose of liquidity ratios is to determine whether a firm will be able to repay its
current debts as they come due.
68. Arthur Andersen’s solution to its ethical dilemma ultimately led it to become a stronger and
more competitive accounting firm.
69. Activity-based costing is a technique used by managerial accountants to assign product costs
based on links between activities that drive costs and the production of specific products.
70. Budgeting is a management tool that explicitly shows how a firm will acquire and use
resources needed to achieve its goals over a specific time period.
71. Financial budgets are the budget documents that identify cash and other financial resources
the firm will acquire and use to finance operations and make planned investments in fixed
assets.
72. Operating budget documents include the cash budget and the capital budget.

OBJ: 6
73. Managerial accounting involves developing standardized reports according to a
predetermined schedule.
74. The master budget is a combined statement of an organization’s operational and financial
budgets that represents the firm’s overall plan of action for a specified time period.
75. Incremental analysis is the evaluation and comparison of the financial impact different
alternatives would have in a particular decision-making situation.
76. Managerial accounting is the branch of accounting that provides reports and analysis to
managers to help those managers make informed business decisions.
77. Lakitha has been asked to evaluate the desirability of outsourcing some functions her
company currently performs internally. In order to carry out her analysis, she plans to
compare the costs and revenues resulting from outsourcing to the firm’s current costs and
revenues. Lakitha’s approach is an example of incremental analysis.
MULTIPLE CHOICE
78. ______________ is a system for recognizing, recording, organizing, summarizing, analyzing,

and reporting information about the financial transactions that affect an organization.
a) Accounting
b) Bookkeeping
c) Managerial finance
d) Auditing
ANS: A DIF: LL1 REF: Page 95 OBJ: 1
79. Accounting provides users with
a) auditing references to assist the IRS in collecting tax payments.

b) timely and relevant information needed to make sound economic decisions.
c) information on the financial decisions of its shareholders.
d) knowledge of how to position a product for its market.
ANS: B DIF: LL2 REF: Page 95 OBJ: 1
80. Managers, stockholders, employees, and creditors are
a) auditors of the health and well-being of a company.

b) all employees of a corporation.
c) all users of accounting information to assess a company’s finances.
d) designated by the board of directors to review company documents.
ANS: C DIF: LL2 REF: Page 95 OBJ: 1
81. Employees would most likely use their employer’s accounting information to
a) assess dynamic marketplace conditions for employment opportunities.

b) develop their personal financial plan.
c) calculate their hourly wage rate.
d) evaluate the financial performance of the company and make the case for pay
raises or bonuses.
ANS: D DIF: LL2 REF: Page 95 OBJ: 1
82. Stockholders would most likely use accounting information provided by their firm to
a) make capital budgeting decisions.

b) gauge whether the firm is generating a satisfactory return on their investment.
c) determine whether the firm can repay them for their stock.
d) obtain information needed to fill out their individual tax returns.
83. Tiny Timber Tree Farms applied to United Bank for a business loan. Which financial
statements would the loan officer of the bank be most likely to request?
a) Balance sheets, income statements, and cash flow statements.

b) Journals, ledgers, and trial balances.
c) Total debits and total credits.
d) The prospectus, statement of retained earnings, and total liability statement.
ANS: A DIF: LL3 REF: Pages 95; 99-101
OBJ: 1, 4
84. ___________ encompasses the routine procedures involved in recording financial

transactions, while ___________ goes further by analyzing and interpreting this information
and communicating the results to stakeholders.
a) Accounting, bookkeeping
b) Auditing, bookkeeping
c) Costing, auditing
d) Bookkeeping, accounting
85. _________ are responsible for verifying accuracy of their organization’s internal records and
validating the accounting procedures.
a) IRS officials
b) Public accountants
c) Internal auditors
d) Forensic bookkeepers
86. ______________ accountants combine their knowledge of accounting with investigative
skills. These accountants can help detect and investigate tax evasion, embezzlement, money
laundering, and securities fraud.
a) Forensic
b) Auditing
c) Government
d) Private
87. The accounting tasks once performed by bookkeepers are significantly different due to
a) the government’s having substantially changed recording requirements.

