Exam 1: The Role of Accounting in Business

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Profitability ratios such as _____ can be used to analyze and assess a company's financial performance.

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Which of the following is true of rate of return on assets?

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The branch of accounting related to the management's financial decisions is known as financial accounting.

(True/False)
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The stockholders' equity of a company should equal the sum of its total assets and total liabilities.

(True/False)
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Rights to payments from customers are:

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Which of the following is true about the cost principle?

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The return on assets is calculated by _____.

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A primary disadvantage of corporations is that the financial resources available to them are limited.

(True/False)
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Merchandising businesses produce products rather than provide services to customers.

(True/False)
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_____ is an example of internal stakeholders.

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Which of the following is considered an asset until consumed?

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The balance sheet represents the accounting equation.

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Which of the following is an intangible asset?

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The performance evaluation of the managers of a company is dependent on the company's:

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Which of the items below is not a business organization form?

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The resources a business owns are called:

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A liability is a legal obligation to repay the amount borrowed according to the terms of the borrowing agreement.

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Expressing financial data as if a business will continue operating for an indefinite period time refers to which concept?

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