Question 1

A copyright is an example of a current asset.

Accepted Answer

A) True 
 B)False

Question 2

____________ accounting generates information for use outside the organization.

Accepted Answer

The answer of ____________ accounting generates information for use outside...

Question 3

Managerial accounting generates information for use outside the organization.

Accepted Answer

A) True 
 B)False

Question 4

A car loan is an asset.

Accepted Answer

A) True 
 B)False

Question 5

_____________ is the amount of the business that belongs to the owners,minus any liabilities owed by the business.

Accepted Answer

The answer of _____________ is the amount of the business...

Question 6

One purpose of accounting is to:

Accepted Answer

A)   Report financial information to people outside the firm
B)   Report HR legal obligations
C)   Keep track of laws related to advertising
D)   All of the responses are correct

Question 7

A(n) ______ is a yearly statement of the financial condition,progress and expectations of the organization.

Accepted Answer

A)   Executive summary
B)   Annual report
C)   Financial ledger
D)   Statement of cash flow

Question 8

The return on sales is a type of profitability ratio.

Accepted Answer

A) True 
 B)False

Question 9

One of the concerns of managerial accounting is to design strategies to minimize taxes.

Accepted Answer

A) True 
 B)False

Question 10

____________ is used to provide information and analysis to managers within the organization to assist them in decision making.

Accepted Answer

A)   Finance
B)   IT
C)   Managerial accounting
D)   Financial accounting

Question 11

____________ refers to how fast an asset can be converted to cash in order to pay a company's short-term debts.

Accepted Answer

The answer of ____________ refers to how fast an asset...

Question 12

Only managers use accounting information.

Accepted Answer

A) True 
 B)False

Question 13

Double-entry bookkeeping is the concept of writing (or typing)every transaction in two places.

Accepted Answer

A) True 
 B)False

Question 14

The typical financial statements include the balance sheet,the income statement and the ________.

Accepted Answer

statement of cash flows

Question 15

The accounting equation is Assets = Liabilities + Owner's Equity.

Accepted Answer

A) True 
 B)False

Question 16

Liquidity ratios measure:

Accepted Answer

A)   The speed of changing assets into cash.
B)   Leverage
C)   Profitability
D)   Inventory turnover

Question 17

Missy is a managerial accountant for ABC Corp.She found that the transactions of the firm balanced by doing a trial balance.

Accepted Answer

A) True 
 B)False  True

Question 18

State the accounting equation and define each of its parts.

Accepted Answer

The accounting equation is Assets = Liab...

Question 19

___________ generates information for use outside the organization.

Accepted Answer

A)   Finance
B)   IT
C)   Managerial accounting
D)   Financial accounting

Question 20

Explain the difference among the three basic financial statements.

Accepted Answer

The balance sheet details what the company owns and owes on a certain day.The income statement shows what a firm sells its products for and what its selling costs are over a specific period.The statement of cash flows highlights the difference between cash coming into and cash going out of a business.

Exam 8: Managing Human Resources and Labor Relations

A copyright is an example of a current asset.

Correct Answer
verified

____________ accounting generates information for use outside the organization.

Correct Answer
verified

Managerial accounting generates information for use outside the organization.

Correct Answer
verified

A car loan is an asset.

Correct Answer
verified

_____________ is the amount of the business that belongs to the owners,minus any liabilities owed by the business.

Correct Answer
verified

One purpose of accounting is to:

Correct Answer
verified

A(n) ______ is a yearly statement of the financial condition,progress and expectations of the organization.

Correct Answer
verified

The return on sales is a type of profitability ratio.

Correct Answer
verified

One of the concerns of managerial accounting is to design strategies to minimize taxes.

Correct Answer
verified

____________ is used to provide information and analysis to managers within the organization to assist them in decision making.

Correct Answer
verified

____________ refers to how fast an asset can be converted to cash in order to pay a company's short-term debts.

Correct Answer
verified

Only managers use accounting information.

Correct Answer
verified

Double-entry bookkeeping is the concept of writing (or typing)every transaction in two places.

Correct Answer
verified

The typical financial statements include the balance sheet,the income statement and the ________.

Correct Answer
verified
statement of cash flows

The accounting equation is Assets = Liabilities + Owner's Equity.

Correct Answer
verified

Liquidity ratios measure:

Correct Answer
verified

Missy is a managerial accountant for ABC Corp.She found that the transactions of the firm balanced by doing a trial balance.

Correct Answer
verified
True

State the accounting equation and define each of its parts.

Correct Answer
verified
The accounting equation is Assets = Liab...
View Answer

___________ generates information for use outside the organization.

Correct Answer
verified

Explain the difference among the three basic financial statements.

Exam 8: Managing Human Resources and Labor Relations

A copyright is an example of a current asset.

Correct AnswerverifiedShow Answer

____________ accounting generates information for use outside the organization.

Correct AnswerverifiedShow Answer

Managerial accounting generates information for use outside the organization.

Correct AnswerverifiedShow Answer

A car loan is an asset.

Correct AnswerverifiedShow Answer

_____________ is the amount of the business that belongs to the owners,minus any liabilities owed by the business.

Correct AnswerverifiedShow Answer

One purpose of accounting is to:

Correct AnswerverifiedShow Answer

A(n) ______ is a yearly statement of the financial condition,progress and expectations of the organization.

Correct AnswerverifiedShow Answer

The return on sales is a type of profitability ratio.

Correct AnswerverifiedShow Answer

One of the concerns of managerial accounting is to design strategies to minimize taxes.

Correct AnswerverifiedShow Answer

____________ is used to provide information and analysis to managers within the organization to assist them in decision making.

Correct AnswerverifiedShow Answer

____________ refers to how fast an asset can be converted to cash in order to pay a company's short-term debts.

Correct AnswerverifiedShow Answer

Only managers use accounting information.

Correct AnswerverifiedShow Answer

Double-entry bookkeeping is the concept of writing (or typing)every transaction in two places.

Correct AnswerverifiedShow Answer

The typical financial statements include the balance sheet,the income statement and the ________.

Correct Answerverifiedstatement of cash flows

The accounting equation is Assets = Liabilities + Owner's Equity.

Correct AnswerverifiedShow Answer

Liquidity ratios measure:

Correct AnswerverifiedShow Answer

Missy is a managerial accountant for ABC Corp.She found that the transactions of the firm balanced by doing a trial balance.

Correct AnswerverifiedTrue

State the accounting equation and define each of its parts.

Correct AnswerverifiedThe accounting equation is Assets = Liab...View AnswerShow Answer

___________ generates information for use outside the organization.

Correct AnswerverifiedShow Answer

Explain the difference among the three basic financial statements.

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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statement of cash flows

Correct Answer
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Correct Answer
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Correct Answer
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True

Correct Answer
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The accounting equation is Assets = Liab...
View Answer

Correct Answer
verified