b) computers that now perform routine tasks formerly performed by bookkeepers.
c) escalating fraud that resulted from bookkeepers’ unethical acts.
d) societal changes that affect what stockholders and other stakeholders want from a
firm.
88. ____________ perform or assist in a wide variety of tasks for the firms in which they work.
These tasks include budgeting, cost and asset management, and the preparation of reports
for the firm’s stakeholders.
a) Private accountants
b) Public accountants
c) Internal auditors
d) Government accountants
89. _______________ accountants provide individuals and businesses a wide variety of services
on a fee basis, including income tax preparation, external auditing services, and consultation
on a variety of accounting issues and problems.
a) Private
b) Public
c) Forensic
d) Contract-basis
90. ____________ work for local, state, and federal agencies. They prepare government
financial statements as well as perform tasks similar to those carried out by their private
sector counterparts.
a) Fiscal accountants
b) Recording accountants
c) Comptrollers
d) Government accountants
91. Which of the following statements about private accountants is INCORRECT? Private
accountants
a) help prepare financial statements

b) work for a variety of clients on a fee basis.
c) help prepare budgets.
d) may work for a private firm or for a nonprofit organization.
92. Samantha is an accounting major who has been disturbed by all of the recent accounting
scandals. She has decided to dedicate her career to catching those involved in
embezzlement, securities fraud, money laundering, and other white collar crimes. One way
Samantha could achieve this would be to seek training as a(n)
a) certified bookkeeper.
b) forensic accountant.
c) transactional accountant.
d) FASB analyst.
93. ____________ is the private self-regulating board established to develop generally accepted
accounting principles used in the practice of financial accounting.
a) GAAP
b) FASB
c) NFASC
d) FARPA
94. ____________ addresses the needs of the external stakeholders, including stockholders,
creditors, and government regulators.
a) Forensic accounting
b) Investigative accounting
c) Managerial accounting
d) Financial accounting
95. Taken together, the body of principles that guides the financial accounting process used to
create financial statements is referred to as
a) GRAPE (Generally Reliable Accounting Principles and Ethics).

b) GAAP (Generally Accepted Accounting Principles).
c) AAASP (American Association of Accountants Standards and Principles).
d) GRASP (Guidelines for Reliable Accounting Standards and Procedures).
96. Corporate scandals involving companies such as Enron, Tyco, and WorldCom resulted in a
a) surge in the reputation of the accounting profession, because it seemed as if

accountants were the only individuals in many organizations who refused to go
along with the fraudulent schemes.
b) resurgence of investor confidence.
c) call for improved ethical training and standards in the accounting profession.
d) decision by the government to replace external auditors with government auditors.
97. ____________________ would provide stockholders or creditors with information about the
overall financial performance of a firm, while _________________ would provide information
needed by a firm’s vice president of marketing who wants to view changes in the marketing
budget for a new product.
a) Internal auditors; financial accounting

b) Financial accounting; accrual accounting
c) Financial accounting; managerial accounting
d) Bookkeepers; auditors
ANS: C DIF: LL2 REF: Page 97, 104
OBJ: 3, 6
98. The FASB has the responsibility of establishing the principles used to prepare financial
statements. A key goal of these principles is to
a) create a fair distribution of corporate income among various stakeholders.

b) ensure that the firm’s value is fairly assessed and that its taxes are fair but not
excessive.
c) provide external stakeholders with relevant and reliable information about a firm’s
financial condition.
d) provide the company’s managers with access to sensitive proprietary financial
information while preventing competitors and other outsiders from obtaining this
information.
99. Which statement about FASB is FALSE?
a) One goal of the FASB is to ensure the information in financial statements is

relevant.
b) FASB requires that all businesses use the same accounting methods.
c) The SEC has delegated authority to FASB to develop GAAP.
d) FASB works to ensure financial statements are comparable, consistent, and
reliable.
ANS: B DIF: LL2 REF: Pages 97-98
OBJ: 3
100. During the first few years of the 21st century, the accounting profession
a) was recognized as the most ethical of all the business professions.

b) suffered a loss of jobs as computerized systems did away with the need for
professional accountants.
c) focused mainly on helping firms improve the quality and accuracy of the financial
information provided to stakeholders.
d) was embarrassed by a series of scandals that seemed to suggest a serious
decline in accounting standards.
ANS: D DIF: LL2 REF: Pages 98-99
OBJ: 3
101. According to Arthur Levitt, a former chair of the SEC, the degree of flexibility that currently
exists within GAAP
a) makes accounting statements more consistent and comparable.

b) allows managers to use creative accounting that makes their company’s financial
results look better than they really are.
c) is one of the greatest strengths of our accounting system because it allows
managers the ability to quickly adapt to changing market conditions.
d) has been a great benefit to shareholders, because it gives them greater access to
financial information than would be possible if rules were less flexible.
102. To provide external shareholders with relevant, reliable, consistent, and comparable financial
information, the accounting profession has adopted __________________ to guide the
practice of financial accounting.
a) generally accepted accounting principles (GAAP)

b) formal accounting rules and procedures (FARP)
c) standardized accounting procedures (SAP)
d) general accounting rules for financial statements (GARFS)
ANS: A DIF: LL2 REF: Pages 97-98
OBJ: 3
103. Recent calls to reform GAAP have focused on the need for the FASB to
a) eliminate the necessity for standardization so that small businesses and big
businesses will account for earnings in significantly different ways.
b) give firms more flexibility in their accounting procedures so that they can present
their earnings in the most meaningful way.
c) allow CPA firms a greater role in advising the firms that they audit.
d) make it more difficult for firms to manipulate results, thus making it easier for
investors to compare financial results of different firms.
104. The balance sheet is organized to reflect the accounting equation, which is
a) Assets = Liabilities + Owners’ Equity.

