A(n) _______ worksheet projects the companys expected assets, liabilities, and equity.
Answer
Correct Answer:
Balance sheet
Note: This Question is unanswered, help us to find answer for this one
To speed up magnetic hard drive performance, ____ is often used.
Answer
Correct Answer:
Disk caching
Note: This Question is unanswered, help us to find answer for this one
Costs that increase as a firm acquires additional current assets are called _____ costs.
Answer
Correct Answer:
Carrying
Note: This Question is unanswered, help us to find answer for this one
Corporations usually employ _____ to help sell their securities in the primary market.
Answer
Correct Answer:
Investment banking firms
Note: This Question is unanswered, help us to find answer for this one
When a note receivable is honored, cash is debited for the note's ________ value.
Answer
Correct Answer:
Maturity
Note: This Question is unanswered, help us to find answer for this one
________ stay constant over a wide range of volume.
Answer
Correct Answer:
Costs per unit
Note: This Question is unanswered, help us to find answer for this one
In the cost allocation process, an allocation base ________.
Answer
Correct Answer:
Should be the cost driver of the costs in the particular activity pool
Note: This Question is unanswered, help us to find answer for this one
Costs that do not vary according to production volume are called _____.
Answer
Correct Answer:
Fixed costs
Note: This Question is unanswered, help us to find answer for this one
An average quality lawn captures ______ times the carbon output of a typical gasoline-powered mower
Answer
Correct Answer:
4
Note: This Question is unanswered, help us to find answer for this one
Economists summarize a country's transactions with other countries with a(n) _____ account.
Answer
Correct Answer:
Balance of payments
Note: This Question is unanswered, help us to find answer for this one
If ________, then the contribution margin ratio will increase.
Answer
Correct Answer:
100%.
Note: This Question is unanswered, help us to find answer for this one
Business reports that list only totals, with no individual item details, are called ____.
Answer
Correct Answer:
Summary reports
Note: This Question is unanswered, help us to find answer for this one
Molding and sanding each unit of product would most likely be classified as a ________ cost.
Answer
Correct Answer:
Unit-level
Note: This Question is unanswered, help us to find answer for this one
Contribution margin is calculated by deducting ________ from sales revenue.
Answer
Correct Answer:
Total variable costs
Note: This Question is unanswered, help us to find answer for this one
An unfavorable flexible budget variance in variable costs suggests a(n) ________.
Answer
Correct Answer:
Increase in variable cost per unit.
Note: This Question is unanswered, help us to find answer for this one
An adjusting entry is completed ________.
Answer
Correct Answer:
At the end of the accounting period
Note: This Question is unanswered, help us to find answer for this one
A reference value involves comparing the costs and benefits of __________.
Answer
Correct Answer:
Substitute items
Note: This Question is unanswered, help us to find answer for this one
A company should ________ when making a shortminusterm special decision.
Answer
Correct Answer:
Separate variable from fixed.
Note: This Question is unanswered, help us to find answer for this one
If a company retires preferred stock, ________.
Answer
Correct Answer:
Total stockholders' equity will decrease.
Note: This Question is unanswered, help us to find answer for this one
A company selling a bond is ________ money.
Answer
Correct Answer:
Borrowing
Note: This Question is unanswered, help us to find answer for this one
A ____________ endorsement would be used if a person is presenting a check in order to obtain cash.
Answer
Correct Answer:
Blank
Note: This Question is unanswered, help us to find answer for this one
A bond's price volatility _________ at _________ rate as maturity increases.
Answer
Correct Answer:
Increases; a decreasing
Note: This Question is unanswered, help us to find answer for this one
When the total fixed costs increases, the contribution margin per unit ________.
Answer
Correct Answer:
Remains the same
Note: This Question is unanswered, help us to find answer for this one
When the sales price per unit decreases, the contribution margin per unit ________.
Answer
Correct Answer:
Decreases
Note: This Question is unanswered, help us to find answer for this one
Downloading a song from itunes is an example of a(n) ________ service.
Answer
Correct Answer:
Convenience
Note: This Question is unanswered, help us to find answer for this one
A summary book for recording all transactions and account balances is referred to as a/an ______.
Answer
Correct Answer:
General ledger
Note: This Question is unanswered, help us to find answer for this one
The goal of good cash-flow management is to ______.
Answer
Correct Answer:
Have enough cash on hand when it is needed
Note: This Question is unanswered, help us to find answer for this one
“Profit = Revenue − Expenses” represents the activity described in the ______.
Answer
Correct Answer:
Income statement
Note: This Question is unanswered, help us to find answer for this one
______ refers to what the business owner has invested in the business.
Answer
Correct Answer:
Equity
Note: This Question is unanswered, help us to find answer for this one
Which of the following ratios measures the number of times the firm can cover its current liabilities with its current assets?
Answer
Correct Answer:
Current ratio
Note: This Question is unanswered, help us to find answer for this one
Why are financial statements important?
Answer
Correct Answer:
In the event of an audit you can defend your decisions
Note: This Question is unanswered, help us to find answer for this one
Single-entry accounting systems record the flow of income and expenses in a running log and allow the small business owner to produce ______.
Answer
Correct Answer:
Monthly statements
Note: This Question is unanswered, help us to find answer for this one
The ratios that measure the speed with which various accounts are converted into sales or cash and that are used to measure the efficiency of asset usage are known as ______.
Answer
Correct Answer:
Activity ratios
Note: This Question is unanswered, help us to find answer for this one
Financial statements that project what a firm’s financial condition will be in the future are known as ______.
Answer
Correct Answer:
Pro forma financial statements
Note: This Question is unanswered, help us to find answer for this one
The financial record that summarizes the income and expenses of the business over time is the ______.
Answer
Correct Answer:
Income statement
Note: This Question is unanswered, help us to find answer for this one
Calculations that compare the important financial aspects of a business are called ______.
Answer
Correct Answer:
Financial ratios
Note: This Question is unanswered, help us to find answer for this one
High average collection periods usually indicate ______.
Answer
Correct Answer:
Many uncollected accounts receivable
Note: This Question is unanswered, help us to find answer for this one
Which of the following financial actions should be made on a weekly basis by a small business manager?
Answer
Correct Answer:
Note especially slow-paying accounts
Note: This Question is unanswered, help us to find answer for this one
Each business day, 12 small businesses in the United States declare bankruptcy primarily for which of the following?
Answer
Correct Answer:
Poor cash-flow management
Note: This Question is unanswered, help us to find answer for this one
The measure of how long it takes a firm to convert a credit sale into a usable form is known as which of the following?
Answer
Correct Answer:
Average collection period
Note: This Question is unanswered, help us to find answer for this one
Trend analysis is a comparison of a single firm’s present performance with its own past performance preferably for more than _____.
Answer
Correct Answer:
Two year
Note: This Question is unanswered, help us to find answer for this one
Trend analysis is a comparison of a single firm’s present performance with its own _____ preferably for more than two years.
Answer
Correct Answer:
Past Performance
Note: This Question is unanswered, help us to find answer for this one
_____ is an asset utilization ratio that measures how efficiently the firm uses all of its assets to generate sales.
Answer
Correct Answer:
Total asset turnover
Note: This Question is unanswered, help us to find answer for this one
Times Interest earned is a leverage ratio that calculates the firm’s ability to meet its interest requirements.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Statement of cash flow is a financial statement that shows the cash _____ of a business.
Answer
Correct Answer:
Both a and b
Note: This Question is unanswered, help us to find answer for this one
_____ is a financial statement that shows the cash inflows and outflows of a business.
Answer
Correct Answer:
Cash flow statement
Note: This Question is unanswered, help us to find answer for this one
SIngle Entry accounting is an accounting system in which the flow of _____ is recorded in a running log.
Answer
Correct Answer:
Both a and b
Note: This Question is unanswered, help us to find answer for this one
SIngle entry accounting is basically a checkbook.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
_____ is a profitability ratio that measures the return the firm earned on its owner’s investment in the firm.
Answer
Correct Answer:
Return on Equity
Note: This Question is unanswered, help us to find answer for this one
_____ is a profitability ratio that indicates the firm’s effectiveness in generating profits from its available assets.
Answer
Correct Answer:
Both a and b
Note: This Question is unanswered, help us to find answer for this one
_____ is a financial ratio that measures a firm’s ability to meet its current obligations with the most liquid of its current assets.
Answer
Correct Answer:
Quick ratio
Note: This Question is unanswered, help us to find answer for this one
_____ is financial statements that project what a firm’s financial condition will be in the future.
Answer
Correct Answer:
Pro Forma Financial Statements
Note: This Question is unanswered, help us to find answer for this one
_____ is a financial ratio that is used to measure the ability of a company to turn sales into profits and to earn profits on assets and owner’s equity committed.
Answer
Correct Answer:
Profitability Ratios
Note: This Question is unanswered, help us to find answer for this one
Owner's Equity is the amount of money the owner of a business would receive if some of the assets were sold and all liabilities were paid.
Answer
Correct Answer:
False
Note: This Question is unanswered, help us to find answer for this one
Net profit margin is a profitability ratio that measures the percentage of each sales dollar that remains as profit after all _____.
Answer
Correct Answer:
Both a and b
Note: This Question is unanswered, help us to find answer for this one
_____ is a list of accounts receivable showing each customer, the amount that customer owes, and the amount that is past due.
