Question 1

The Income Tax Preparation report:

Accepted Answer

A) Summarizes income and expenses that should be listed on a business income tax return 
B) Lists the assigned tax line for each account 
C) Provides detailed information about the income and expenses 
D) All the choices are correct 
A) Summarizes income and expenses that should be listed on a business income tax return 
B) Lists the assigned tax line for each account 
C) Provides detailed information about the income and expenses 
D) All the choices are correct B

Question 2

Which of the following determines if the account appears classified properly on the balance sheet?

Accepted Answer

A) Tax-Mapping Line 
B) Account Type 
C) Item Number 
D) None of the choices are correct 
A) Tax-Mapping Line 
B) Account Type 
C) Item Number 
D) None of the choices are correct B

Question 3

Briefly explain how internal users can use management reports to make decisions. Give at least two examples of management reports and how they can be used by internal decision makers.

Accepted Answer

Management reports are used by internal users (managers)to make decisions regarding company operations. These reports are created to satisfy a manager's information needs.
 Examples of reports that managers use include: 
-Cash budget that projects amounts of cash that will be collected and spent in the future. (Note: A Statement of Cash Flows focuses on cash inflows and outflows in the past. A Cash Budget focuses on expected cash flows in the future.)
-Accounts receivable aging report that lists the age and balance of customer accounts receivable so accounts are collected in a timely manner.

Question 4

The Balance Sheet lists:

Accepted Answer

A) Assets,Liabilities,and Owner's Equity 
B) Gains,Losses,and Net Income 
C) Operating,Investing,and Financing Activity 
D) Income,Expenses,Liabilities 
A) Assets,Liabilities,and Owner's Equity 
B) Gains,Losses,and Net Income 
C) Operating,Investing,and Financing Activity 
D) Income,Expenses,Liabilities

Question 5

Examples of management reports for internal decision making include all of the following except:

Accepted Answer

A) Form 1099 
B) Cash Budget 
C) Cash Forecast 
D) Accounts Receivable Aging Summary 
A) Form 1099 
B) Cash Budget 
C) Cash Forecast 
D) Accounts Receivable Aging Summary

Question 6

Providing information to external users for decision making is the purpose of which of the following?

Accepted Answer

A) Management reports 
B) Tax forms 
C) Financial statements 
D) Inventory reports 
A) Management reports 
B) Tax forms 
C) Financial statements 
D) Inventory reports

Question 7

To prepare the Profit & Loss report,select:

Accepted Answer

A) Reports Center > Company & Financials 
B) Reports Center > Accountant & Taxes 
C) Company Center > Company & Financials 
D) Company Center > Accountant & Taxes 
A) Reports Center > Company & Financials 
B) Reports Center > Accountant & Taxes 
C) Company Center > Company & Financials 
D) Company Center > Accountant & Taxes

Question 8

List 3 (three)main types of financial reports and briefly explain the differences of each of the types of reports.

Accepted Answer

Three main types of financial reports ar

Question 9

The Profit & Loss Statement lists:

Accepted Answer

A) Assets and Expenses 
B) Assets and Liabilities 
C) Net Income and Owner's Equity 
D) Income and Expenses 
A) Assets and Expenses 
B) Assets and Liabilities 
C) Net Income and Owner's Equity 
D) Income and Expenses

Question 10

What is the primary objective of providing reports to users?

Accepted Answer

The primary objective of providing repor

Question 11

The Income Statement lists:

Accepted Answer

A) Net Income and Owner's Equity 
B) Income and Expenses 
C) Assets and Liabilities 
D) Assets and Expenses 
A) Net Income and Owner's Equity 
B) Income and Expenses 
C) Assets and Liabilities 
D) Assets and Expenses

Question 12

Providing information to internal users for decision making is the purpose of which of the following?

Accepted Answer

A) Management reports 
B) Tax forms 
C) Financial statements 
D) Vendors list 
A) Management reports 
B) Tax forms 
C) Financial statements 
D) Vendors list

Question 13

To prepare the entire Journal,select:

Accepted Answer

A) Reports Center > Accountant & Taxes > Journal 
B) Company Center > Company & Financials > Journal 
C) Reports Center > Company & Financials > Journal 
D) Company Center > Accountant & Taxes > Journal 
A) Reports Center > Accountant & Taxes > Journal 
B) Company Center > Company & Financials > Journal 
C) Reports Center > Company & Financials > Journal 
D) Company Center > Accountant & Taxes > Journal

Question 14

On the Statement of Cash Flows,cash inflows and outflows to and from investors and creditors are categorized as cash flows from:

Accepted Answer

A) Investing activities 
B) Financing activities 
C) Owner activities 
D) Operating activities 
A) Investing activities 
B) Financing activities 
C) Owner activities 
D) Operating activities

Question 15

What is owner's equity?