b) Owners’ Equity = Liabilities + Assets.
c) Assets - Liabilities = Assets + Owners’ Equity.
d) Liabilities = Assets + Owners’ Equity.
105. The major output of financial accounting is a set of statements including the
a) balance sheet, income statement, and statement of cash flows.

b) general journal, cash budget, and capital budget.
c) dividend record, auditor’s opinion, and master budget.
d) annual report, social audit, and balanced scorecard.
106. The __________ summarizes a firm’s financial position at a specific point in time (i.e., a
specific quarter or year).
a) statement of cash flows

b) income statement
c) balance sheet
d) investment income statement
107. _________ are valuable things owned by the firm.
a) Retained earnings
b) Owners’ equities
c) Liabilities
d) Assets
108. __________ is/are what the firm owes its creditors.
a) Retained earnings
b) Owners’ equity
c) Liabilities
d) Assets
109. __________ is/are the claims owners have against the firm’s assets.
a) Loans payable
b) Owners’ equity
c) Liabilities
d) Assets
110. The ___________ indicates whether a firm earned a profit or suffered a loss over the past
accounting period.
a) balance sheet
b) income statement
c) statement of cash flows
d) cash budget
111. The income statement shows that
a) Owners’ Equity - Assets = Liabilities.

b) Net Income - Expenses = Revenue.
c) Revenue - Expenses = Net Income.
d) Assets = Liabilities + Owners’ Equity.
112. The ___________ shows the cash flowing in and out of a firm through its operating,
investing, and financing activities.
a) retained earnings
b) statement of cash flows
c) income statement
d) operating budget
113. According to the _____________ method of accounting, revenues are recognized when they
are earned and payment is reasonably assured.
a) accrual
b) actuarial
c) managerial
d) LIFO
114. The amount of cash at the end of the period, as reflected on the statement of cash flows,
should match the
a) retained earnings for the same period.

b) cash on the current balance sheet.
c) liabilities for next accounting period.
d) retained earnings for the previous reporting period.
115. According to the accrual basis of accounting, expenses are
a) listed on the firm’s balance sheet as liabilities.

b) recognized as soon as cash is paid.
c) not tax deductible.
d) matched with the revenues they helped generate.
116. Which of the following would be listed in the owners’ equity section of a balance sheet?
a) Cash.
b) Accounts receivable.
c) Net income.
d) Retained earnings.
117. All of the following are assets EXCEPT
a) cash.
b) inventory.
c) salaries payable.
d) buildings.
118. As the owner of 100 shares of Megabux Corporation’s stock, Elbert Treble wants to know
whether his company earned a profit or loss during the past year. He can find the answer to
this by looking at Megabux’s
a) master budget.
b) income statement.
c) statement of cash flows.
d) revenue report.
119. All of the following are liabilities EXCEPT
a) bank loans.
b) wages payable.
c) accounts payable.
d) cost of goods sold.
120. The two broad sources of financing for a firm are
a) owners and non-owners.

b) retained earnings and assets.
c) income and profit.
d) cash and credit.
121. __________________ normally is the first asset listed on a balance sheet.
a) Accounts receivable
b) Cash
c) Inventory
d) Equipment
122. Which of the following would be listed in the liabilities section of the balance sheet?
a) Retained earnings.
b) Debits.
c) Short-term notes payable.
d) Expenses.
123. Which item would be listed first on the income statement?
a) Revenue.
b) Cost of goods sold.
c) Net operating income.
d) Retained earnings.
124. Which of the following items would be listed on an income statement?
a) Cost of goods sold.

b) Current liabilities.
c) Cash flows from operations.
d) Accounts receivable.
125. By subtracting dividends paid to shareholders from the net income, managers are able to
calculate the
a) increase in net income.

b) decrease in profit margins.
c) change in the cash balance in the firm’s bank account.
d) change in retained earnings.
126. Profit is the difference between
a) retained earnings and cost of goods sold.

b) notes payable and accounts payable.
c) revenue and expenses.
d) assets and liabilities.
127. If a firm’s assets = $6,000 and its liabilities = $3,500, then owners’ equity =
a) $6,000.
b) $2,000.
c) $2,500.
d) $4,500.
128. The statement of cash flows shows a firm’s
a) sources and uses of cash that result from its operating, investing, and financing
activities.
b) schedule of payments for the debts that come due in the next year.
c) net profit or loss.
d) current assets and current liabilities that are likely to result in cash flows over the
next accounting period.
129. The _______________ would provide stakeholders with information about how a firm
obtained and used cash in the most recent accounting period, as well as its cash balance at
the end of the accounting period.
a) cash budget
b) income statement
c) stockholders’ equity statement
d) statement of cash flows
130. The accounting equation shows us that the value of the firm’s assets must equal the value of
the firm’s
a) earnings at a point in time.

