:2.chaptersmentThink14. Tobusowwill not be used.1. The amount of money remaining fromrevenues after all expenses are paidReview Marketing Conceptsa. balance sheetb. budget2. The study of how goods and services areproduced, distributed, and consumedc. economicsd. economic utili.3. The possibility of financial gain or lossor personal injurye. ethicsf. forecastg. income statemen15. Li4. A report developed to predict theexpenses to be incurred and revenuesh. liable5. The business is legally responsible fordamagesi. principlesj. profitk. profit motiveto be receivedI. return oninvestment16.6. Involves preventing, reducing, orlessening the negative impacts of risk.7. The income that is distributed to investorsm. riskn. risk management8. A system of deciding what is right orwrong in a reasoned and impartial manner9. The amount of satisfaction a person receives from the consumof aicular product or service_10. A financial statement that shows a company's assets, liabilltuenet worth at a specific point in time17Circle the best answer.11. Pure risksa. involve the possibility for gainb. involve no possibility for gainC. are never insurabled. are speculative in nature12. Categories of economic util"a pla

Review Marketin Write the letter of the term that best will not be used. 1. The amount of money remaining from revenues after all expenses are paid а. b. 2. The study of how goods and services are d. produced, distributed, and consumed C. 3. The possibility of financial gain or loss f. e. or personal injury Lined to predict the g h

Review Marketin Write the letter of the term that best will not be used. 1. The amount of money remaining from revenues after all expenses are paid а. b. 2. The study of how goods and services are d. produced, distributed, and consumed C. 3. The possibility of financial gain or loss f. e. or personal injury Lined to predict the g h

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Choose the correct answer. 1. The following are examples of common financial goals and activities, except a. create an effective financial record keeping system b. develop a regular saving and investment program c. create and implement a flexible budget d. look for a creditor that charge low interest 2. Which is not considered as an employment situation? * a. not employed b. full time employment c. single d. part-time employment 3. The following are economic factors affecting financial planning. Which is not? a. consumer prices b. consumer spending c. consumer habits d. interest rates
When WestCo ensures that it always has enough funds on hand to purchase the materials and human resources that it needs to produce goods and services, the company is exercising ______. Question 32 options: A) cash flow management B) government tax reporting C) account balancing D) financial planning E) financial control
The area of finance address the issue of the efficiency of financial market in the allocation of recourses is known as: Corporate finance; Public finance: International finance; 2. A level of revenues, expenses and profit that occurred during a given accounting period are given in: Balance sheet; Income statement; A+B 3. Sales minus cost of goods sold is: Net profit; Operating profit; Gross profit; 4. The assets defined as cash and assets that will turn into cash within a year are defined as: Current assets; Non current assets; Fixed assets: 5. The liabilities due within a year are defined as: Current liabilities; Expenses: Non current liabilities; 6. Collecting of receivables and liquidation of assets concerns: Sources of funds; Uses of funds; Revenues: 7. Uses of funds are: Increase in a liability account and increase in an asset account; Payment of dividends and decrease in asset account; Increase in an asset account and payment of dividends; 8. New bank loan can be…
Which of the following would not be a goal of externalusers reading a company’s financial statements?a. Understanding the current financial state of the company.b. Assessing the company’s contribution to social andenvironmental policies.c. Predicting the company’s future financial performance.d. Evaluating the company’s ability to generate cash fromsales
True (T) or False (F): T F1. Management accounting provides economicand financial information for external userssuch as shareholders, creditors and banks. 2. Financial accounting provides information formanagers and other internal users. 3. Financial accounting reports past results.  4. Management accounting is future oriented.  5. Management accounting is required to followgenerally accepted accounting principles. 6. Financial accounting examines monetary andnon-monetary events. 7. Cost accounting is used as a means of fixinga selling price. 8. Cost accounting looks at the company as awhole and not at the various units, jobs orprocesses. 9. Financial accounting is concerned with howand why profits arise. 10. Cost accounting depends entirely on historical
I. Direction: Identify what describes the following statement. Write your answer on the blank before the number. ____________________1. It pertains to the state of one’s personal monetary affairs.____________________2. It measures the ability to generate earnings from its resources or investments. ____________________3. It measures the ability to generate profit that ensures to pay business expenses and maintain a long-term financial success of the business. ____________________4. It measures the ability of the company to settle its short term debts. ____________________ 5. It measures how the business manage its assets or resources to produce output without wastage. ____________________6. It presents the financial statement amounts as a percentage of a base number. ____________________7. It is used to evaluate a number of issues with an entity, such as its liquidity, efficiency of operations, and profitability. ____________________8. These users of financial information are interested…
Direction: Identify what describes the following statement. Write your answer on the blank before the number. ____________________1. It pertains to the state of one’s personal monetary affairs. ____________________2. It measures the ability to generate earnings from its resources or investments. ____________________3. It measures the ability to generate profit that ensures to pay business expenses and maintain a long-term financial success of the business. ____________________4. It measures the ability of the company to settle its short term debts. ____________________ 5. It measures how the business manage its assets or resources to produce output without wastage. ____________________6. It presents the financial statement amounts as a percentage of a base number. ____________________7. It is used to evaluate a number of issues with an entity, such as its liquidity, efficiency of operations, and profitability. ____________________8. These users of financial information are…
3. ____is the result of profit margin × total asset turnover × (total assets/shareholders’ equity) A. return on equity B. return on investment C. current ratio D. quick ratio Just answer... 4. 5. Which of the following items is the function of a treasurer? ____ A. cost accounting B. internal control C. capital budgeting D. general ledger Just answer.
Examine the business activity and decide for its classification from the choices below. Also, indicate if it is an inflow (-) or outflow (+). Activity: Pay employee salaries Choices: (O) Cash flow from operating activity (I) Cash flow from investing activity (F) Cash flow from financing activity (NC) Non-cash investing/financing activity
1. What are some of the limitations of cost accounting? 2. State whether the following questions is True (T) or False (F): a) Management accounting provides economic and financial information for external users such as shareholders, creditors and banks. b) Financial accounting provides information for managers and other internal users. c) Financial accounting reports past results. d) Management accounting is future oriented. e) Management accounting is required to follow generally accepted accounting principles. f) Financial accounting examines monetary and non-monetary events. g) Cost accounting is used as a means of fixing a selling price. h) Cost accounting looks at the company as a whole and not at the various units, jobs or processes. i) Financial accounting is concerned with how and why profits arise. j) Cost accounting depends entirely on historical information.
B. Respond to the following statements and questions in thediscussion forum. Try to do this without looking back at the text.True (T) or False (F): T F1. Management accounting provides economicand financial information for external userssuch as shareholders, creditors and banks. 2. Financial accounting provides information formanagers and other internal users. 3. Financial accounting reports past results.  4. Management accounting is future oriented.  5. Management accounting is required to followgenerally accepted accounting principles. 6. Financial accounting examines monetary andnon-monetary events. 7. Cost accounting is used as a means of fixinga selling price. 8. Cost accounting looks at the company as awhole and not at the various units, jobs orprocesses. 9. Financial accounting is concerned with howand why profits arise. 10. Cost accounting depends entirely on historicalinformation 
The users of financial information can understand the strength and weakness of the business concern with the help of: a.Profit and loss account b.Balance Sheet c.Statement of cash flows d.Profit and loss appropriation account *Repy fast plz***