Question 1

A business' accounting system can provide information for both external and internal users.

Accepted Answer

A) True 
 B)False

Question 2

A budget:

Accepted Answer

A)  quantifies management's plans. 
B)  determines and evaluates the cost of specific products or activities in a business. 
C)  compiles actual costs for a given period. 
D)  is used to determine if a product should be continued or discontinued. 
A)  quantifies management's plans. 
B)  determines and evaluates the cost of specific products or activities in a business. 
C)  compiles actual costs for a given period. 
D)  is used to determine if a product should be continued or discontinued.

Question 3

Financial position of a business can best be evaluated with which of the following?

Accepted Answer

A)  Net income. 
B)  Assets, liabilities and owner's equity. 
C)  Cash received and paid. 
D)  Owner investments. 
A)  Net income. 
B)  Assets, liabilities and owner's equity. 
C)  Cash received and paid. 
D)  Owner investments.

Question 4

The owners of businesses operating as sole traders, partnerships and companies all have unlimited liability.

Accepted Answer

A) True 
 B)False

Question 5

The Board of Directors makes business decisions for:

Accepted Answer

A)  sole proprietorships. 
B)  partnerships. 
C)  company/corporation. 
D)  all forms of businesses. 
A)  sole proprietorships. 
B)  partnerships. 
C)  company/corporation. 
D)  all forms of businesses.

Question 6

The modern-day accountant generally works alone and therefore does not require teamwork skills.

Accepted Answer

A) True 
 B)False

Question 7

____________________ are merchandising businesses that sell their goods to retailers or other commercial users.

Accepted Answer

The answer of ____________________ are merchandising businesses that sell their...

Question 8

Feedback from operations can be effectively used in the planning, operating or evaluating stages of a business.

Accepted Answer

A) True 
 B)False

Question 9

____________________ are merchandising businesses that sell their products directly to the final customer or consumers.

Accepted Answer

The answer of ____________________ are merchandising businesses that sell their...

Question 10

__________________ is a management activity which establishes the goals of a business and the means of achieving these goals.

Accepted Answer

The answer of __________________ is a management activity which establishes...

Question 11

Limited liability is a benefit for the owners of:

Accepted Answer

A)  sole proprietorships. 
B)  partnerships. 
C)  company/corporation. 
D)  sole proprietorships and partnerships. 
A)  sole proprietorships. 
B)  partnerships. 
C)  company/corporation. 
D)  sole proprietorships and partnerships.

Question 12

An _______________ summarises the results of a business' operating activities for a specific time period.

Accepted Answer

The answer of An _______________ summarises the results of a...

Question 13

Which of the following is the first stage in solving a business problem?

Accepted Answer

A)  Knowing the possible outcomes. 
B)  The recognition and definition of the problem. 
C)  Understanding the available resources to solve the problem. 
D)  Assessing the total cost and benefits of solving the problem. 
A)  Knowing the possible outcomes. 
B)  The recognition and definition of the problem. 
C)  Understanding the available resources to solve the problem. 
D)  Assessing the total cost and benefits of solving the problem.

Question 14

To be useful, information must be relevant to the decision at hand.

Accepted Answer

A) True 
 B)False

Question 15

Operating activities consist of:

Accepted Answer

A)  how products get made and sold. 
B)  measuring actual operations and progress against a standard or benchmark. 
C)  establishing business goals. 
D)  establishing means of achieving business goals. 
A)  how products get made and sold. 
B)  measuring actual operations and progress against a standard or benchmark. 
C)  establishing business goals. 
D)  establishing means of achieving business goals.

Question 16

The appearance of truth is valued above all else for the critical thinker.

Accepted Answer

A) True 
 B)False

A business' accounting system can provide information for both external and internal users.

A budget:

Financial position of a business can best be evaluated with which of the following?

The owners of businesses operating as sole traders, partnerships and companies all have unlimited liability.

The Board of Directors makes business decisions for:

The modern-day accountant generally works alone and therefore does not require teamwork skills.

____________________ are merchandising businesses that sell their goods to retailers or other commercial users.

Feedback from operations can be effectively used in the planning, operating or evaluating stages of a business.

____________________ are merchandising businesses that sell their products directly to the final customer or consumers.

__________________ is a management activity which establishes the goals of a business and the means of achieving these goals.

Limited liability is a benefit for the owners of:

An _______________ summarises the results of a business' operating activities for a specific time period.

Which of the following is the first stage in solving a business problem?

To be useful, information must be relevant to the decision at hand.

Operating activities consist of:

The appearance of truth is valued above all else for the critical thinker.

Developing a Business Plan: Cost-Volume-Profit Analysis

Developing a Business Plan: Budgeting

The Accounting System: Concepts and Applications

Recording, Storing and Reporting Accounting Information

Managing and Reporting Working Capital

The Income Statement: Content and Use

The Balance Sheet: Content, Use and Analysis

The Cash Flow Statement: Content and Use

Sustainable Business

Short-Term Planning Decisions

Capital Expenditure Decisions

Filters

Exam 1: Introduction to Business Accounting and the Role of Professional Skills

A business' accounting system can provide information for both external and internal users.

A budget:

Financial position of a business can best be evaluated with which of the following?

The owners of businesses operating as sole traders, partnerships and companies all have unlimited liability.

The Board of Directors makes business decisions for:

The modern-day accountant generally works alone and therefore does not require teamwork skills.

____________________ are merchandising businesses that sell their goods to retailers or other commercial users.

Feedback from operations can be effectively used in the planning, operating or evaluating stages of a business.

____________________ are merchandising businesses that sell their products directly to the final customer or consumers.

__________________ is a management activity which establishes the goals of a business and the means of achieving these goals.

Limited liability is a benefit for the owners of:

An _______________ summarises the results of a business' operating activities for a specific time period.

Which of the following is the first stage in solving a business problem?

To be useful, information must be relevant to the decision at hand.

Operating activities consist of:

The appearance of truth is valued above all else for the critical thinker.

Developing a Business Plan: Cost-Volume-Profit Analysis

Developing a Business Plan: Budgeting

The Accounting System: Concepts and Applications

Recording, Storing and Reporting Accounting Information

Managing and Reporting Working Capital

The Income Statement: Content and Use

The Balance Sheet: Content, Use and Analysis

The Cash Flow Statement: Content and Use

Sustainable Business

Short-Term Planning Decisions

Capital Expenditure Decisions

Filters