Answer
Correct Answer:
Micro-Aging Schedule
Note: This Question is unanswered, help us to find answer for this one
_____ is a list of accounts receivable by age category.
Answer
Correct Answer:
Macro-Aging Schedule
Note: This Question is unanswered, help us to find answer for this one
_____ is a financial ratio used to measure a firm’s ability to meet its short-term obligations to creditors as they come due.
Answer
Correct Answer:
Liquidity ratios
Note: This Question is unanswered, help us to find answer for this one
Liabilities is a debt owed by a business to another _____.
Answer
Correct Answer:
Both a and b
Note: This Question is unanswered, help us to find answer for this one
_____ is a financial ratio that measures the extent to which a firm uses debt as a source of financing and its ability to service that debt.
Answer
Correct Answer:
Leverage ratios
Note: This Question is unanswered, help us to find answer for this one
Journal is a _____ of all financial transactions of a business.
Answer
Correct Answer:
Chronological record
Note: This Question is unanswered, help us to find answer for this one
Inventory Turnover is an asset utilization ratio that measures the liquidity of the firm’s inventory—how quickly goods are _____.
Answer
Correct Answer:
Both a and b
Note: This Question is unanswered, help us to find answer for this one
Industry Average Analysis is a comparison of a firm’s _____ to the industry averages.
Answer
Correct Answer:
Financial ratio
Note: This Question is unanswered, help us to find answer for this one
Income statement is a financial statement that shows the revenue and expenses of a firm, allowing you to calculate the _____ produced in a specific period of time.
Answer
Correct Answer:
Both a and b
Note: This Question is unanswered, help us to find answer for this one
Generally Accepted Accounting Principles (GAAP) is a standard established so that all businesses produce _____ financial statements.
Answer
Correct Answer:
Comparable
Note: This Question is unanswered, help us to find answer for this one
General Ledger is a record of all financial transactions divided into accounts and usually compiled at the end of each _____ .
Answer
Correct Answer:
Month
Note: This Question is unanswered, help us to find answer for this one
Fixed asset turnover is an asset utilization ratio that measures how _____ a firm is using its assets to generate sales.
Answer
Correct Answer:
Efficiently
Note: This Question is unanswered, help us to find answer for this one
_____ is a calculation that compares important financial aspects of a business.
Answer
Correct Answer:
Financial ratio
Note: This Question is unanswered, help us to find answer for this one
Double-Entry accounting is an accounting system in which every business transaction is recorded in an _____ so that the system will balance.
Answer
Correct Answer:
All of these
Note: This Question is unanswered, help us to find answer for this one
_____ is a leverage ratio that measures the proportion of a firm’s total assets that is acquired with borrowed funds.
Answer
Correct Answer:
Debt ratio
Note: This Question is unanswered, help us to find answer for this one
_____ is a financial ratio that measures the number of times a firm can cover its current liabilities with its current assets.
Answer
Correct Answer:
Current ratio
Note: This Question is unanswered, help us to find answer for this one
A financial statement that includes a percentage breakdown of each item.
Answer
Correct Answer:
Common size financial statement
Note: This Question is unanswered, help us to find answer for this one
_____ is the period of time from when money is spent on raw mate-rials until it is collected from the sale of a finished good.
Answer
Correct Answer:
Cash-To-Cash Cycle
Note: This Question is unanswered, help us to find answer for this one
The difference between the actual amount of cash a company brings in and the actual amount of cash a company disburses in a given time period is known as Cash flow.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Cash flow is the sum of net income plus any noncash expenses, such as:
Answer
Correct Answer:
Both a and b
Note: This Question is unanswered, help us to find answer for this one
Cash budgets is a plan for _____ uses and sources of cash.
Answer
Correct Answer:
Short-term
Note: This Question is unanswered, help us to find answer for this one
Cash-Basis method is a method of accounting in which _____ are recorded at the time they are paid, rather than when they are incurred.
Answer
Correct Answer:
Both a and b
Note: This Question is unanswered, help us to find answer for this one
Select the correct options for credit sales in Average collection period:
Answer
Correct Answer:
Internal store credit
Note: This Question is unanswered, help us to find answer for this one
Asset Utilization Ratios are the financial ratios that measure the speed with which various asset accounts are converted into _____ ?
Answer
Correct Answer:
Both a and b
Note: This Question is unanswered, help us to find answer for this one
Assets are any resources that?
Answer
Correct Answer:
Both a and c
Note: This Question is unanswered, help us to find answer for this one
Aging Schedules is a listing of a Company’s firm receivable according to the length of time they are outstanding.
Answer
Correct Answer:
False
Note: This Question is unanswered, help us to find answer for this one
Accrual basis method is a method of accounting in which _____ are recorded at the time they are incurred rather than when they are paid.
Answer
Correct Answer:
Both a and b
Note: This Question is unanswered, help us to find answer for this one
Which one of these is an example of Accounting?
Answer
Correct Answer:
All of theses
Note: This Question is unanswered, help us to find answer for this one
