Question 1

____________________ are bills and claims that will have to be paid within the next 12 months.

Accepted Answer

The answer of ____________________ are bills and claims that will...

Question 2

The net profit for a company that builds portable oil well exploration rigs was $10,000,000 last year.The firm paid out $4,000,000 in dividends and has 2,000,000 shares of common share outstanding.What is its earnings per share?

Accepted Answer

A)  $4 
B)  $3.00 
C)  $2.50 
D)  $5 
A)  $4 
B)  $3.00 
C)  $2.50 
D)  $5

Question 3

On an income statement,expenses such as professional salaries,office salaries,office supplies,rent,and insurance,are known as which of the following?

Accepted Answer

A)  miscellaneous expenses 
B)  managerial expenses 
C)  functional expenses 
D)  general and administrative expenses 
A)  miscellaneous expenses 
B)  managerial expenses 
C)  functional expenses 
D)  general and administrative expenses

Question 4

In what order are current assets placed on the balance sheet?

Accepted Answer

The most liquid asse

Question 5

An accounting system should generate both internal and external reports.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following summarizes an organization's financial status at the end of an accounting period?

Accepted Answer

A)  the cash flow statement 
B)  the balance sheet 
C)  the trial balance 
D)  the income statement 
A)  the cash flow statement 
B)  the balance sheet 
C)  the trial balance 
D)  the income statement

Question 7

Gross sales for Alfredo Milling Company was $100,000 for the month of May.Sales discounts amounted to $3,000.There were no returns.The difference,$97,000,represents which of the following for Alfredo Milling Company?

Accepted Answer

A)  cost of goods sold 
B)  gross revenues 
C)  gross profit 
D)  net sales 
A)  cost of goods sold 
B)  gross revenues 
C)  gross profit 
D)  net sales

Question 8

The ____________________ is a summary of the money flowing into and out of a firm.It is used to assess the sources and uses of cash during a certain period of time.

Accepted Answer

statement

Question 9

Which of the following statements BEST describes the accounting profession?

Accepted Answer

A)  Certified Management Accountants work for local,provincial,and national agencies. 
B)  Accountants do not need a degree to obtain their designation. 
C)  Accountants are typically classified as one of three professional designations. 
D)  Accountants need a masters degree to obtain their designation. 
A)  Certified Management Accountants work for local,provincial,and national agencies. 
B)  Accountants do not need a degree to obtain their designation. 
C)  Accountants are typically classified as one of three professional designations. 
D)  Accountants need a masters degree to obtain their designation.

Question 10

Profitability ratios measure how well a firm uses its assets.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following ratios measures the relationship between the amount of debt financing and the amount of equity financing?

Accepted Answer

A)  sales to ownership 
B)  liability to ownership 
C)  debt to equity 
D)  debt to revenue 
A)  sales to ownership 
B)  liability to ownership 
C)  debt to equity 
D)  debt to revenue

Question 12

The ____________________ summarizes the firm's revenues and expenses over some period and shows its total profit or loss.

Accepted Answer

The answer of The ____________________ summarizes the firm's revenues and...

Question 13

Which of the following is the process of distributing the original cost of a long-term asset over the years of its useful life?

Accepted Answer

A)  depreciation 
B)  accountable life 
C)  cost distribution 
D)  appreciation 
A)  depreciation 
B)  accountable life 
C)  cost distribution 
D)  appreciation

Question 14

What is the ratio of total current assets to current liabilities called?

Accepted Answer

A)  the activity ratio 
B)  the profitability ratio 
C)  the current ratio 
D)  the net margin ratio 
A)  the activity ratio 
B)  the profitability ratio 
C)  the current ratio 
D)  the net margin ratio

Question 15

What are the two types of reports generated by accounting systems?

Accepted Answer

internal a

Question 16

The balance sheet summarizes a firm's financial position over a period of time,for instance three months or a year.

Accepted Answer

A) True 
 B)False

Question 17

What do inventory turnover ratios measure?

Accepted Answer

the speed with which

Question 18

The ratio of total current assets to total current liabilities is called the ____________________ ratio.

Accepted Answer

The answer of The ratio of total current assets to...

Question 19

Which of the following is an example of a fixed asset for a manufacturer of road building equipment?

Accepted Answer

A)  patents held on a new type of asphalt 
B)  shipping area for finished goods and receiving area for component parts 
C)  computer cartridges 
D)  cans of yellow paint for painting equipment 
A)  patents held on a new type of asphalt 
B)  shipping area for finished goods and receiving area for component parts 
C)  computer cartridges 
D)  cans of yellow paint for painting equipment

Question 20

What is another name for the ratio of net profit to net sales?

