Question 1

For each of the following companies,identify whether it is a service,merchandising,or manufacturing business.

Accepted Answer

A. Merchandising B. Service C.

Question 2

How do businesses make money? What strategies can they use to gain a competitive advantage?

Accepted Answer

Businesses have the objective of making

Question 3

Expressing financial data as if a business will continue operating for an indefinite period time refers to which concept?

Accepted Answer

A) Business entity concept 
B) Going concern concept 
C) Objectivity concept 
D) Adequate disclosure concept 
A) Business entity concept 
B) Going concern concept 
C) Objectivity concept 
D) Adequate disclosure concept

Question 4

A summary of the cash receipts and cash payments for a specific period of time is a(n):

Accepted Answer

A) income statement. 
B) balance sheet. 
C) statement of cash flows. 
D) retained earnings statement. 
A) income statement. 
B) balance sheet. 
C) statement of cash flows. 
D) retained earnings statement.

Question 5

The "rules" of accounting are called:

Accepted Answer

A) income tax regulations. 
B) SEC regulations. 
C) Internet rules. 
D) Generally Accepted Accounting Principles. 
A) income tax regulations. 
B) SEC regulations. 
C) Internet rules. 
D) Generally Accepted Accounting Principles.

Question 6

Univeo,Inc.had revenues of $245,000,expenses of $180,000,and dividends of $45,000 during 2015.Which of the following statements is correct?

Accepted Answer

A) Net income for 2015 totaled $65,000. 
B) Net income for 2015 totaled $20,000. 
C) Total retained earnings increased by $65,000 during 2015. 
D) Total retained earnings decreased by $20,000 during 2015. 
A) Net income for 2015 totaled $65,000. 
B) Net income for 2015 totaled $20,000. 
C) Total retained earnings increased by $65,000 during 2015. 
D) Total retained earnings decreased by $20,000 during 2015.

Question 7

The popularity of the sole proprietorship is due to the ease and low cost of organizing.

Accepted Answer

A) True 
 B)False

Question 8

Define accounting and its role in business.

Accepted Answer

Accounting provides information for mana

Question 9

The basic type of stock issued to owners is called common stock.

Accepted Answer

A) True 
 B)False

Question 10

is the increase in assets from selling products and services.

Accepted Answer

A) Revenue 
B) Liabilities 
C) Products 
D) Stockholders' Equity 
A) Revenue 
B) Liabilities 
C) Products 
D) Stockholders' Equity

Question 11

Including all relevant data a reader needs to understand the financial condition and performance of a business refers to which concept?

Accepted Answer

A) Adequate disclosure concept 
B) Going concern concept 
C) Objectivity concept 
D) Business entity concept 
A) Adequate disclosure concept 
B) Going concern concept 
C) Objectivity concept 
D) Business entity concept

Question 12

Profitability ratios such as can be used to analyze and assess a company's financial performance.

Accepted Answer

A) fixed assets turnover 
B) current ratios 
C) dividend payout ratios 
D) return on assets 
A) fixed assets turnover 
B) current ratios 
C) dividend payout ratios 
D) return on assets

Question 13

John Deere is a leading manufacturer of agricultural machinery in the world producing products that serve unique market needs.Therefore,John Deere is an example of a company that uses a premium-price emphasis to attract customers.

Accepted Answer

A) True 
 B)False

Question 14

Which of the items below is not a business organization form?

Accepted Answer

A) Venture entrepreneurship 
B) Proprietorship 
C) Partnership 
D) Corporation 
A) Venture entrepreneurship 
B) Proprietorship 
C) Partnership 
D) Corporation

Question 15

The branch of accounting related to the management's financial decisions is known as financial accounting.

Accepted Answer

A) True 
 B)False

Question 16

Shares of ownership are evidenced by issuing:

Accepted Answer

A) shares payable. 
B) commercial paper. 
C) shares of stock. 
D) notes payable. 
A) shares payable. 
B) commercial paper. 
C) shares of stock. 
D) notes payable.

Question 17

The resources a business owns are called:

Accepted Answer

A) assets. 
B) liabilities. 
C) earnings. 
D) stockholders' equity. 
A) assets. 
B) liabilities. 
C) earnings. 
D) stockholders' equity.

Question 18

A limited liability company combines attributes of a partnership and a corporation.

Accepted Answer

A) True 
 B)False

Question 19

The stockholders' equity of a company should equal the sum of its total assets and total liabilities.

