1. Choose the answer that is not a distinguishing characteristic of financial
is global information that reflects the performance of the whole company.
is focused primarily on the future.
is more concerned with financia
(T/F) the adjusting entry to record depreciation does
NOT directly reduce the long-lived asset accounts,
such as equipment, so that the original cost of the
asset remains unchanged.
True- the reduction to the asset account is taken through the accumulated
Big Box Retailers
Discount stores that offer a narrow but deep assortment of merchandise
The number of channel members to use at each level of the marketing channel
Customers who formerly made purchases through one r
Student Profile Form
Expected Graduation Date: Semester _
Permanent E-mail Address: _
Phone #: _
Preferred Job Location(s), if any: _
Employment Interest (what do you want to do and/or what dont you want to do?):
What is an inte
Which of the following accounts would not appear on a balance
Dividends on which financial statement:
Statement of Changes in Stockholder's Equity
None of the abov
Great Products Company currently outsources a relay switch that
is a component in one of its products. The switches cost $24 each.
The company is considering making the switches internally at the
following projected annual production costs:
Select the incorrect statement regarding flexible budgets.
A flexible budget is also known as a master budget.
A flexible budget is used to compare actual to budgeted amounts.
Standard prices and costs are used in preparing a flexible budget.
what companies make at the end of the accounting period to make sure their financial statement
accounts are accurate
used to decrease balance sheet accounts and increase corresponding income statement
accounts; involves on
short term obligations that will be paid with current assets within the current operating cycle or
one year, whichever is longer
initial amount of the liability
additional amounts owed to the creditor
Financial statement users
managers, creditors, government directors investors
The fraud triangle
What are the categories of incentive to commit
1. creating business opportunities
2. satisfying personal greed
A service company
sells its services, usually measured in time, bills its customers and receives cash. The company
incurs operating expenses relating to the services rendered and starts the process all over
again with another client.
A merchandising compa
1. The LIFO inventory method assumes that the cost
of the units most recently purchased is:
the first to be assigned to cost of goods sold
2. During 2010, S Company recorded inventory
purchases of $45,000 and cost of goods sold of
$50,000. If inventory at
What is the best method of measuring profitability?
What does the statement of cash flows do?
Shows each type of major business activity that caused cash to increase or decrease
Cash equivalents are?
Short term investments, highly liquid inv
What is the accounting equation for a cash
SE go down, Liabilities go up
What qualities come with preferred stock?
1) Raises capital without reducing common stockholder control
2) Has preference to dividends
3) No voting rights
What is the earni
Debt to Assets Ratio
Total Liabilities/ Total Assets
The % of assets financed by debt
A higher ratio means greater financing risk
Asset turnover ratio
sales revenue/average total assets
how well assets are used to generate revenues
a higher ratio means gr
asset, liabilities and owners equity at a POINT in time
Revenues, expenses and net income/loss for a PERIOD of time.
Statement of cash flows
Details where cash is derived from or what it is used for. Three sections - Operati
Drying vs dehydration vs evaporation
Use of heat to reduce the moisture in a product to very
Opportunity for microbial deterioration is eliminated and
rate of other deterioration reactions are significantly