b) revenues minus expenses.
c) owners’ equity.
d) financing provided by owners and creditors.
131. Lottadoe’s liabilities are $130,000, and its owners’ equity is $170,000. This means that
Lottadoe’s
a) total assets are $300,000.

b) net income is $40,000.
c) net income for the current year was $300,000.
d) net cash flow for the current year was $40,000.
132. Which of the following statements is the rationale for the accounting equation?
a) What the firm owns minus what it owes creditors equals what it is worth to its
owners.
b) A firm is worth its equity minus its assets.
c) The firm’s profit is equal to its revenue minus its expenses.
d) Assets must equal earnings minus expenses.
133. As represented on the balance sheet, a firm has two sources of funds: the firm’s
a) assets and liabilities.

b) liabilities and the owners’ equity.
c) assets and owners’ equity.
d) assets and earnings.
134. Sabiha is the small business loan officer at Regional National Bank. It is her job to approve
loans for small businesses so that the local economy will grow. One factor she looks at
carefully when making loan decisions is the amount of debt the firm already has outstanding.
She can find this information by looking at the firm’s
a) income statement.
b) balance sheet.
c) statement of cash flows.
d) cash budget.
ANS: B DIF: LL3 REF: Pages 99-100
OBJ: 4
135. A business has two sources of funds: the owners and the non-owners. The financing
provided by owners is represented on the balance sheet as ____________, and the financing
provided by non-owners is represented on the balance sheet as ___________.
a) liabilities; retained earnings

b) dividends; interest
c) owners’ equity; liabilities
d) revenues; expenses
136. A firm’s current liabilities
a) are what it owes to its shareholders.

b) are due in less than a year.
c) do not have to be repaid on any specific date. Instead, repayment can be deferred
as long as the firm is willing and able to make the required interest payments.
d) must equal its current assets.
137. A firm’s cost of goods sold is subtracted from the ________________ on the
___________________ in order to compute the firm’s ____________________.
a) total assets; balance sheet; net worth

b) revenue; statement of cash flows; cash balance
c) revenue; income statement; gross profit
d) liabilities; balance sheet; total profit
138. Publicly traded corporations in the United States must have a CPA firm
a) perform standard horizontal, vertical, and ratio analyses.

b) perform an annual external audit.
c) prepare the financial statements filed with the IRS.
d) address the stockholders at their annual meeting.
139. The auditor’s ______ indicate(s) whether the firm’s financial statements are prepared and
presented in a way that is likely to fairly represent the firm’s financial condition.
a) letter to the CEO

b) footnotes
c) opinion
d) certification statement
ANS: C DIF: LL1 REF: Pages 102-103
OBJ: 5
140. A(n) ______________ is issued if the external auditor does not find any problems with the
way a firm prepares and reports its financial statements.
a) qualified opinion
b) unqualified opinion
c) adverse opinion
d) no opinion
141. An auditor issuing a(n) ___________ has uncovered serious and widespread problems with
the preparation of a firm’s financial statements.
a) qualified opinion
b) unqualified opinion
c) adverse opinion
d) untenured opinion
142. _________ expresses each balance sheet or income statement item as a percentage of key
values.
a) Profitability analysis
b) Actuarial analysis
c) Vertical analysis
d) Horizontal analysis
143. _____ compare(s) select items in financial statements by computing percentages, rates, and
proportions.
a) Profitability quotients
b) Ratio analysis
d) Pro rata analysis
144. _________ compares information contained in a firm’s financial statements over a period of
two or more years.
a) Profitability analysis
b) Ratio analysis
d) Horizontal analysis
145. ___________ measure how effectively a firm manages assets to generate revenue.
a) Liquidity ratios
b) Asset management ratios
c) Leverage ratios
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Another story which is undoubtedly purely mythical, although it
has astonishingly wide credence, is that of “the swordfish and the
thresher.” It is said that a swordfish with a killer will attack a large
whale, prodding the animal from below with its “sword” and
preventing it from diving, while the killer tears out the tongue.
An anterior view of a killer. The heavy teeth and the white spot
just behind the eye are well shown.
I have personally interviewed a number of men who were reported

