Exam 13: Small Business Accounting: Projecting and Evaluating Performance

Which of the following is a disadvantage of a computerized accounting system?

The difference between assets and liabilities of a business is called its:

Financial accounting is primarily intended for:

Breakeven point is the point at which:

A financial plan for the future based on a single level of operations is called a(n):

Which of the following does the accounting equation state?

Eddie,the owner of a fast-food joint,finds that he spends far lesser when he bakes breads in dozens than when he bakes two or three loafs at a time.This idea of Eddie's is similar to the concept of:

Which of the following is a statement of what a business owns,what it owes to others,and how much value the owners have invested in it?

Which among the following is an example of a variable cost?

The value of current assets divided by current liabilities is called:

What are the limitations of a balance sheet?

Which of the following is true of financial statements?

To perform _____ analyses,only cash flows are considered.

Expendables are necessarily fixed costs.

The usefulness of the income statement for managing a small business is related to the amount of detail available in the statement.

Accurate and timely _____ are essential for making decisions concerning the extension of credit.They also help produce accurate billing of customers,and thus help to maintain good customer relations.

The _____ budget shows the number of units that are expected to be acquired during the budget period.

The cost of goods sold budget shows the predicted cost of product actually sold during the accounting period.

Activities involved in producing and selling goods and services are called _____ activities.

An implication of the bounded rationality models of management is that: