Exam 13: Small Business Accounting: Projecting and Evaluating Performance

Explore all topics

Aaron,a businessman,has a method of keeping track of accounts receivable by sorting them into groups of those that are 30,60,90,and over 90 days past due.Aaron's key in controlling receivables is to have them _____,by sorting them into groups.

Free

(Multiple Choice)

5.0/5

(36)

Question 1

Correct Answer:

Verified

_____ refers to the ability of a business to survive adverse financial events.

Free

(Multiple Choice)

4.8/5

(34)

Question 2

Correct Answer:

Verified

Is accounting important to small businesses? Explain.

Free

(Essay)

4.8/5

(36)

Question 3

Correct Answer:

Verified

What makes a business businesslike is its focus on making money,and in the end,the only way an owner knows or can prove to others that money is being made is through keeping careful accounting records.Accountants themselves think of five reasons why accounting is important to a small business:
1.It proves what your business did financially.
2.It shows how much your business is worth.
3.Banks,creditors,development agencies,and investors require it.
4.It provides easy-to-understand plans for business operations.
5.You can't know how your business is doing without it.

Which of the following is true of theories based on the bounded rationality models?

(Multiple Choice)

4.8/5

(36)

Question 4

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

(Multiple Choice)

4.9/5

(39)

Question 5

Financial statements containing estimated or hypothetical information are called:

(Multiple Choice)

4.8/5

(45)

Question 6

Which of the following is a reason for a business to do accounting?

(Multiple Choice)

4.9/5

(31)

Question 7

Which of the following accounting functions has been accurately described?

(Multiple Choice)

4.8/5

(37)

Question 8

Identify the managerial accounting technique which looks at the fixed and variable costs of a business to arrive at a number of unit sales to maximize gains.

(Multiple Choice)

4.8/5

(34)

Question 9

Juan has an accounting philosophy according to which he keeps the loans borrowed from the business separate from the loans he takes from banks for his own purposes.Which of the following basic accounting concepts is reflected in Juan's accounting philosophy?

(Multiple Choice)

4.9/5

(40)

Question 10

Which of the following is a feature that a chosen accounting system should have?

(Multiple Choice)

4.9/5

(32)

Question 11

What are some of the tasks an accounting system should be able to perform in order to ensure that a business's accounting information is accurate,reliable,and useful?

(Essay)

4.9/5

(41)

Question 12

Which of the following is true of typical accounting functions used in businesses?

(Multiple Choice)

4.9/5

(35)

Question 13

Differentiate between income statement and balance sheet.

(Essay)

4.9/5

(42)

Question 14

Legal obligations to give up things of value in the future are known as _____.

(Multiple Choice)

4.8/5

(44)

Question 15

Identify and briefly describe the five basic accounting concepts.

(Essay)

4.8/5

(45)

Question 16

Which of the following concepts assume that information flows from the income statement through the statement of retained earnings,the statement of owners' equity to the balance sheet?

(Multiple Choice)

4.9/5

(38)

Question 17

Define the terms liquidity,financial flexibility,and financial strength.Explain the difference between financial flexibility and financial strength.

(Essay)

4.9/5

(31)

Question 18

Which of the following is true of accounting equation?

(Multiple Choice)

4.8/5

(45)

Question 19

Which of the following is true of managerial accounting?

(Multiple Choice)

4.8/5

(39)

Question 20

Showing 1 - 20 of 101

Aaron,a businessman,has a method of keeping track of accounts receivable by sorting them into groups of those that are 30,60,90,and over 90 days past due.Aaron's key in controlling receivables is to have them _____,by sorting them into groups.

_____ refers to the ability of a business to survive adverse financial events.

Is accounting important to small businesses? Explain.

Which of the following is true of theories based on the bounded rationality models?

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

Financial statements containing estimated or hypothetical information are called:

Which of the following is a reason for a business to do accounting?

Which of the following accounting functions has been accurately described?

Identify the managerial accounting technique which looks at the fixed and variable costs of a business to arrive at a number of unit sales to maximize gains.

Juan has an accounting philosophy according to which he keeps the loans borrowed from the business separate from the loans he takes from banks for his own purposes.Which of the following basic accounting concepts is reflected in Juan's accounting philosophy?

Which of the following is a feature that a chosen accounting system should have?

What are some of the tasks an accounting system should be able to perform in order to ensure that a business's accounting information is accurate,reliable,and useful?

Which of the following is true of typical accounting functions used in businesses?

Differentiate between income statement and balance sheet.

Legal obligations to give up things of value in the future are known as _____.

Identify and briefly describe the five basic accounting concepts.

Which of the following concepts assume that information flows from the income statement through the statement of retained earnings,the statement of owners' equity to the balance sheet?

Define the terms liquidity,financial flexibility,and financial strength.Explain the difference between financial flexibility and financial strength.

Which of the following is true of accounting equation?

Which of the following is true of managerial accounting?

Small Business: Its Opportunities and Rewards

Small Business Entrepreneurs: Characteristics and Competencies

Small Business Environment: Managing External Relations

Small Business Ideas: Creativity, Opportunity, and Feasibility

Small Business Entry: Paths to Part-Time Entrepreneurship

Small Business Entry: Paths to Full-Time Entrepreneurship

Small Business Strategies: Imitation With a Twist

Business Plans: Seeing Audiences and Your Business Clearly

Small Business Marketing: Product and Pricing Strategies

Small Business Promotion: Capturing the Eyes of Your Market

Small Business Distribution and Location

Marketing Plans: Saying How Youll Get Salespart Four: Cash, Accounting, and Finance in the Small Business

Cash: Lifeblood of the Business

Small Business Finance: Using Equity, Debt, and Gifts

Assets: Inventory and Operations Management

Small Business Protection: Risk Management and Insurance

Legal Issues: Recognizing Your Small Business Needs

Human Resource Management: Small Business Considerations

Achieving Success in the Small Business

Filters