to have witnessed such a combat, but have never yet found one who
had seen a swordfish, or had any evidence of one being there,
although the killer could easily be seen. They usually defend their
story by saying that a swordfish must have been below, otherwise the
whale would have sounded. Undoubtedly what prevents the whale
from diving is the fact that it becomes paralyzed with fright and so
utterly confused that it is unable to escape.
An orca probably could not kill a large whale alone, but single
individuals undoubtedly cause all the fin whales great annoyance by
biting off the tips of their flukes and flippers; at least two-thirds of
the whales brought to the stations had the flukes or flippers injured. I
have a photograph of a young finback whale with the flipper torn and
mangled and plainly showing a killer’s teeth marks.
The sperm whale is probably the only marine animal which is
more than a match for a herd of killers. The enormous lower jaw of a
sperm whale presents an array of teeth even more formidable than
those of the orca, and I greatly doubt if the killer could succeed in
terrifying this whale; it is significant that the flukes and flippers of
sperms are practically always free from injuries.
Like other members of the dolphin family, the killer has twelve
teeth in both jaws and they may be readily distinguished from those
of the sperm whale by their smaller size and flatter basal portion.
CHAPTER XIX
A STRANGE GIANT OF THE OCEAN
Of all the strange animals which live in the sea the sperm whale is
certainly one of the most extraordinary; whenever I look at one I feel
like saying with the country boy who had just seen his first camel:
“There ain’t no such thing, b’gosh.”
A sperm whale lying on the slip at Kyuquot, Vancouver Island.

Note the slender lower jaw and the small side fins.
Its head, which occupies one-third of the entire body, is

rectangular in shape, and contains an immense tank filled with liquid
oil known as “spermaceti.” It is only necessary to cut an opening in
the “case,” as this portion of the head is called, and with a bucket dip
out ten or fifteen barrels of oil.
Spermaceti congeals slightly when cooled and in appearance is
much like soft white paraffin. Beneath the oil-case is a great mass of
cellular tissue, called the “junk,” which also contains spermaceti
although not in a liquid condition. Spermaceti is used almost entirely
for lubricating fine pieces of machinery and its quality is very much
superior to the oil obtained from the blubber.
The use to the whale of the oil-case is largely a matter of
conjecture. My own belief is that it acts as a great reservoir and that
the animal draws upon it for nourishment during periods of food
scarcity. Bears, seals, and other animals store up on their bodies
great quantities of fat which enable them to live without food during
hibernation, or the breeding period, and the sperm whale is possibly
a similar case; some specimens are killed which are “dry,” and have
practically no oil in either the blubber or head.
Spermaceti should not be confused with “ambergris,” a substance
of great value in the manufacture of perfumes, which is obtained
only from the sperm whale. Ambergris is due to a pathological
condition of the intestines and is never found in healthy whales. It is
impossible to tell just how the substance is formed, but the fact that
it often contains cuttlefish beaks leads to the supposition that it is in
some way connected with the squid and cuttlefish upon which the
sperm whale feeds.
Stripping the blubber from the head of a sperm whale.
Immediately beneath the blubber of this portion is the oil-case.
The blowhole may be seen at the end of the snout.
If but a small amount of ambergris is produced it will often pass

off with the excreta and, since it is very light, may be found floating
in the water, but the entire intestines of dead whales have been
known to be clogged with the substance. It is exceedingly valuable,
the black ambergris being worth at the present time $12.50 an ounce,
and the gray, which is of superior quality, $20. As much as $60,000
worth has been taken from the intestines of a single whale.
It is not itself used as an odor but as a fixative in perfumes; that is,
to make the fragrance last. Many substitutes for ambergris have been
adopted in commercial work, but as yet none has been found which
is as effective as the original substance.
For hundreds of years ambergris has been known and used in
various ways. It was formerly supposed to have wonderful medicinal
qualities (which, however, are largely mythical) and in Asia was
employed as a spice in cooking. The Turks have long considered it of
the greatest value, and pilgrims who traveled to Mecca used to bring
it as an offering. Ambergris has a peculiar and not disagreeable odor
which, when once identified, will not easily be forgotten; after
touching it traces of the smell will still remain even though the hands
have received several washings.
During the last eight years at least fifty persons have brought to my
office for identification almost as many different substances which
they have found floating or washed up on the seacoast, and which
they devoutly prayed might prove to be ambergris. One man brought
as a sample a large piece of tallow from a barrelful which he had
collected at considerable trouble and expense; another had a portion
of a jellyfish, and a third carefully treasured a mass of dirty soap. But
as yet no one has brought “the real thing.” Ambergris is soluble in
alcohol and this is a good first test for those to whom the substance is
unknown.
The sperm is by far the largest member of the toothed whale family
and has from eighteen to twenty-five massive teeth on each side of
the lower jaw; these fit into sockets in the upper jaw and assist in
holding the whale’s food. Upper teeth are also present but are in a
rudimentary condition and, except in rare cases, do not protrude into
the sockets; undoubtedly in ancient times the upper teeth were as
well developed as the lower but since they have not been needed they
have gradually atrophied and almost disappeared. Like the teeth of
other animals, those of the sperm whale are hollow in the basal half
of their length for the reception of nerves; in young whales this nerve
cavity is wide and deep but it almost closes with increasing age.
“The sperm ... has from eighteen to twenty-five massive teeth on
each side of the lower jaw; these fit into sockets in the upper jaw
and assist in holding the whale’s food.”
Quite frequently the lower jaw of an immature animal will be

