Question 1

Voucher checks are ordinary checks with an additional portion that gives a description of the payment.

Accepted Answer

A) True 
 B)False  True

Question 2

A purchase order shows

Accepted Answer

A)  the goods that were actually received by the company 
B)  items ordered and to what address they should be shipped 
C)  the items requested and an approval to make the purchase 
D)  what is owed for the purchases 
A)  the goods that were actually received by the company 
B)  items ordered and to what address they should be shipped 
C)  the items requested and an approval to make the purchase 
D)  what is owed for the purchases B

Question 3

The terms on an invoice dated January 3 are 2/10, net 30. The invoice total is $2,000. What amount of discount can be taken if the invoice is paid on January 16?

Accepted Answer

A)  $40 
B)  $60 
C)  none 
D)  $200 
A)  $40 
B)  $60 
C)  none 
D)  $200 C

Question 4

A cash flow statement shows $40,000 for total cash inflows and $25,500 for total cash outflows. What is the net cash flow?

Accepted Answer

A)  $65,500 
B)  $20,000 
C)  $14,500 
D)  $45,500 
A)  $65,500 
B)  $20,000 
C)  $14,500 
D)  $45,500

Question 5

Accounting software allows the user to

Accepted Answer

A)  update accounts 
B)  create checks 
C)  create financial statements 
D)  all the above 
A)  update accounts 
B)  create checks 
C)  create financial statements 
D)  all the above

Question 6

Budget reports compare the money spent in each category to the budgeted amount.

Accepted Answer

A) True 
 B)False

Question 7

A balance sheet shows

Accepted Answer

A)  the condition of a company as of a specific date 
B)  the assets, liabilities, and owner's equity 
C)  the assets and liabilities but not the owner's equity 
D)  both A and B 
A)  the condition of a company as of a specific date 
B)  the assets, liabilities, and owner's equity 
C)  the assets and liabilities but not the owner's equity 
D)  both A and B

Question 8

Accounts payable are the short-term debts the company owes to others.

Accepted Answer

A) True 
 B)False

Question 9

Reviewing expenses from the previous year is not helpful when preparing a budget.

Accepted Answer

A) True 
 B)False

Question 10

A report that shows the results of operations for a company for a period of time is

Accepted Answer

A)  an income statement 
B)  a budget 
C)  a balance sheet 
D)  a cash flow statement 
A)  an income statement 
B)  a budget 
C)  a balance sheet 
D)  a cash flow statement

Question 11

When formatting a financial report, use a single line (bottom border) underneath the last figure above a total to indicate addition or subtraction.

Accepted Answer

A) True 
 B)False

Question 12

Electronic funds transfer (EFT) typically cannot be used to pay vendor invoices.

Accepted Answer

A) True 
 B)False

Question 13

A purchase requisition shows the items requested and an approval to make the purchase.

Accepted Answer

A) True 
 B)False

Question 14

A sales invoice typically includes

Accepted Answer

A)  the invoice date and invoice total 
B)  quantities and prices of items purchased 
C)  the payment terms 
D)  all the above 
A)  the invoice date and invoice total 
B)  quantities and prices of items purchased 
C)  the payment terms 
D)  all the above

Question 15

A sales invoice

Accepted Answer

A)  is usually created at the time a company ships the products or performs services for a customer. 
B)  can be sent with the products 
C)  is usually due immediately 
D)  Both A and B 
A)  is usually created at the time a company ships the products or performs services for a customer. 
B)  can be sent with the products 
C)  is usually due immediately 
D)  Both A and B

Question 16

The terms on an invoice dated March 10 are 2/10, net 30. The invoice total is $3,000. What is the amount to be paid after taking any allowed discount if the invoice is paid on March 16?

Accepted Answer

A)  $2940 
B)  $2960 
C)  $3000 
D)  none of the above 
A)  $2940 
B)  $2960 
C)  $3000 
D)  none of the above

Question 17

A statement of account

Accepted Answer

A)  lists paid invoices as of a certain date 
B)  provides a routine reminder of the amounts owed 
C)  can include amounts from several invoices 
D)  both B and C 
A)  lists paid invoices as of a certain date 
B)  provides a routine reminder of the amounts owed 
C)  can include amounts from several invoices 
D)  both B and C

Question 18

A balance sheet is a document that shows incoming and outgoing cash for a given period.

