Exam 15: Using Management and Accounting Information

Lutex Corporation began its accounting period with a merchandise inventory (beginning inventory)that cost $10,000.During the period,it purchased for resale merchandise with a retail value of $100,000.With purchase discounts,it paid only $80,000 for this merchandise.Thus,during this period,Lutex had ____ in goods available for sale.

(Multiple Choice)

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Question 21

A firm has $260,000 in assets and $158,000 in stockholders' equity.It owes $55,000 from a long-term loan,and this is its only long-term liability.This firm has ____ in total current liabilities.

(Multiple Choice)

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Question 22

The Cheese Shoppe's liabilities total $59,000 and its owners' equity is $124,000.Which of the following is true?

(Multiple Choice)

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Question 23

A price reduction to customers who pay their bills promptly is called

(Multiple Choice)

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Question 24

Since business has been rapidly expanding,A Shot of Sugar Bakery decides to purchase a second industrial oven.The cash paid for this oven would be listed in the ____ section of the statement of cash flows.

(Multiple Choice)

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Question 25

Current assets are assets that can be converted quickly into cash or that will be used in two years or less.

(True/False)

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Question 26

Another name for the statement of financial position is the

(Multiple Choice)

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Question 27

Since furniture and store equipment for Billy's Boutique will be held or used for a period longer than one year,they are considered

(Multiple Choice)

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Question 28

The total dollar amount of all goods and services sold during the accounting period is the

(Multiple Choice)

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Question 29

Which of the following presents assets in the correct balance sheet order?

(Multiple Choice)

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Question 30

The purpose of an audit is to ensure that financial statements have been prepared according to

(Multiple Choice)

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Question 31

Samz Off-Road Rage is a motorcycle shop that caters to off-road sports.The store carries top brand off-road motorcycles,and parts and accessories in addition to helmets,boots,safety equipment,clothing,and small items like stickers and flashlights.It imports KTM motorcycles directly from Austria,Husqvarna motorcycles from Sweden,and Ducati motorcycles from Italy,and carries the top US brands as well.Sam pays an import facilitator to handle all of the importing paperwork,pick up the motorcycles,and pay any fees that may be due.Sam is required to reimburse the company for the fees.Sam's shop is on a main street near an auto mall and industrial area.Sam pays monthly rent and utilities,and pays for a business license,security system,cleaning service,accounting service,all store supplies and display materials,and has six employees.His monthly profit is about $50,000.On an income statement,where would the rent,utilities,business license,security system,cleaning service,accounting service,supplies,display materials and payroll be found?

(Multiple Choice)

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Question 32

Typically,the majority of the data gathered for an MIS come from external sources.

(True/False)

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Question 33

How might the information needs of a marketing manager differ from those of an operations manager?

(Essay)

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Question 34

The mortgage on Prudential Insurance's local facility will be paid off over the next 30 years.The majority of this mortgage would be classified on Prudential's balance sheet as a(n)

(Multiple Choice)

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Question 35

Resources that a firm owns are called

(Multiple Choice)

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Question 36

Lamonte is employed by a sports broadcasting station in Los Angeles.He loves his job because he and the other eleven members of his workgroup are tasked with watching all of the professional basketball games.Each member of the workgroup writes down important information about their assigned player including things like how many baskets he makes,how many carries,how many fouls,and how many times they shoot and miss the basket.The information they record is added to the player's career statistics and sent directly to the broadcast booth where it is used for the live broadcast.The information they collect is also used by sports betting organizations to determine the point spread on bets and what the pay-out should be for winning bets.When the information collected by Lamonte and his workgroup is converted to career statistics,what information management system task is being performed?

(Multiple Choice)

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Question 37

Intel decides to issue new stock in order to build a new facility and expand its operations.The receipt of cash from this stock issue would appear in the ____ section of the statement of cash flows.

(Multiple Choice)

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Question 38

Net income is the profit earned (or the loss suffered)by a firm during an accounting period after the cost of goods sold and all expenses have been deducted from revenues.

(True/False)

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Question 39

The debts of a business that will be paid in one year or less are called its

(Multiple Choice)

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Question 40

Showing 21 - 40 of 193

A firm has $260,000 in assets and $158,000 in stockholders' equity.It owes $55,000 from a long-term loan,and this is its only long-term liability.This firm has ____ in total current liabilities.

