Question 1

A projected income statement

Accepted Answer

A)  lists the revenues and expenses the company expects for the reporting period 
B)  shows a net loss if revenues are greater than expenses 
C)  shows a net profit if expenses are greater than revenues 
D)  all the above 
A)  lists the revenues and expenses the company expects for the reporting period 
B)  shows a net loss if revenues are greater than expenses 
C)  shows a net profit if expenses are greater than revenues 
D)  all the above

Question 2

Typically, mass production allows companies to lower costs by making large numbers of products that are exactly the same.

Accepted Answer

A) True 
 B)False

Question 3

A detailed plan or estimate of expected income and expenses for a period of time is a

Accepted Answer

A)  balance sheet 
B)  budget 
C)  cash flow statement 
D)  none of the above 
A)  balance sheet 
B)  budget 
C)  cash flow statement 
D)  none of the above

Question 4

The short-term debts the company owes to others are called

Accepted Answer

A)  accounts receivable 
B)  accounts payable 
C)  assets 
D)  debtors 
A)  accounts receivable 
B)  accounts payable 
C)  assets 
D)  debtors

Question 5

An income statement shows the assets and liabilities for a company.

Accepted Answer

A) True 
 B)False

Question 6

Vouchers typically are filed in alphabetical order by the company name.

Accepted Answer

A) True 
 B)False

Question 7

The owner's equity is the owner's share of the worth of a company.

Accepted Answer

A) True 
 B)False

Question 8

A receiving report 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

Question 9

Company managers typically do not want to have more cash than is currently needed in an account that pays no interest.

Accepted Answer

A) True 
 B)False

Question 10

A company's sales for the reporting period were $300,000 and its net income after tax was $54,000. What is the profit margin?

Accepted Answer

A)  20 percent 
B)  18 percent 
C)  16 percent 
D)  22 percent 
A)  20 percent 
B)  18 percent 
C)  16 percent 
D)  22 percent

Question 11

If terms on an invoice are 2/10, net 30, a 2 percent discount can be taken from the invoice amount if the invoice is paid within ten days of the invoice date.

Accepted Answer

A) True 
 B)False

Question 12

Match between columns
                        Premises: Permission to pay later for goods or services
Money and goods or property owned
A document that shows items to be bought and to what address they should be shipped
Financial cost, fee, or charge
A document that shows the vendor name, payment information, and an approval to make the payment
A document that shows charges for goods or services provided to a customer
A document that shows the financial condition of a company as of a specific date
Income, money or other gain received
A document that shows a reduction in the amount owed, such as for returned goods
Debt owed to others
Money used for paying small expenses
A document that shows expected income and expenses for a period of time
Reduction in an amount paid or owed
Money earned on an investment or paid on money that is borrowed

Accepted Answer

The Answer of budget and revenue and purchase order and is...

Question 13

A document that shows the goods that were actually delivered to the company is a

Accepted Answer

A)  receiving report 
B)  purchase order 
C)  invoice 
D)  credit memo 
A)  receiving report 
B)  purchase order 
C)  invoice 
D)  credit memo

Question 14

When preparing data for a budget

Accepted Answer

A)  do not be concerned about deadlines for submitting data 
B)  review expenses from the past year 
C)  consider any special needs for the coming year 
D)  both B and C 
A)  do not be concerned about deadlines for submitting data 
B)  review expenses from the past year 
C)  consider any special needs for the coming year 
D)  both B and C

Question 15

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

Accepted Answer

A)  income statement 
B)  cash flow statement 
C)  balance sheet 
D)  owner's equity statement 
A)  income statement 
B)  cash flow statement 
C)  balance sheet 
D)  owner's equity statement

Question 16

A statement of account should show a listing of unpaid amounts from only one invoice.

Accepted Answer

A) True 
 B)False

A projected income statement

Typically, mass production allows companies to lower costs by making large numbers of products that are exactly the same.

A detailed plan or estimate of expected income and expenses for a period of time is a

The short-term debts the company owes to others are called

An income statement shows the assets and liabilities for a company.

Vouchers typically are filed in alphabetical order by the company name.

The owner's equity is the owner's share of the worth of a company.

A receiving report shows

Company managers typically do not want to have more cash than is currently needed in an account that pays no interest.

A company's sales for the reporting period were $300,000 and its net income after tax was $54,000. What is the profit margin?

If terms on an invoice are 2/10, net 30, a 2 percent discount can be taken from the invoice amount if the invoice is paid within ten days of the invoice date.

A document that shows the goods that were actually delivered to the company is a

When preparing data for a budget

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

A statement of account should show a listing of unpaid amounts from only one invoice.

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

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Exam 8: Financial Reports and Procedures

A projected income statement

Typically, mass production allows companies to lower costs by making large numbers of products that are exactly the same.

A detailed plan or estimate of expected income and expenses for a period of time is a

The short-term debts the company owes to others are called

An income statement shows the assets and liabilities for a company.

Vouchers typically are filed in alphabetical order by the company name.

The owner's equity is the owner's share of the worth of a company.

A receiving report shows

Company managers typically do not want to have more cash than is currently needed in an account that pays no interest.

A company's sales for the reporting period were $300,000 and its net income after tax was $54,000. What is the profit margin?

If terms on an invoice are 2/10, net 30, a 2 percent discount can be taken from the invoice amount if the invoice is paid within ten days of the invoice date.

A document that shows the goods that were actually delivered to the company is a

When preparing data for a budget

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

A statement of account should show a listing of unpaid amounts from only one invoice.

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