Question 1

The cash that Coca-Cola receives from providing customers with Coke and other soft drinks and juices would appear in the ____ section of the statement of cash flows.

Accepted Answer

A) financing 
B) business 
C) receiving 
D) operating 
E) investing

Question 2

Jane Cook started a small manufacturing firm two years ago. Now, after two years, she decides it is time to hire an accountant to work in the office and process all her financial data. This accountant will be a

Accepted Answer

A) certified auditor. 
B) certified bookkeeper. 
C) managerial bookkeeping clerk. 
D) private accountant. 
E) public accountant.

Question 3

An airplane that FedEx owns and uses to deliver packages is a(n) ____ of FedEx.

Accepted Answer

A) liability 
B) asset 
C) owners' equity 
D) expense 
E) revenue

Question 4

Mary Nettles works for a marketing and advertising firm. She must choose one ad piece from a number of potential ad pieces. To ensure that she makes the right decision, she should

Accepted Answer

A) put a brief description of each ad piece in a hat and draw one. 
B) ignore any feedback that she gets from coworkers and consumers and make the decision herself. 
C) gather information from coworkers and consumers on their reaction to the different ad pieces. 
D) let her supervisor choose the ad piece. 
E) discard all ad pieces and develop a new advertising campaign.

Question 5

Describe the three activities of a statement of cash flows. Where does each section fall on the statement and what does it account for?
​

Accepted Answer

The answer of Describe the three activities of a statement...

Question 6

Walmart takes its net sales and subtracts the cost of goods sold during the previous period. The result is Walmart's

Accepted Answer

A) gross sales. 
B) net income. 
C) gross profit. 
D) net margin. 
E) net purchases.

Question 7

​The number of times a company sells and replaces its merchandise inventory in one year is known as

Accepted Answer

A) ​inventory turnover. 
B) ​net purchases. 
C) ​FIFO inventory. 
D) ​LIFO inventory.

Question 8

Management and employees are the groups that would be most likely to evaluate the risk associated with investing in a company's stocks, bonds, or securities.

Accepted Answer

A) True 
 B)False

Question 9

Long-term liabilities need not be repaid for at least one year.

Accepted Answer

A) True 
 B)False

Question 10

The Cheese Shoppe's liabilities total $59,000 and its owners' equity is $124,000. Which of the following is true?

Accepted Answer

A) The total assets equal $65,000. 
B) The firm's assets are $124,000. 
C) The current liabilities are less than the current assets. 
D) The total assets equal $183,000. 
E) The firm's sales are $183,000.

Question 11

What is the correct order for the balance sheet?

Accepted Answer

A) Assets, owners' equity, liabilities 
B) Owners' equity, financial position, assets 
C) Liabilities, owners' equity, assets 
D) Assets, liabilities, owners' equity 
E) Owners' equity, assets, liabilities

Question 12

The number of times a firm sells and replaces its merchandise inventory in one year is known as its

Accepted Answer

A) cost of goods sold. 
B) gross profit on operations. 
C) inventory turnover. 
D) accounts receivable turnover. 
E) net purchases.

Question 13

Typically, the majority of the data gathered for an MIS come from external sources.

Accepted Answer

A) True 
 B)False

Question 14

Energizer offers its customers a reduction in price if they pay for their shipments of batteries within ten days of receiving them. This is a(n)

Accepted Answer

A) sales allowance. 
B) trade discount. 
C) sales return. 
D) sales discount. 
E) inventory reduction.

Question 15

​What is the average inventory of a business that turns over inventory 10.0 times a year and has a cost of goods sold of $300,000?

Accepted Answer

A) ​$30,000 
B) ​$300,010 
C) ​$ 3,000,000 
D) ​$ 3,000

Question 16

During the year Comer, Inc., had $200,000 in goods available for sale. At the end of the accounting period it had an ending inventory of $40,000. The cost of goods sold by Comer was therefore

Accepted Answer

A) $200,000. 
B) $160,000. 
C) $40,000. 
D) $20,000. 
E) $10,000.

Question 17

The specific types of information that managers need depend on their area of management and on their

Accepted Answer

A) level within the firm. 
B) understanding of data. 
C) background in computer science. 
D) use of the information. 
E) accounting background.

Question 18

In your own words, describe the relationship between information and risk and how this relationship could impact the business decision-making process.
​

Accepted Answer

The answer of In your own words, describe the relationship...

Question 19

Most data gathered for an MIS come from

Accepted Answer

A) customers. 
B) bankers. 
C) external sources. 
D) internal sources. 
E) information obtained from data firms.

Question 20

Selling expenses are considered to be a type of

Accepted Answer

A) current liability. 
B) general expense. 
C) prepaid expense. 
D) operating expense. 
E) fixed liability.

Exam 15: Using Management Information Systems and Accounting Information

The cash that Coca-Cola receives from providing customers with Coke and other soft drinks and juices would appear in the ____ section of the statement of cash flows.

Jane Cook started a small manufacturing firm two years ago. Now, after two years, she decides it is time to hire an accountant to work in the office and process all her financial data. This accountant will be a

An airplane that FedEx owns and uses to deliver packages is a(n) ____ of FedEx.

Mary Nettles works for a marketing and advertising firm. She must choose one ad piece from a number of potential ad pieces. To ensure that she makes the right decision, she should

Describe the three activities of a statement of cash flows. Where does each section fall on the statement and what does it account for? ​

Walmart takes its net sales and subtracts the cost of goods sold during the previous period. The result is Walmart's

​The number of times a company sells and replaces its merchandise inventory in one year is known as

Management and employees are the groups that would be most likely to evaluate the risk associated with investing in a company's stocks, bonds, or securities.

Long-term liabilities need not be repaid for at least one year.

The Cheese Shoppe's liabilities total $59,000 and its owners' equity is $124,000. Which of the following is true?

What is the correct order for the balance sheet?

The number of times a firm sells and replaces its merchandise inventory in one year is known as its

Typically, the majority of the data gathered for an MIS come from external sources.

Energizer offers its customers a reduction in price if they pay for their shipments of batteries within ten days of receiving them. This is a(n)

​What is the average inventory of a business that turns over inventory 10.0 times a year and has a cost of goods sold of $300,000?

During the year Comer, Inc., had $200,000 in goods available for sale. At the end of the accounting period it had an ending inventory of $40,000. The cost of goods sold by Comer was therefore

The specific types of information that managers need depend on their area of management and on their

In your own words, describe the relationship between information and risk and how this relationship could impact the business decision-making process. ​

Most data gathered for an MIS come from

Selling expenses are considered to be a type of

Describe the three activities of a statement of cash flows. Where does each section fall on the statement and what does it account for?

The number of times a company sells and replaces its merchandise inventory in one year is known as

What is the average inventory of a business that turns over inventory 10.0 times a year and has a cost of goods sold of $300,000?

In your own words, describe the relationship between information and risk and how this relationship could impact the business decision-making process.