injured and as the whale grows its jaw becomes twisted like an
enormous corkscrew. The widespreading posterior part of the jaw is
called the “panbone” and from it the sailors make walking sticks, pie-
markers, hairpins, and carvings which are often beautifully executed.
“Scrimshawing,” or drawing upon whale’s teeth, also helps to while
away many weary hours when the ship lies still in a tropic calm.
Cutting away the “junk” from the “case” of a sperm whale. The
junk is a mass of cellular tissue which also contains spermaceti.
The sperm whale is a lover of warm currents which favor the giant
squid and cuttlefish on which it lives, and although it has been taken
as far north as the Aleutian Islands, Alaska, even there it is in the
comparatively warm waters of the Japanese stream; it has also been
captured in the sub-Antarctic near the Falkland Islands.
The squid reach a length of twenty feet or more and the whale
sometimes has terrific battles with its huge prey, the tentacles of
which, armed with deadly suckers, tear long gashes in the skin of the
head and snout, leaving white scars crisscrossed in every direction.
In Japan I took several enormous spiny lobsters from the stomach of
a sperm whale, as well as the remains of a shark and seventy or
eighty yellow parrot-like beaks of the cuttlefish.
Unlike the whalebone whales, of which the opposite is true, the
male sperm is very much larger than the female, and an old bull will
sometimes reach a length of seventy feet and weigh eighty or ninety
tons. Such an animal is a truly colossal creature. The head of a sixty-
foot sperm, which was killed by Captain Fred Olsen in Japan
especially for the American Museum, was almost twenty feet in
length, and the skull, when crated, had a space measurement of
twenty-six tons; it was so large that it would barely pass through the
main hatch of the steamship which carried it to New York.
The sperm has only a single S-shaped blowhole situated almost at
the end of the snout on the left side, and its spout, which is like that
of no other whale, may be easily recognized even at a considerable
distance; the low, bushy, vapor column is directed diagonally
forward and upward, and the animal blows much oftener and more
regularly than other large cetaceans. A sperm may spout thirty or
forty times when not disturbed, generally lying still but occasionally
swimming slowly during the entire breathing period.
An anterior view of a young male sperm whale. The head occupies

one-third the entire length of the animal and the lower jaw is
much shorter than the upper.
When a bull is wallowing at the surface, the “hump”