Accepted Answer

the net pr

____________________ are bills and claims that will have to be paid within the next 12 months.

The net profit for a company that builds portable oil well exploration rigs was $10,000,000 last year.The firm paid out $4,000,000 in dividends and has 2,000,000 shares of common share outstanding.What is its earnings per share?

On an income statement,expenses such as professional salaries,office salaries,office supplies,rent,and insurance,are known as which of the following?

In what order are current assets placed on the balance sheet?

An accounting system should generate both internal and external reports.

Which of the following summarizes an organization's financial status at the end of an accounting period?

Gross sales for Alfredo Milling Company was $100,000 for the month of May.Sales discounts amounted to $3,000.There were no returns.The difference,$97,000,represents which of the following for Alfredo Milling Company?

The ____________________ is a summary of the money flowing into and out of a firm.It is used to assess the sources and uses of cash during a certain period of time.

Which of the following statements BEST describes the accounting profession?

Profitability ratios measure how well a firm uses its assets.

Which of the following ratios measures the relationship between the amount of debt financing and the amount of equity financing?

The ____________________ summarizes the firm's revenues and expenses over some period and shows its total profit or loss.

Which of the following is the process of distributing the original cost of a long-term asset over the years of its useful life?

What is the ratio of total current assets to current liabilities called?

What are the two types of reports generated by accounting systems?

The balance sheet summarizes a firm's financial position over a period of time,for instance three months or a year.

What do inventory turnover ratios measure?

The ratio of total current assets to total current liabilities is called the ____________________ ratio.

Which of the following is an example of a fixed asset for a manufacturer of road building equipment?

What is another name for the ratio of net profit to net sales?

understanding Evolving Economic Systems and Competition

the Global Marketplace and Governments’ Roles

Social Trends, social Responsibility, and Making Ethical Decisions in Business

Using Technology to Manage Information and for Business Success

Forms of Business Ownership

Entrepreneurship and Small Business

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Achieving World-class Operations Management

Understanding the Customer

Creating Marketing Strategies

Understanding Money, financial Institutions, and the Securities Markets

Managing the Firm’s Finances

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Exam 14: Using Financial Information and Accounting

____________________ are bills and claims that will have to be paid within the next 12 months.

The net profit for a company that builds portable oil well exploration rigs was $10,000,000 last year.The firm paid out $4,000,000 in dividends and has 2,000,000 shares of common share outstanding.What is its earnings per share?

On an income statement,expenses such as professional salaries,office salaries,office supplies,rent,and insurance,are known as which of the following?

In what order are current assets placed on the balance sheet?

An accounting system should generate both internal and external reports.

Which of the following summarizes an organization's financial status at the end of an accounting period?

Gross sales for Alfredo Milling Company was $100,000 for the month of May.Sales discounts amounted to $3,000.There were no returns.The difference,$97,000,represents which of the following for Alfredo Milling Company?

The ____________________ is a summary of the money flowing into and out of a firm.It is used to assess the sources and uses of cash during a certain period of time.

Which of the following statements BEST describes the accounting profession?

Profitability ratios measure how well a firm uses its assets.

Which of the following ratios measures the relationship between the amount of debt financing and the amount of equity financing?

The ____________________ summarizes the firm's revenues and expenses over some period and shows its total profit or loss.

Which of the following is the process of distributing the original cost of a long-term asset over the years of its useful life?

What is the ratio of total current assets to current liabilities called?

What are the two types of reports generated by accounting systems?

The balance sheet summarizes a firm's financial position over a period of time,for instance three months or a year.

What do inventory turnover ratios measure?

The ratio of total current assets to total current liabilities is called the ____________________ ratio.

Which of the following is an example of a fixed asset for a manufacturer of road building equipment?

What is another name for the ratio of net profit to net sales?

understanding Evolving Economic Systems and Competition

the Global Marketplace and Governments’ Roles

Social Trends, social Responsibility, and Making Ethical Decisions in Business

Using Technology to Manage Information and for Business Success

Forms of Business Ownership

Entrepreneurship and Small Business

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Achieving World-class Operations Management

Understanding the Customer

Creating Marketing Strategies

Understanding Money, financial Institutions, and the Securities Markets

Managing the Firm’s Finances

Filters