Accepted Answer

A) What a company owes 
B) What remains after liabilities are satisfied 
C) What a company owns 
D) None of the choices are correct 
A) What a company owes 
B) What remains after liabilities are satisfied 
C) What a company owns 
D) None of the choices are correct

Question 16

To prepare the Statement of Cash Flows,select:

Accepted Answer

A) Reports Center > Company & Financials 
B) Reports Center > Accountant & Taxes 
C) Company Center > Company & Financials 
D) Company Center > Accountant & Taxes 
A) Reports Center > Company & Financials 
B) Reports Center > Accountant & Taxes 
C) Company Center > Company & Financials 
D) Company Center > Accountant & Taxes

Question 17

To prepare the Balance Sheet,select:

Accepted Answer

A) Company Center > Company & Financials 
B) Reports Center > Company & Financials 
C) Reports Center > Accountant & Taxes 
D) Company Center > Accountant & Taxes 
A) Company Center > Company & Financials 
B) Reports Center > Company & Financials 
C) Reports Center > Accountant & Taxes 
D) Company Center > Accountant & Taxes

Question 18

Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized as cash flows from:

Accepted Answer

A) Investing activities 
B) Financing activities 
C) Sales activities 
D) Operating activities 
A) Investing activities 
B) Financing activities 
C) Sales activities 
D) Operating activities

Question 19

What information does the Balance Sheet provide?

Accepted Answer

A) A summary of cash inflows and outflows over a specific time period 
B) A company's financial position on a specific date 
C) Sales and expenses for a specific time period 
D) None of the choices are correct 
A) A summary of cash inflows and outflows over a specific time period 
B) A company's financial position on a specific date 
C) Sales and expenses for a specific time period 
D) None of the choices are correct

Question 20

The Statement of Cash Flows lists:

Accepted Answer

A) Operating,Investing,and Financing Activity 
B) Assets,Liabilities,and Owner's Equity 
C) Income,Expenses,Liabilities 
D) Gains,Losses,and Net Income 
A) Operating,Investing,and Financing Activity 
B) Assets,Liabilities,and Owner's Equity 
C) Income,Expenses,Liabilities 
D) Gains,Losses,and Net Income

The Income Tax Preparation report:

Which of the following determines if the account appears classified properly on the balance sheet?

Briefly explain how internal users can use management reports to make decisions. Give at least two examples of management reports and how they can be used by internal decision makers.

The Balance Sheet lists:

Examples of management reports for internal decision making include all of the following except:

Providing information to external users for decision making is the purpose of which of the following?

To prepare the Profit & Loss report,select:

List 3 (three)main types of financial reports and briefly explain the differences of each of the types of reports.

The Profit & Loss Statement lists:

What is the primary objective of providing reports to users?

The Income Statement lists:

Providing information to internal users for decision making is the purpose of which of the following?

To prepare the entire Journal,select:

On the Statement of Cash Flows,cash inflows and outflows to and from investors and creditors are categorized as cash flows from:

What is owner's equity?

To prepare the Statement of Cash Flows,select:

To prepare the Balance Sheet,select:

Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized as cash flows from:

What information does the Balance Sheet provide?

The Statement of Cash Flows lists:

Navigation and Settings

Chart of Accounts

Transactions

Banking

Customers and Sales

Vendors and Expenses

Inventory

Employees and Payroll

Adjustments

Service Company

Merchandise Company

Features for Accountants

Desktop Versus Quickbooks Online

Review Guide

Filters

Exam 10: Reports

The Income Tax Preparation report:

Which of the following determines if the account appears classified properly on the balance sheet?

Briefly explain how internal users can use management reports to make decisions. Give at least two examples of management reports and how they can be used by internal decision makers.

The Balance Sheet lists:

Examples of management reports for internal decision making include all of the following except:

Providing information to external users for decision making is the purpose of which of the following?

To prepare the Profit & Loss report,select:

List 3 (three)main types of financial reports and briefly explain the differences of each of the types of reports.

The Profit & Loss Statement lists:

What is the primary objective of providing reports to users?

The Income Statement lists:

Providing information to internal users for decision making is the purpose of which of the following?

To prepare the entire Journal,select:

On the Statement of Cash Flows,cash inflows and outflows to and from investors and creditors are categorized as cash flows from:

What is owner's equity?

To prepare the Statement of Cash Flows,select:

To prepare the Balance Sheet,select:

Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized as cash flows from:

What information does the Balance Sheet provide?

The Statement of Cash Flows lists:

Navigation and Settings

Chart of Accounts

Transactions

Banking

Customers and Sales

Vendors and Expenses

Inventory

Employees and Payroll

Adjustments

Service Company

Merchandise Company

Features for Accountants

Desktop Versus Quickbooks Online

Review Guide

Filters