(corresponding to the dorsal fin of the fin whales) is first seen, and at
regular intervals, as the spout is ejected, the nose appears some forty
feet ahead. The length of time he stays at the surface, the number of
spouts, and the interval between them are all very regular and thus
the hunters, after a particular whale has been observed for a few
minutes, know exactly when the animal will again appear and how
long it will remain visible.
After its blowing has been finished, the head gradually sinks, the
back and “small” are curved upward, the flukes are lifted slowly high
into the air, and the whale goes straight down.
During the “big dive” the animal remains below from fifteen to
forty minutes and when reappearing, if not disturbed, swims
tranquilly along just below the surface at a rate of about three or four
miles an hour. His body is then horizontal, with the hump projecting
above the water.
When frightened and speeding, a totally different attitude is
assumed and the great flukes are moved violently up and down; at
each downward stroke the head sinks eight or ten feet below the
surface but rises with the upward motion, presenting only the
cutwater-like lower portion. The upstroke of the tail appears to be
the more powerful of the two, and at the same time the broad upper
half of the head is lifted above the surface. A speed of ten or twelve
miles an hour can be reached in this way, which the whalers describe
as “going head out.”
The sperm is very playful and like the humpback frequently
“breaches,” or throws itself out of water, shooting into the air at an
angle of about 45 degrees and falling back upon its side. It
sometimes lobtails also, pounding the water into spray with its
flukes. When a sperm is harpooned with a hand iron it often rolls
over and over on the surface, winding the line about its body and
causing the hunters a deal of trouble.
The tongue of a sperm whale; it is strikingly different from the
enormous flabby tongue of the whalebone whales.
Along the Japanese coast during July the sperm whales sometimes
appear in enormous herds of four hundred or more; the great
animals will lie at the surface spouting continually and the sea for
half a mile will be alive with whales.
When the steam whalers find a school of this sort, signals are set to
bring in all the ships which may be near, and there is excitement
enough for everyone. The guns bang as often as they can be loaded
and the whales made fast, and the number killed is merely a question
of how many harpoons each ship carries, or the hours of daylight left
when the herd is found.
The head of the sixty-foot sperm whale, the skeleton of which was
sent to the American Museum of Natural History, from Japan.
The “case” yielded 20 barrels of spermaceti.
The school will usually move very slowly, blowing and wallowing
along at the surface, and the animals in the center are heedless of the
slaughter on the outskirts of the herd. At times, however, the whales
will stampede at the first gun, and it then becomes a stern chase,
which is often a long one, before a ship can get fast.
At Aikawa, one day, a whale ship with a Japanese gunner raised a
herd of sperms a long way from the village. The man allowed his
greed to get the better of his judgment and killed ten whales. He
made them all fast to the ship, which could barely move her load
through the water, and it was not until three days later that she
arrived at the station. The whales had all “blasted,” or decomposed,
and were not as valuable commercially as a single fresh one would
have been.
The meat of this species is so dark and full of oil that it is of but
little use as food. Nevertheless, during the summer it is sold to the
native coal miners of Japan who live in such extreme poverty that
they are glad to get even such meat at two or three sen per pound.
I shall not attempt to chronicle here the numerous authentic
instances of ships or boats which have been destroyed and sunk by
sperm whales, for they are the common property of every book on
deep-sea whaling. They leave no doubt that these animals often turn
the tables on their hunters and attack with savage ferocity and dire
results.
Apparently the sperm is the only whale which will deliberately turn
upon its pursuers when not in its death flurry. Not only is its tail
used with terrible effectiveness in sweeping the surface of the water
and delivering smashing blows, but boats are often crushed like
kindling wood between its horrible jaws.
It would be interesting to know how long sperm whales live. The
bull which was killed in Japan for the American Museum showed
unmistakable evidences of great age. Its head was covered with white
crisscrossed scars, bearing testimony of terrific battles with giant
squids in the ocean depths, and the teeth of its lower jaw were worn
almost flat, projecting only an inch or two above the gum. The bones
of its skeleton were hard and rough, being covered with tubercles
and bony growths.
A posterior view of the head of the Museum’s sperm whale. The
thick covering of blubber which encircles the head is well shown.
All this indicated that the animal had lived for many years, but
how many it is impossible to tell. The condition of the skeleton shows
whether a whale is old or young, for in immature animals the bones
of the skull are separated (i. e., the sutures are open), the plates on
the end of the vertebræ (epiphyses) are free, and all the bones are
soft and spongy. Even though the whale may have reached adult size,
which it usually does in three or four years, the evidences of youth
are still present in the skeleton.
Reasoning by analogy (which is always unsafe), I have come to the
conclusion that a whale’s life is well within one hundred years, but I
must admit that my argument is mainly theory and that there are but
few facts with which it may be supported. Until recently, many
naturalists held the view that whales lived for hundreds of years and
that they did not reach adult size until long after birth. The latter
contention has been proved utterly wrong, but of the former we have
little new knowledge; neither do I see how we can ever estimate a
whale’s age with any degree of accuracy.
CHAPTER XX
A DEEP-SEA SPERM WHALE HUNT
Every time I see a sperm whale shot with a bomb harpoon from the
bows of a steamship, I have more respect for the old-time hunters
who kill the huge brutes with a hand harpoon and lance. The vitality
of a sperm is enormous, and even when several bombs have exploded
in its body the animal will often fight for hours before it spouts blood
and dies.
When Captain Olsen secured the sixty-foot sperm, the skeleton of
which was sent to the Museum, he got fast with one iron but did not
kill the whale. After some time the vessel was near enough for a
second shot, and Olsen fired a harpoon which was bent slightly
upward at the point. The heavy iron, instead of penetrating the
blubber, rebounded, and when it was drawn back by the winch was
found to be actually bent double, the point of the bomb being within
a few inches of the opposite end. It required three harpoons, each
weighing one hundred and ten pounds, to finish the whale.
Yet with a magnificent courage which is only half appreciated by a
landsman, the fearless New Bedford whalers attack these colossal
animals with merely a slender hand lance. Is it to be wondered at
that our New England ancestors in such a training school made a
history of which every American may well be proud?
A female sperm whale at Aikawa, Japan. The head of the female is
much more pointed than that of the male.
Although deep-sea whaling is practically ended, year after year two

