Question 1

____________________ accounting provides financial information for managers within the firm to manage,budget,and analyze the progress of the firm.

Accepted Answer

The answer of ____________________ accounting provides financial information for managers...

Question 2

The Kosov School teaches adults how to communicate in a foreign language in a period of weeks.The school's debt-to-equity ratio is 120 percent.Which of the following interpretations is represented by the ratio?

Accepted Answer

A)  The school has surplus retained earnings. 
B)  The school is very liquid. 
C)  The school has more debt than equity. 
D)  The school has high accrued expenses. 
A)  The school has surplus retained earnings. 
B)  The school is very liquid. 
C)  The school has more debt than equity. 
D)  The school has high accrued expenses.

Question 3

What are the two types of expenses that are shown on a company's income statement?

Accepted Answer

cost of go

Question 4

By dividing cost of goods sold by the average inventory to measure the speed with which inventory moves through the firm and is turned into sales,which of the following ratios is calculated?

Accepted Answer

A)  the price-earnings ratio 
B)  the inventory turnover ratio 
C)  the profitability ratio 
D)  the sales to inventory ratio 
A)  the price-earnings ratio 
B)  the inventory turnover ratio 
C)  the profitability ratio 
D)  the sales to inventory ratio

Question 5

The ratio of net profit to total owners' equity is called which of the following?

Accepted Answer

A)  return on inventory 
B)  return on earnings 
C)  return on equity 
D)  return on sales 
A)  return on inventory 
B)  return on earnings 
C)  return on equity 
D)  return on sales

Question 6

Which of the following is the system used to record a firm's financial transactions in a routine and clerical process?

Accepted Answer

A)  auditing 
B)  bookkeeping 
C)  record keeping 
D)  accounting 
A)  auditing 
B)  bookkeeping 
C)  record keeping 
D)  accounting

Question 7

____________________ is the final figure or bottom line of an income statement.

Accepted Answer

Net profit

Question 8

____________________ are the dollar amounts of sales plus any other income received from sources such as interest,dividends,or rent.

Accepted Answer

The answer of ____________________ are the dollar amounts of sales...

Question 9

Myriad Canning Company has current assets of $8,000 and current liabilities of $2,000.What is its a current ratio?

Accepted Answer

A)  25 
B)  2.5 
C)  8 
D)  4 
A)  25 
B)  2.5 
C)  8 
D)  4

Question 10

How soon are current assets,such as marketable securities and inventory,usually expected to be turned into cash?

Accepted Answer

A)  within one year 
B)  within five years 
C)  within 18 months 
D)  within one month 
A)  within one year 
B)  within five years 
C)  within 18 months 
D)  within one month

Question 11

What is a short-term loan from a bank,supplier,or others that must be repaid within a year?

Accepted Answer

A)  an account payable 
B)  a note receivable 
C)  a note payable 
D)  an account receivable 
A)  an account payable 
B)  a note receivable 
C)  a note payable 
D)  an account receivable

Question 12

____________________ is the process of reviewing the records used to prepare financial statements and issuing a formal report indicating whether the statements have been prepared in accordance with accepted accounting rules.

Accepted Answer

The answer of ____________________ is the process of reviewing the...

Question 13

On an income statement,operating expenses that cannot be linked to cost of goods sold or to sales are known as which of the following type of expenses?

Accepted Answer

A)  incidental 
B)  functional 
C)  miscellaneous 
D)  general and administrative 
A)  incidental 
B)  functional 
C)  miscellaneous 
D)  general and administrative

Question 14

Which of the following is classification of ratio analysis used by managers to interpret the numbers in financial statements?

Accepted Answer

A)  depreciation ratios 
B)  assets-use ratios 
C)  operating ratios 
D)  liquidity ratios 
A)  depreciation ratios 
B)  assets-use ratios 
C)  operating ratios 
D)  liquidity ratios

Question 15

Which of the following involves calculating and interpreting financial ratios taken from the firm's financial statements in order to assess its condition and performance?

Accepted Answer

A)  organizational performance appraisal 
B)  ratio analysis 
C)  performance analysis 
D)  financial reporting 
A)  organizational performance appraisal 
B)  ratio analysis 
C)  performance analysis 
D)  financial reporting

Question 16

The five-step process that takes a transaction from being mere raw financial data to its being summarized in the financial statements is called the accounting cycle.

Accepted Answer

A) True 
 B)False

Question 17

For which of the following assets would a wholesale company use depreciation?

