Question 1

What kind of a financial statement shows revenues,gross sales,and net sales?

Accepted Answer

the income

Question 2

In the accounting field,CMA stands for which of the following?

Accepted Answer

A)  certified management accountant 
B)  centralized managerial accountant 
C)  certified motivational accountant 
D)  consolidated monetary auditor 
A)  certified management accountant 
B)  centralized managerial accountant 
C)  certified motivational accountant 
D)  consolidated monetary auditor

Question 3

What are amounts owed to the company by customers who bought goods and services on credit?

Accepted Answer

A)  notes payable 
B)  owners' equity 
C)  marketable receivables 
D)  accounts receivable 
A)  notes payable 
B)  owners' equity 
C)  marketable receivables 
D)  accounts receivable

Question 4

What do liquidity ratios measure?

Accepted Answer

A)  long-term financial stability 
B)  earnings per share 
C)  annual sales and profits 
D)  short-term financial stability 
A)  long-term financial stability 
B)  earnings per share 
C)  annual sales and profits 
D)  short-term financial stability

Question 5

On an income statement,expenses such as professional salaries,office salaries,office supplies,rent,and insurance are known as which of the following?

Accepted Answer

A)  miscellaneous expenses 
B)  managerial expenses 
C)  functional expenses 
D)  general and administrative expenses 
A)  miscellaneous expenses 
B)  managerial expenses 
C)  functional expenses 
D)  general and administrative expenses

Question 6

The net profit for a company that builds portable oil well exploration rigs was $10 million last year.The company paid out $4 million in dividends and has 2 million shares of common share outstanding.What are its earnings per share?

Accepted Answer

A)  $2.50 
B)  $3.00 
C)  $4 
D)  $5 
A)  $2.50 
B)  $3.00 
C)  $4 
D)  $5

Question 7

The $200 fee owed to a landscape designer for work done two months ago is an example of a note receivable.

Accepted Answer

A) True 
 B)False

Question 8

What is the first step in the accounting cycle?

Accepted Answer

A)  Analyze the financial statements. 
B)  Prepare the financial statements. 
C)  Analyze the business transaction documents. 
D)  Prepare the trial balance. 
A)  Analyze the financial statements. 
B)  Prepare the financial statements. 
C)  Analyze the business transaction documents. 
D)  Prepare the trial balance.

Question 9

The ratio of net profit to total owners' equity is called what?

Accepted Answer

A)  return on inventory 
B)  return on earnings 
C)  return on equity 
D)  return on sales 
A)  return on inventory 
B)  return on earnings 
C)  return on equity 
D)  return on sales

Question 10

Which of the following is often used to measure a company's overall liquidity even though it is not really a financial ratio?

Accepted Answer

A)  earnings per share 
B)  return on equity 
C)  net profit margin 
D)  net working capital 
A)  earnings per share 
B)  return on equity 
C)  net profit margin 
D)  net working capital

Question 11

Which of the following is an example of an intangible asset for a manufacturer of padlocks?

Accepted Answer

A)  a patent on a titanium lock mechanism 
B)  money owed to the company by a superstore chain 
C)  a machine for forming the locks out of sheet metal 
D)  a warehouse for storing locks 
A)  a patent on a titanium lock mechanism 
B)  money owed to the company by a superstore chain 
C)  a machine for forming the locks out of sheet metal 
D)  a warehouse for storing locks

Question 12

What are the two types of reports generated by accounting systems?

Accepted Answer

internal a

Question 13

Another term for "net worth" is "working capital."

Accepted Answer

A) True 
 B)False

Question 14

Humphrey Mattress Company sold $130,000 worth of merchandise in May.The manufacturer gave no discounts and had no returns.Which of the following statements best describes the information seen on the company's income statement?

Accepted Answer

A)  liabilities equal assets 
B)  gross sales equal net sales 
C)  cost of goods sold exceeds gross sales 
D)  gross sales exceeds net sales 
A)  liabilities equal assets 
B)  gross sales equal net sales 
C)  cost of goods sold exceeds gross sales 
D)  gross sales exceeds net sales

Question 15

An accounting system should generate both internal and external reports.

Accepted Answer

A) True 
 B)False

Question 16

Watts Regulator makes hydroponic pressure valves used in water pumps and water heaters.Watts had $100,000 in net sales for the month.Cost of goods sold was $42,000.On an income statement,how would the remaining $58,000 be classified?

Accepted Answer

A)  as gross profit 
B)  as net revenues 
C)  as general income 
D)  as gross revenues 
A)  as gross profit 
B)  as net revenues 
C)  as general income 
D)  as gross revenues

Question 17

Administrative accounting is the term given to the internal workings of the company,such as budgets,sales reports,and analyses of how well marketing strategies are working.

Accepted Answer

A) True 
 B)False

Question 18

In accounting,every transaction must be recorded as two entries.This system is known as which of the following?

