Question 1

The balance sheet is composed of the following types of accounts:

Accepted Answer

A) Revenue, expenses, and earnings. 
B) Operating expenses, cash flow, and capital expenditures. 
C) Capital, cost, and valuation. 
D) Assets, liabilities, and owners' equity. 
A) Revenue, expenses, and earnings. 
B) Operating expenses, cash flow, and capital expenditures. 
C) Capital, cost, and valuation. 
D) Assets, liabilities, and owners' equity.

Question 2

Benjamin works in the accounting department for a textbook publishing firm preparing budgets and reporting production costs. He is a:

Accepted Answer

A) Managerial accountant. 
B) Financial accountant. 
C) Tax accountant 
D) Auditor. 
A) Managerial accountant. 
B) Financial accountant. 
C) Tax accountant 
D) Auditor.

Question 3

Accounting, as the language of business, is solely concerned with providing information useful to managers of profit-seeking firms.

Accepted Answer

A) True 
 B)False

Question 4

Accounting recognizes that assets, such as machinery and buildings, lose value over time. Accountants will record a portion of the cost of an asset as an expense each year through the use of:

Accepted Answer

A) Asset valuation. 
B) Asset audits. 
C) Appreciation. 
D) Depreciation. 
A) Asset valuation. 
B) Asset audits. 
C) Appreciation. 
D) Depreciation.

Question 5

Bob Stewart plans to visit his financial planner today to discuss investment strategy. As a young, "20 something" accountant, he knows he can afford to invest in a few riskier investments. Which of the following ratios will be an important measure of profitability for Bob?

Accepted Answer

A) return on sales 
B) return on equity 
C) inventory turnover 
D) acid test ratio 
A) return on sales 
B) return on equity 
C) inventory turnover 
D) acid test ratio

The balance sheet is composed of the following types of accounts:

Benjamin works in the accounting department for a textbook publishing firm preparing budgets and reporting production costs. He is a:

Accounting, as the language of business, is solely concerned with providing information useful to managers of profit-seeking firms.

Accounting recognizes that assets, such as machinery and buildings, lose value over time. Accountants will record a portion of the cost of an asset as an expense each year through the use of:

Bob Stewart plans to visit his financial planner today to discuss investment strategy. As a young, "20 something" accountant, he knows he can afford to invest in a few riskier investments. Which of the following ratios will be an important measure of profitability for Bob?

Taking Risks and Making Profits Within the Dynamic Business Environment

Understanding Economics and How It Affects Business

Doing Business in Global Markets

Demanding Ethical and Socially Responsible Behavior

How to Form a Business

Entrepreneurship and Starting a Small Business

Management and Leadership

Structuring Organizations for Todays Challenges

Production and Operations Management

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Union and Employeemanagement Issues

Marketing: Helping Buyers Buy

Developing and Pricing Goods and Services

Distributing Products

Using Effective Promotions

Financial Management

Using Securities Markets for Financing and Investing Opportunities

Money, Financial Institutions, and the Federal Reserve

Filters

Exam 17: Understanding Accounting and Financial Information

The balance sheet is composed of the following types of accounts:

Benjamin works in the accounting department for a textbook publishing firm preparing budgets and reporting production costs. He is a:

Accounting, as the language of business, is solely concerned with providing information useful to managers of profit-seeking firms.

Accounting recognizes that assets, such as machinery and buildings, lose value over time. Accountants will record a portion of the cost of an asset as an expense each year through the use of:

Bob Stewart plans to visit his financial planner today to discuss investment strategy. As a young, "20 something" accountant, he knows he can afford to invest in a few riskier investments. Which of the following ratios will be an important measure of profitability for Bob?

Taking Risks and Making Profits Within the Dynamic Business Environment

Understanding Economics and How It Affects Business

Doing Business in Global Markets

Demanding Ethical and Socially Responsible Behavior

How to Form a Business

Entrepreneurship and Starting a Small Business

Management and Leadership

Structuring Organizations for Todays Challenges

Production and Operations Management

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Union and Employeemanagement Issues

Marketing: Helping Buyers Buy

Developing and Pricing Goods and Services

Distributing Products

Using Effective Promotions

Financial Management

Using Securities Markets for Financing and Investing Opportunities

Money, Financial Institutions, and the Federal Reserve

Filters