Question 1

The Balance Sheet represents the accounting equation.

Accepted Answer

A) True 
 B)False  True

Question 2

Financing activities involve obtaining __________ to operate a business.

Accepted Answer

A) products 
B) customers 
C) business incentives 
D) funds 
A) products 
B) customers 
C) business incentives 
D) funds D

Question 3

Match the following items with the appropriate financial statement:
a.Income statement
b.Balance sheet
c.Retained earnings statement
d.Statement of cash flows

Accepted Answer

The answer of Match the following items with the appropriate...

Question 4

Who has first preference to assets in case a business fails?

Accepted Answer

A) Stockholders 
B) Long-term creditors 
C) Customers 
D) Employees 
A) Stockholders 
B) Long-term creditors 
C) Customers 
D) Employees

Question 5

Due to various fraudulent business practices and accounting coverups in the early 2000s,Congress enacted the Sarbanes-Oxley Act of 2002.The act was responsible for establishing a new oversight board for public accountants called the

Accepted Answer

A) Generally Accepted Accounting Practices for Public Accountants Board. 
B) Public Company Accounting Oversight Board. 
C) Congressional Accounting Oversight Board. 
D) None are correct. 
A) Generally Accepted Accounting Practices for Public Accountants Board. 
B) Public Company Accounting Oversight Board. 
C) Congressional Accounting Oversight Board. 
D) None are correct.

Question 6

An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a

Accepted Answer

A) proprietorship. 
B) corporation. 
C) partnership. 
D) governmental unit. 
A) proprietorship. 
B) corporation. 
C) partnership. 
D) governmental unit.

Question 7

Reporting the financial condition of a business at a point in time and the changes in the financial condition of a business over a period of time are the two major objectives of

Accepted Answer

A) tax accounting. 
B) union contracts. 
C) managerial accounting. 
D) financial accounting. 
A) tax accounting. 
B) union contracts. 
C) managerial accounting. 
D) financial accounting.

Question 8

Classify the following as:
a.Asset
b.Liability
c.Revenue
d.Expense

Accepted Answer

The answer of Classify the following as:
a.Asset
b.Liability
c.Revenue
d.Expense
  ...

Question 9

Fill in the missing amounts of the following balance sheet:

Accepted Answer

a)$2,000
b

Question 10

Merchandising businesses must be corporations.

Accepted Answer

A) True 
 B)False

Question 11

A low-cost emphasis strives to provide

Accepted Answer

A) no-frills,standardized products and services. 
B) products and services that provide unique market needs. 
C) products and services that provide prestige and image for customers. 
D) products and services that compete on features other than price. 
A) no-frills,standardized products and services. 
B) products and services that provide unique market needs. 
C) products and services that provide prestige and image for customers. 
D) products and services that compete on features other than price.

Question 12

Describe business stakeholders and the four categories in which they can be classified.

Accepted Answer

Business stakeholders are pers

Question 13

If there was no beginning retained earnings,net income of $20,000,and ending retained earnings of $6,000,how much were dividends?

Accepted Answer

A) $10,000 
B) $4,000 
C) $6,000 
D) $14,000 
A) $10,000 
B) $4,000 
C) $6,000 
D) $14,000

Question 14

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

Accepted Answer

Businesses have the objective of making

Question 15

What is the primary objective of most businesses?

Accepted Answer

A) To maximize profits 
B) To pay dividends to stockholders 
C) To provide a benefit to society 
D) To manufacture a quality product 
A) To maximize profits 
B) To pay dividends to stockholders 
C) To provide a benefit to society 
D) To manufacture a quality product

Question 16

Which of the following is NOT a characteristic of a cdorporation?

Accepted Answer

A) Corporations are organized as a separate legal taxable entity. 
B) Ownership is divided into shares of stock. 
C) Corporations experience an ease in obtaining large amounts of resources by issuing stock. 
D) A corporation's resources are limited to its individual owners' resources. 
E) Corporations make up 20% of all businesses. 
A) Corporations are organized as a separate legal taxable entity. 
B) Ownership is divided into shares of stock. 
C) Corporations experience an ease in obtaining large amounts of resources by issuing stock. 
D) A corporation's resources are limited to its individual owners' resources. 
E) Corporations make up 20% of all businesses.

Question 17

Indicate whether each of the following activities would be reported on the Statement of Cash Flows as an Operating Activity,an Investing Activity,a Financing Activity,or does not appear on the Cash Flow Statement.

Accepted Answer

The answer of Indicate whether each of the following activities...

Question 18

Stockholders in a corporation are internal stakeholders.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

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.

The Balance Sheet represents the accounting equation.

Financing activities involve obtaining __________ to operate a business.

Match the following items with the appropriate financial statement: a.Income statement b.Balance sheet c.Retained earnings statement d.Statement of cash flows

Who has first preference to assets in case a business fails?

Due to various fraudulent business practices and accounting coverups in the early 2000s,Congress enacted the Sarbanes-Oxley Act of 2002.The act was responsible for establishing a new oversight board for public accountants called the

An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a

Reporting the financial condition of a business at a point in time and the changes in the financial condition of a business over a period of time are the two major objectives of

Classify the following as: a.Asset b.Liability c.Revenue d.Expense

Fill in the missing amounts of the following balance sheet:

Merchandising businesses must be corporations.

A low-cost emphasis strives to provide

Describe business stakeholders and the four categories in which they can be classified.

If there was no beginning retained earnings,net income of $20,000,and ending retained earnings of $6,000,how much were dividends?

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

What is the primary objective of most businesses?

Which of the following is NOT a characteristic of a cdorporation?

Indicate whether each of the following activities would be reported on the Statement of Cash Flows as an Operating Activity,an Investing Activity,a Financing Activity,or does not appear on the Cash Flow Statement.

Stockholders in a corporation are internal stakeholders.

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

The resources a business owns are called

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

Exam 1: The Role of Accounting in Business

The Balance Sheet represents the accounting equation.

Financing activities involve obtaining __________ to operate a business.

Match the following items with the appropriate financial statement: a.Income statement b.Balance sheet c.Retained earnings statement d.Statement of cash flows

Who has first preference to assets in case a business fails?

Due to various fraudulent business practices and accounting coverups in the early 2000s,Congress enacted the Sarbanes-Oxley Act of 2002.The act was responsible for establishing a new oversight board for public accountants called the

An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a

Reporting the financial condition of a business at a point in time and the changes in the financial condition of a business over a period of time are the two major objectives of

Classify the following as: a.Asset b.Liability c.Revenue d.Expense

Fill in the missing amounts of the following balance sheet:

Merchandising businesses must be corporations.

A low-cost emphasis strives to provide

Describe business stakeholders and the four categories in which they can be classified.

If there was no beginning retained earnings,net income of $20,000,and ending retained earnings of $6,000,how much were dividends?

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

What is the primary objective of most businesses?

Which of the following is NOT a characteristic of a cdorporation?

Indicate whether each of the following activities would be reported on the Statement of Cash Flows as an Operating Activity,an Investing Activity,a Financing Activity,or does not appear on the Cash Flow Statement.

Stockholders in a corporation are internal stakeholders.

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

The resources a business owns are called

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