Accepted Answer

A)  its patented computer tracking equipment 
B)  inventory of unsold merchandise 
C)  gasoline used to power its delivery trucks 
D)  its warehouses 
A)  its patented computer tracking equipment 
B)  inventory of unsold merchandise 
C)  gasoline used to power its delivery trucks 
D)  its warehouses

Question 18

In a statement of cash flow,the cash flow from investment activities includes special promotions used to sell extra inventory.

Accepted Answer

A) True 
 B)False

Question 19

The income statement is a snapshot of the firm's financial position at a certain point in time.

Accepted Answer

A) True 
 B)False

Question 20

What are the two main types of operating expenses?

Accepted Answer

A)  production and general and administrative 
B)  production and selling 
C)  selling and general and administrative 
D)  office and selling 
A)  production and general and administrative 
B)  production and selling 
C)  selling and general and administrative 
D)  office and selling

____________________ accounting provides financial information for managers within the firm to manage,budget,and analyze the progress of the firm.

The Kosov School teaches adults how to communicate in a foreign language in a period of weeks.The school's debt-to-equity ratio is 120 percent.Which of the following interpretations is represented by the ratio?

What are the two types of expenses that are shown on a company's income statement?

By dividing cost of goods sold by the average inventory to measure the speed with which inventory moves through the firm and is turned into sales,which of the following ratios is calculated?

The ratio of net profit to total owners' equity is called which of the following?

Which of the following is the system used to record a firm's financial transactions in a routine and clerical process?

____________________ is the final figure or bottom line of an income statement.

____________________ are the dollar amounts of sales plus any other income received from sources such as interest,dividends,or rent.

Myriad Canning Company has current assets of $8,000 and current liabilities of $2,000.What is its a current ratio?

How soon are current assets,such as marketable securities and inventory,usually expected to be turned into cash?

What is a short-term loan from a bank,supplier,or others that must be repaid within a year?

____________________ is the process of reviewing the records used to prepare financial statements and issuing a formal report indicating whether the statements have been prepared in accordance with accepted accounting rules.

On an income statement,operating expenses that cannot be linked to cost of goods sold or to sales are known as which of the following type of expenses?

Which of the following is classification of ratio analysis used by managers to interpret the numbers in financial statements?

Which of the following involves calculating and interpreting financial ratios taken from the firm's financial statements in order to assess its condition and performance?

The five-step process that takes a transaction from being mere raw financial data to its being summarized in the financial statements is called the accounting cycle.

For which of the following assets would a wholesale company use depreciation?

In a statement of cash flow,the cash flow from investment activities includes special promotions used to sell extra inventory.

The income statement is a snapshot of the firm's financial position at a certain point in time.

What are the two main types of operating expenses?

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

____________________ accounting provides financial information for managers within the firm to manage,budget,and analyze the progress of the firm.

The Kosov School teaches adults how to communicate in a foreign language in a period of weeks.The school's debt-to-equity ratio is 120 percent.Which of the following interpretations is represented by the ratio?

What are the two types of expenses that are shown on a company's income statement?

By dividing cost of goods sold by the average inventory to measure the speed with which inventory moves through the firm and is turned into sales,which of the following ratios is calculated?

The ratio of net profit to total owners' equity is called which of the following?

Which of the following is the system used to record a firm's financial transactions in a routine and clerical process?

____________________ is the final figure or bottom line of an income statement.

____________________ are the dollar amounts of sales plus any other income received from sources such as interest,dividends,or rent.

Myriad Canning Company has current assets of $8,000 and current liabilities of $2,000.What is its a current ratio?

How soon are current assets,such as marketable securities and inventory,usually expected to be turned into cash?

What is a short-term loan from a bank,supplier,or others that must be repaid within a year?

____________________ is the process of reviewing the records used to prepare financial statements and issuing a formal report indicating whether the statements have been prepared in accordance with accepted accounting rules.

On an income statement,operating expenses that cannot be linked to cost of goods sold or to sales are known as which of the following type of expenses?

Which of the following is classification of ratio analysis used by managers to interpret the numbers in financial statements?

Which of the following involves calculating and interpreting financial ratios taken from the firm's financial statements in order to assess its condition and performance?

The five-step process that takes a transaction from being mere raw financial data to its being summarized in the financial statements is called the accounting cycle.

For which of the following assets would a wholesale company use depreciation?

In a statement of cash flow,the cash flow from investment activities includes special promotions used to sell extra inventory.

The income statement is a snapshot of the firm's financial position at a certain point in time.

What are the two main types of operating expenses?

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