Accepted Answer

A)  dual-notation bookkeeping 
B)  double-entry bookkeeping 
C)  double-decker bookkeeping 
D)  accounting-cycle bookkeeping 
A)  dual-notation bookkeeping 
B)  double-entry bookkeeping 
C)  double-decker bookkeeping 
D)  accounting-cycle bookkeeping

Question 19

The five-step process that takes a transaction from being mere raw financial data to being summarized in the financial statements is called the accounting cycle.

Accepted Answer

A) True 
 B)False

Question 20

What is another term for an operating statement or an earnings statement?

Accepted Answer

A)  a cash flow statement 
B)  an income statement 
C)  a balance sheet 
D)  a transaction ledger 
A)  a cash flow statement 
B)  an income statement 
C)  a balance sheet 
D)  a transaction ledger

What kind of a financial statement shows revenues,gross sales,and net sales?

In the accounting field,CMA stands for which of the following?

What are amounts owed to the company by customers who bought goods and services on credit?

What do liquidity ratios measure?

On an income statement,expenses such as professional salaries,office salaries,office supplies,rent,and insurance are known as which of the following?

The net profit for a company that builds portable oil well exploration rigs was $10 million last year.The company paid out $4 million in dividends and has 2 million shares of common share outstanding.What are its earnings per share?

The $200 fee owed to a landscape designer for work done two months ago is an example of a note receivable.

What is the first step in the accounting cycle?

The ratio of net profit to total owners' equity is called what?

Which of the following is often used to measure a company's overall liquidity even though it is not really a financial ratio?

Which of the following is an example of an intangible asset for a manufacturer of padlocks?

What are the two types of reports generated by accounting systems?

Another term for "net worth" is "working capital."

Humphrey Mattress Company sold $130,000 worth of merchandise in May.The manufacturer gave no discounts and had no returns.Which of the following statements best describes the information seen on the company's income statement?

An accounting system should generate both internal and external reports.

Watts Regulator makes hydroponic pressure valves used in water pumps and water heaters.Watts had $100,000 in net sales for the month.Cost of goods sold was $42,000.On an income statement,how would the remaining $58,000 be classified?

Administrative accounting is the term given to the internal workings of the company,such as budgets,sales reports,and analyses of how well marketing strategies are working.

In accounting,every transaction must be recorded as two entries.This system is known as which of the following?

The five-step process that takes a transaction from being mere raw financial data to being summarized in the financial statements is called the accounting cycle.

What is another term for an operating statement or an earnings statement?

Politics Governments’ Roles

Economics Evolving Systems

Social Society, Corporate Responsibility, and Making Ethical Decisions

Technology Managing Information for Business Success

International The Global Marketplace

Entrepreneurship and Small Business

Analyzing the Business

Forms of Business Ownership

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Marketing The Customer Focus

Creating Marketing Strategies

Achieving World-Class Operations Management

Understanding Money and the Canadian Financial System

Finance Maximizing the Value

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Exam 16: Accounting for Financial Success

What kind of a financial statement shows revenues,gross sales,and net sales?

In the accounting field,CMA stands for which of the following?

What are amounts owed to the company by customers who bought goods and services on credit?

What do liquidity ratios measure?

On an income statement,expenses such as professional salaries,office salaries,office supplies,rent,and insurance are known as which of the following?

The net profit for a company that builds portable oil well exploration rigs was $10 million last year.The company paid out $4 million in dividends and has 2 million shares of common share outstanding.What are its earnings per share?

The $200 fee owed to a landscape designer for work done two months ago is an example of a note receivable.

What is the first step in the accounting cycle?

The ratio of net profit to total owners' equity is called what?

Which of the following is often used to measure a company's overall liquidity even though it is not really a financial ratio?

Which of the following is an example of an intangible asset for a manufacturer of padlocks?

What are the two types of reports generated by accounting systems?

Another term for "net worth" is "working capital."

Humphrey Mattress Company sold $130,000 worth of merchandise in May.The manufacturer gave no discounts and had no returns.Which of the following statements best describes the information seen on the company's income statement?

An accounting system should generate both internal and external reports.

Watts Regulator makes hydroponic pressure valves used in water pumps and water heaters.Watts had $100,000 in net sales for the month.Cost of goods sold was $42,000.On an income statement,how would the remaining $58,000 be classified?

Administrative accounting is the term given to the internal workings of the company,such as budgets,sales reports,and analyses of how well marketing strategies are working.

In accounting,every transaction must be recorded as two entries.This system is known as which of the following?

The five-step process that takes a transaction from being mere raw financial data to being summarized in the financial statements is called the accounting cycle.

What is another term for an operating statement or an earnings statement?

Politics Governments’ Roles

Economics Evolving Systems

Social Society, Corporate Responsibility, and Making Ethical Decisions

Technology Managing Information for Business Success

International The Global Marketplace

Entrepreneurship and Small Business

Analyzing the Business

Forms of Business Ownership

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Marketing The Customer Focus

Creating Marketing Strategies

Achieving World-Class Operations Management

Understanding Money and the Canadian Financial System

Finance Maximizing the Value

Filters