or three ships drop away from the New Bedford wharves bound for
the Hatteras grounds for sperm whales. The cruises are short—only
six or seven months—and the whales are killed, cut in, and tried out
at sea in the old-time way. But even this lacks much of the glamour
and romance of the old days, when sons of New Bedford’s best
families manned the boats, for now the crews are usually “Brava”
negroes from the Kay Verde Islands, and the only white men in the
ship’s company are the Captain and perhaps one or two of the Mates.
The excitement of the hunt is still there, however, and it takes the
same nerve and the same cool head to fasten to and lance a sperm, as
it did fifty years ago. I have had no personal experience in this kind
of whaling, and therefore it does not fall within the scope of this
book, but by way of contrast I have quoted a few extracts from the
“Diary of a Whaling Cruise” by Victor Slocum, Harpooner.[14]
14. Forest and Stream, Vol. 67, 1907, pp. 928, 930, 968.
When a whale is cut in at sea the carcass is made fast to the lee
side of the ship, and a skeleton platform of heavy planks is rigged to
project beyond the whale, just above the surface. The mates take
their places there and, with long “whale spades,” make incisions
through the blubber, which is stripped off in long blanket pieces by
means of a block and tackle suspended from the mast. When the
blubber is all in, the head is cut away and hauled on board, where the
case is bailed, then the chains are slacked and the great carcass sinks
into the green depths below to furnish food for thousands of hungry
sharks.
Mr. Slocum tells of a sperm whale hunt in the following words:
At 4 A. M. all hands started to cut in, and just as we got through heaving, it was
whales again—just after dinner. I was glad of that, and so was everybody else, for
the work and exposure was beginning to pull on us, and a full stomach is none too
good to go down in a boat with. The whales were close by, and a large school of
them, too. There was just a breath of air stirring, so up went the sail and we
paddled as noiselessly as aborigines upon our quarry.
There seemed to be whales everywhere, as far as the eye could reach, and all
tame—just rolling and snorting in the water they lay in; once in a while one would
jump like a trout and make a splash like a waterfall, just to amuse himself.
At last we got close to one that suited us, and the boats went on head and head;
there was not wind enough to manage with the sail, and dipping with the paddle
was undesirable for it might result in a scare, so we lay perfectly still, right in his
course, and on he came.
A posterior view of the Museum’s sperm whale. Longitudinal cuts
have been made through the blubber revealing the flesh beneath.
The harpooner stood up with his darting gun and iron, and just as the great
snout passed under our boat, he plunged it vertically right into the middle of the
back. There was the report of the gun, a heaving of the boat clear of the water, a
sensation like that of passing through a waterspout, and the dull explosion of the
shell all in the space of the next second—then the leviathan stretched out dead. The
bomb had killed him instantly, and it was well for us that it did, for in the case of
an ordinary iron being used, we would have been stove to pieces.
As we backed away, up came the black snout of another whale, and then two or
three more. They did not seem to know that there was any mischief, and they
rolled on top of the dead one as though nothing had happened. What an
opportunity to get another one! If there had been a chance to mark our “fish”
without getting stove by the others, and cutting loose as we did in a former case, we
could have killed another and another; but that was impossible, so a “waif” was set
for the second boat, and on they came under oars. And how the bully boys rowed,
for the cry had gone up that we were stove, and they pulled to save our lives.
Cutting in a sperm whale at sea by the old-time method.
As they got close, we urged them with our cheers and cries to go in and show
what they were good for. Straight ahead they shot onto the “bunch,” and just as
they almost touched one that they had picked out, there was the curve of an iron
through the air; the next minute they were going like the wind with the whale’s
flukes just clearing the stern, throwing spray in every direction.
The second mate, as cool as a cucumber and with a happy smile on his face,
stood in the bow crouched down to keep as dry as possible, and with his bomb gun
under his arm was yelling, “Haul in on the line!” There was no slacking our speed
for him, with half a chance to get in a shot!
By night two whales were being worked on. That day’s excitement and sport was
worth a hundred dollars to me, for the whole thing was truly marvelous and it fully
compensates for all the discomfort and privation that I have felt....
The cutting in and trying out of the blubber is a prosy job, and nasty is no name
for it. All hands strip down to a shirt, a pair of overalls rolled up to the knees,
showing bare shins and sockless feet in large brogans, and in we go—grease from
head to foot—day and night until the whale is all cut safely on board. If we tarried,
bad weather would no doubt deprive us of our spoil.
It gives you a funny sensation at first to get into a deckful of blubber, with the
slimy stuff around your exposed cuticle, and oil squashing out of your shoes at
every step. But I am getting used to that now, and I feel like a veteran.... The try-
works are run day and night, while there is blubber to feed them, and the refuse
scrap is all the fuel they need, so it is very economical. They consist of two large
caldrons mounted in brick work, near the center of the ship, and the whole
structure is about six feet high. In the dark, with the flame roaring out of the short
chimneys and torches stuck on poles about the deck to give light, we must form an
interesting spectacle. The men, moving about the deck under the peculiar
illumination, look like conspirators in a comic opera.

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1. Accounting is a system for recognizing, recording, organizing, analyzing, summarizing, and

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2. Recording financial transactions is an accounting function.

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4. Key users of a corporation’s accounting information include managers, government agencies,

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7. Internal auditors are also known as certified public accountants.

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14. Through additional preparation, accountants may become a certified management

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33. Assets = Liabilities + Net income.

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34. Liabilities are resources owned by a firm.

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36. According to the accounting equation, Assets - Expenses = Net Income.

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