Accepted Answer

A) True 
 B)False

Question 19

Petty cash

Accepted Answer

A)  is typically used to pay for small expenses at the office 
B)  should always contain at least $5,000 
C)  should not be replenished more than once per year 
D)  both B and C 
A)  is typically used to pay for small expenses at the office 
B)  should always contain at least $5,000 
C)  should not be replenished more than once per year 
D)  both B and C

Question 20

In which business model are many products made to meet specific customers' needs?

Accepted Answer

A)  mass production 
B)  customized production 
C)  mass customization 
D)  none of the above 
A)  mass production 
B)  customized production 
C)  mass customization 
D)  none of the above

Voucher checks are ordinary checks with an additional portion that gives a description of the payment.

A purchase order shows

The terms on an invoice dated January 3 are 2/10, net 30. The invoice total is $2,000. What amount of discount can be taken if the invoice is paid on January 16?

A cash flow statement shows $40,000 for total cash inflows and $25,500 for total cash outflows. What is the net cash flow?

Accounting software allows the user to

Budget reports compare the money spent in each category to the budgeted amount.

A balance sheet shows

Accounts payable are the short-term debts the company owes to others.

Reviewing expenses from the previous year is not helpful when preparing a budget.

A report that shows the results of operations for a company for a period of time is

When formatting a financial report, use a single line (bottom border) underneath the last figure above a total to indicate addition or subtraction.

Electronic funds transfer (EFT) typically cannot be used to pay vendor invoices.

A purchase requisition shows the items requested and an approval to make the purchase.

A sales invoice typically includes

A sales invoice

The terms on an invoice dated March 10 are 2/10, net 30. The invoice total is $3,000. What is the amount to be paid after taking any allowed discount if the invoice is paid on March 16?

A statement of account

A balance sheet is a document that shows incoming and outgoing cash for a given period.

Petty cash

In which business model are many products made to meet specific customers' needs?

The Office Environment

Office Competencies

Managing Information to Enhance Productivity

Communicating in Written Form

Communicating Orally

Telephone Communications

Banking and Payroll

Time and Workstation Management

Meetings and Travel

Records Management

Processing Mail

Planning and Advancing Your Career

Ongoing Processional Development

Compilation of Business and Office Management

Filters

Exam 8: Financial Reports and Procedures

Voucher checks are ordinary checks with an additional portion that gives a description of the payment.

A purchase order shows

The terms on an invoice dated January 3 are 2/10, net 30. The invoice total is $2,000. What amount of discount can be taken if the invoice is paid on January 16?

A cash flow statement shows $40,000 for total cash inflows and $25,500 for total cash outflows. What is the net cash flow?

Accounting software allows the user to

Budget reports compare the money spent in each category to the budgeted amount.

A balance sheet shows

Accounts payable are the short-term debts the company owes to others.

Reviewing expenses from the previous year is not helpful when preparing a budget.

A report that shows the results of operations for a company for a period of time is

When formatting a financial report, use a single line (bottom border) underneath the last figure above a total to indicate addition or subtraction.

Electronic funds transfer (EFT) typically cannot be used to pay vendor invoices.

A purchase requisition shows the items requested and an approval to make the purchase.

A sales invoice typically includes

A sales invoice

The terms on an invoice dated March 10 are 2/10, net 30. The invoice total is $3,000. What is the amount to be paid after taking any allowed discount if the invoice is paid on March 16?

A statement of account

A balance sheet is a document that shows incoming and outgoing cash for a given period.

Petty cash

In which business model are many products made to meet specific customers' needs?

The Office Environment

Office Competencies

Managing Information to Enhance Productivity

Communicating in Written Form

Communicating Orally

Telephone Communications

Banking and Payroll

Time and Workstation Management

Meetings and Travel

Records Management

Processing Mail

Planning and Advancing Your Career

Ongoing Processional Development

Compilation of Business and Office Management

Filters