Accepted Answer

A) True 
 B)False

Question 20

Return on assets of 4.25% implies:

Accepted Answer

A) $4.25 return on every $100 of total assets. 
B) $4.25 return on every $100 of debt. 
C) $4.25 return on every $100 of current assets. 
D) $4.25 return on every $100 invested to purchase new assets. 
A) $4.25 return on every $100 of total assets. 
B) $4.25 return on every $100 of debt. 
C) $4.25 return on every $100 of current assets. 
D) $4.25 return on every $100 invested to purchase new assets.

For each of the following companies,identify whether it is a service,merchandising,or manufacturing business.

How do businesses make money? What strategies can they use to gain a competitive advantage?

Expressing financial data as if a business will continue operating for an indefinite period time refers to which concept?

A summary of the cash receipts and cash payments for a specific period of time is a(n):

The "rules" of accounting are called:

Univeo,Inc.had revenues of $245,000,expenses of $180,000,and dividends of $45,000 during 2015.Which of the following statements is correct?

The popularity of the sole proprietorship is due to the ease and low cost of organizing.

Define accounting and its role in business.

The basic type of stock issued to owners is called common stock.

is the increase in assets from selling products and services.

Including all relevant data a reader needs to understand the financial condition and performance of a business refers to which concept?

Profitability ratios such as can be used to analyze and assess a company's financial performance.

John Deere is a leading manufacturer of agricultural machinery in the world producing products that serve unique market needs.Therefore,John Deere is an example of a company that uses a premium-price emphasis to attract customers.

Which of the items below is not a business organization form?

The branch of accounting related to the management's financial decisions is known as financial accounting.

Shares of ownership are evidenced by issuing:

The resources a business owns are called:

A limited liability company combines attributes of a partnership and a corporation.

The stockholders' equity of a company should equal the sum of its total assets and total liabilities.

Return on assets of 4.25% implies:

Basic Accounting Concepts

Accrual Accounting Concepts

Accounting for Merchandising Businesses

Sarbanes-Oxley, internal Control, and Cash

Receivables and Inventories

Fixed Assets and Intangible Assets

Liabilities and Stockholders Equity

Financial Statement Analysis

Accounting Systems for Manufacturing Businesses

Cost Behavior and Cost-Volume-Profit Analysis

Differential Analysis and Product Pricing

Budgeting and Standard Cost Systems

Performance Evaluation for Decentralized Operations

Capital Investment Analysis

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Exam 1: The Role of Accounting in Business

For each of the following companies,identify whether it is a service,merchandising,or manufacturing business.

How do businesses make money? What strategies can they use to gain a competitive advantage?

Expressing financial data as if a business will continue operating for an indefinite period time refers to which concept?

A summary of the cash receipts and cash payments for a specific period of time is a(n):

The "rules" of accounting are called:

Univeo,Inc.had revenues of $245,000,expenses of $180,000,and dividends of $45,000 during 2015.Which of the following statements is correct?

The popularity of the sole proprietorship is due to the ease and low cost of organizing.

Define accounting and its role in business.

The basic type of stock issued to owners is called common stock.

is the increase in assets from selling products and services.

Including all relevant data a reader needs to understand the financial condition and performance of a business refers to which concept?

Profitability ratios such as can be used to analyze and assess a company's financial performance.

John Deere is a leading manufacturer of agricultural machinery in the world producing products that serve unique market needs.Therefore,John Deere is an example of a company that uses a premium-price emphasis to attract customers.

Which of the items below is not a business organization form?

The branch of accounting related to the management's financial decisions is known as financial accounting.

Shares of ownership are evidenced by issuing:

The resources a business owns are called:

A limited liability company combines attributes of a partnership and a corporation.

The stockholders' equity of a company should equal the sum of its total assets and total liabilities.

Return on assets of 4.25% implies:

Basic Accounting Concepts

Accrual Accounting Concepts

Accounting for Merchandising Businesses

Sarbanes-Oxley, internal Control, and Cash

Receivables and Inventories

Fixed Assets and Intangible Assets

Liabilities and Stockholders Equity

Financial Statement Analysis

Accounting Systems for Manufacturing Businesses

Cost Behavior and Cost-Volume-Profit Analysis

Differential Analysis and Product Pricing

Budgeting and Standard Cost Systems

Performance Evaluation for Decentralized Operations

Capital Investment Analysis

Filters