The Cheese Shoppe's liabilities total $59,000 and its owners' equity is $124,000.Which of the following is true?

A price reduction to customers who pay their bills promptly is called

Since business has been rapidly expanding,A Shot of Sugar Bakery decides to purchase a second industrial oven.The cash paid for this oven would be listed in the ____ section of the statement of cash flows.

Current assets are assets that can be converted quickly into cash or that will be used in two years or less.

Another name for the statement of financial position is the

Since furniture and store equipment for Billy's Boutique will be held or used for a period longer than one year,they are considered

The total dollar amount of all goods and services sold during the accounting period is the

Which of the following presents assets in the correct balance sheet order?

The purpose of an audit is to ensure that financial statements have been prepared according to

Typically,the majority of the data gathered for an MIS come from external sources.

How might the information needs of a marketing manager differ from those of an operations manager?

The mortgage on Prudential Insurance's local facility will be paid off over the next 30 years.The majority of this mortgage would be classified on Prudential's balance sheet as a(n)

Resources that a firm owns are called

Intel decides to issue new stock in order to build a new facility and expand its operations.The receipt of cash from this stock issue would appear in the ____ section of the statement of cash flows.

Net income is the profit earned (or the loss suffered)by a firm during an accounting period after the cost of goods sold and all expenses have been deducted from revenues.

The debts of a business that will be paid in one year or less are called its

Exploring the World of Business and Economics

Ethics and Social Responsibility in Business

Global Business

Choosing a Form of Business Ownership

Small Business,Entrepreneurship,and Franchises

Understanding the Management Process

Creating a Flexible Organization

Producing Quality Goods and Services

Attracting and Retaining the Best Employees

Motivating and Satisfying Employees

Building Customer Relationships Through Effective Marketing

Creating and Pricing Products That Satisfy Customers

Distributing and Promoting Products

Exploring Social Media and E-Business

Mastering Financial Management

Understanding Personal Finances and Investments

Enhancing Union-Management Relations

Risk Management and Insurance

Business Law regulation and Taxation

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Exam 15: Using Management and Accounting Information

A firm has $260,000 in assets and $158,000 in stockholders' equity.It owes $55,000 from a long-term loan,and this is its only long-term liability.This firm has ____ in total current liabilities.

The Cheese Shoppe's liabilities total $59,000 and its owners' equity is $124,000.Which of the following is true?

A price reduction to customers who pay their bills promptly is called

Since business has been rapidly expanding,A Shot of Sugar Bakery decides to purchase a second industrial oven.The cash paid for this oven would be listed in the ____ section of the statement of cash flows.

Current assets are assets that can be converted quickly into cash or that will be used in two years or less.

Another name for the statement of financial position is the

Since furniture and store equipment for Billy's Boutique will be held or used for a period longer than one year,they are considered

​The total dollar amount of all goods and services sold during the accounting period is the

Which of the following presents assets in the correct balance sheet order?

The purpose of an audit is to ensure that financial statements have been prepared according to

Typically,the majority of the data gathered for an MIS come from external sources.

How might the information needs of a marketing manager differ from those of an operations manager?

The mortgage on Prudential Insurance's local facility will be paid off over the next 30 years.The majority of this mortgage would be classified on Prudential's balance sheet as a(n)

Resources that a firm owns are called

Intel decides to issue new stock in order to build a new facility and expand its operations.The receipt of cash from this stock issue would appear in the ____ section of the statement of cash flows.

Net income is the profit earned (or the loss suffered)by a firm during an accounting period after the cost of goods sold and all expenses have been deducted from revenues.

The debts of a business that will be paid in one year or less are called its

Exploring the World of Business and Economics

Ethics and Social Responsibility in Business

Global Business

Choosing a Form of Business Ownership

Small Business,Entrepreneurship,and Franchises

Understanding the Management Process

Creating a Flexible Organization

Producing Quality Goods and Services

Attracting and Retaining the Best Employees

Motivating and Satisfying Employees

Building Customer Relationships Through Effective Marketing

Creating and Pricing Products That Satisfy Customers

Distributing and Promoting Products

Exploring Social Media and E-Business

Mastering Financial Management

Understanding Personal Finances and Investments

Enhancing Union-Management Relations

Risk Management and Insurance

Business Law regulation and Taxation

Filters

The total dollar amount of all goods and services sold during the accounting period is the