Exam 13: Small Business Accounting: Projecting and Evaluating Performance

Which of the following simply reconciles the net increase or decrease with the beginning cash balance and the ending cash balance?

The primary reason to acquire and use a computerized accounting system in your business is to ensure the accuracy of your accounting information.

One difficulty in understanding and interpreting the income statements is the dispute over when to recognize revenues.

There are two difficulties that arise in understanding and interpreting the income statements.One is the disagreements about what exactly should be reported as revenues and the other is

There are two formats for income statements,a(n)

Which of these represent the accounting equation?

What do you call the acquisition cost of the asset that is listed in a balance sheet?

Financial flexibility of a business is a matter of judgment,whereas financial strength is an objective assessment.

The key in controlling receivables is to have them _____,by sorting them into groups of those that are 30,60,90,and over 90 days past due.

This methodology comprises estimating the changes in revenues and expenses from current operating results that will occur if each alternative is taken.

The most commonly used small business accounting systems include all of these EXCEPT

The quantity of goods sold times the price expected to be paid for each product is the calculation used for the

Outsourcing requires that a decision be made whether the business should make a component of its own product,or purchase the component from another business.

A regular and systematic reduction in income that transfers asset value to expense over time is called

The information in the balance sheet is used to determine all of these EXCEPT

What do you call a decrease in owners' equity caused by consuming your product or service?

A comprehensive budget is otherwise known as the

Activities through which cash is obtained from and paid to lenders,owners,and investors are called _____ activities.

The financial state of having more debt than assets means,you are

What does a person need to make good decisions? What are some of the common management decisions that can be aided by the use of accounting information and procedures? Explain.