Question 1

Explain the difference among the three basic financial statements.

Accepted Answer

The balance sheet details what the company owns and owes on a certain day.The income statement shows what a firm sells its products for and what its selling costs are over a specific period.The statement of cash flows highlights the difference between cash coming into and cash going out of a business.

Question 2

Missy is a managerial accountant for ABC Corp.She found that the transactions of the firm balanced by doing a trial balance.

Accepted Answer

A) True 
 B)False  True

Question 3

The typical financial statements include the balance sheet,the income statement and the ________.

Accepted Answer

statement of cash flows

Question 4

___________ generates information for use outside the organization.

Accepted Answer

A)  Finance 
B)  IT 
C)  Managerial accounting 
D)  Financial accounting 
A)  Finance 
B)  IT 
C)  Managerial accounting 
D)  Financial accounting

Question 5

A car loan is an asset.

Accepted Answer

A) True 
 B)False

Question 6

Only managers use accounting information.

Accepted Answer

A) True 
 B)False

Question 7

____________ refers to how fast an asset can be converted to cash in order to pay a company's short-term debts.

Accepted Answer

The answer of ____________ refers to how fast an asset...

Question 8

Liquidity ratios measure:

Accepted Answer

A)  The speed of changing assets into cash. 
B)  Leverage 
C)  Profitability 
D)  Inventory turnover 
A)  The speed of changing assets into cash. 
B)  Leverage 
C)  Profitability 
D)  Inventory turnover

Question 9

_____________ is the amount of the business that belongs to the owners,minus any liabilities owed by the business.

Accepted Answer

The answer of _____________ is the amount of the business...

Question 10

____________ is used to provide information and analysis to managers within the organization to assist them in decision making.

Accepted Answer

A)  Finance 
B)  IT 
C)  Managerial accounting 
D)  Financial accounting 
A)  Finance 
B)  IT 
C)  Managerial accounting 
D)  Financial accounting

Question 11

The accounting equation is Assets = Liabilities + Owner's Equity.

Accepted Answer

A) True 
 B)False

Question 12

Double-entry bookkeeping is the concept of writing (or typing)every transaction in two places.

Accepted Answer

A) True 
 B)False

Question 13

One of the concerns of managerial accounting is to design strategies to minimize taxes.

Accepted Answer

A) True 
 B)False

Question 14

One purpose of accounting is to:

Accepted Answer

A)  Report financial information to people outside the firm 
B)  Report HR legal obligations 
C)  Keep track of laws related to advertising 
D)  All of the responses are correct 
A)  Report financial information to people outside the firm 
B)  Report HR legal obligations 
C)  Keep track of laws related to advertising 
D)  All of the responses are correct

Question 15

The return on sales is a type of profitability ratio.

Accepted Answer

A) True 
 B)False

Question 16

A copyright is an example of a current asset.

Accepted Answer

A) True 
 B)False

Question 17

Managerial accounting generates information for use outside the organization.

Accepted Answer

A) True 
 B)False

Question 18

____________ accounting generates information for use outside the organization.

Accepted Answer

The answer of ____________ accounting generates information for use outside...

Question 19

A(n)______ is a yearly statement of the financial condition,progress and expectations of the organization.

Accepted Answer

A)  Executive summary 
B)  Annual report 
C)  Financial ledger 
D)  Statement of cash flow 
A)  Executive summary 
B)  Annual report 
C)  Financial ledger 
D)  Statement of cash flow

Question 20

State the accounting equation and define each of its parts.

Accepted Answer

The accounting equation is Assets = Liab

Explain the difference among the three basic financial statements.

Missy is a managerial accountant for ABC Corp.She found that the transactions of the firm balanced by doing a trial balance.

The typical financial statements include the balance sheet,the income statement and the ________.

___________ generates information for use outside the organization.

A car loan is an asset.

Only managers use accounting information.

____________ refers to how fast an asset can be converted to cash in order to pay a company's short-term debts.

Liquidity ratios measure:

_____________ is the amount of the business that belongs to the owners,minus any liabilities owed by the business.

____________ is used to provide information and analysis to managers within the organization to assist them in decision making.

The accounting equation is Assets = Liabilities + Owner's Equity.

Double-entry bookkeeping is the concept of writing (or typing)every transaction in two places.

One of the concerns of managerial accounting is to design strategies to minimize taxes.

One purpose of accounting is to:

The return on sales is a type of profitability ratio.

A copyright is an example of a current asset.

Managerial accounting generates information for use outside the organization.

____________ accounting generates information for use outside the organization.

A(n)______ is a yearly statement of the financial condition,progress and expectations of the organization.

State the accounting equation and define each of its parts.

Introduction

Making Ethical Decisions and Managing a Socially Responsible Business

Competing in the Global Marketplace

Forms of Business Ownership

Entrepreneurship: Starting and Managing Your Own Business

Management and Leadership in Todays Organizations

Designing Organizational Structures

Motivating Employees

Achieving World-Class Operations Management

Creating Products and Pricing Strategies to Meet Customers Needs

Distributing and Promoting Products and Services

Using Technology to Manage Information Lf-Test Scoring Guidelines

Filters

Exam 8: Managing Human Resources and Labor Relations

Explain the difference among the three basic financial statements.

Missy is a managerial accountant for ABC Corp.She found that the transactions of the firm balanced by doing a trial balance.

The typical financial statements include the balance sheet,the income statement and the ________.

___________ generates information for use outside the organization.

A car loan is an asset.

Only managers use accounting information.

____________ refers to how fast an asset can be converted to cash in order to pay a company's short-term debts.

Liquidity ratios measure:

_____________ is the amount of the business that belongs to the owners,minus any liabilities owed by the business.

____________ is used to provide information and analysis to managers within the organization to assist them in decision making.

The accounting equation is Assets = Liabilities + Owner's Equity.

Double-entry bookkeeping is the concept of writing (or typing)every transaction in two places.

One of the concerns of managerial accounting is to design strategies to minimize taxes.

One purpose of accounting is to:

The return on sales is a type of profitability ratio.

A copyright is an example of a current asset.

Managerial accounting generates information for use outside the organization.

____________ accounting generates information for use outside the organization.

A(n)______ is a yearly statement of the financial condition,progress and expectations of the organization.

State the accounting equation and define each of its parts.

Introduction

Making Ethical Decisions and Managing a Socially Responsible Business

Competing in the Global Marketplace

Forms of Business Ownership

Entrepreneurship: Starting and Managing Your Own Business

Management and Leadership in Todays Organizations

Designing Organizational Structures

Motivating Employees

Achieving World-Class Operations Management

Creating Products and Pricing Strategies to Meet Customers Needs

Distributing and Promoting Products and Services

Using Technology to Manage Information Lf-Test Scoring Guidelines

Filters