Exam 14: Using Financial Information and Accounting

The postage stamps and petty cash in the architect's drawer as well as his drawing table,his office furniture,and money owed to him by clients are all examples of assets.

Which of the following is a summary of what a company has earned and spent over a given period?

An accountant who works primarily in industry and focuses on internal management accounting is known as a certified general accountant.

Which of the following expenses are related to marketing and distributing of a company's products?

In the accounting field,CMA stands for which of the following?

What are ratios of special interest to the firm's creditors and measure the firm's ability to pay short-term debts as they come due?

Bert Yelverton has a 20-year mortgage on the building where his office is located.The mortgage is an example of which of the following?

In manufacturing,all costs directly related to production,including raw materials,labour,and factory overhead,are classified as which of the following?

What kind of a financial statement shows revenues,gross sales,and net sales?

Administrative accounting is the term given to the internal workings of the company,such as budgets,sales reports,and analyses of how well marketing strategies are working.

Which of the following classifications of ratios measures the degree and effect of the firm's use of borrowed funds to finance its operations?

What is accounting?

Why do Canadian accountants follow generally accepted accounting principles and/or IFRS?

The ratio of current assets to current liabilities is called the ownership ratio.

A company that specializes in planning parties for children had $7,000 worth of inventory on January 1,2007,and it had $5,000 worth of inventory on December 31,2007.If its cost of goods sold for that period was $10,000,and its net profit was $9,000,which of the following represents its inventory turnover ratio?

After all expenses have been subtracted from revenues on an income statement,if the final figure is negative,it is known as which of the following?

____________________ accounting focuses on preparing the financial reports used by managers and outsiders to track the firm's performance and compare it with other firms.

What is another term for owners' equity?

Which of the following calculations is a formal expression of the accounting equation?

After all expenses have been subtracted from revenues on an income statement,if the final figure is positive,it is known as which of the following?