GEB 1011 Midterm Exam Questions and Revised Answers All Correct
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Course
GEB 1011
Institution
GEB 1011
GEB 1011 Midterm Exam Questions and Revised Answers All Correct
What five functions does an MIS do? - Answer- Collect data
Store data
Update data
Process the date into information
Present the information to users
Managerial Accounting - Answer- provides managers and employees within th...
GEB 1011 Midterm Exam Questions
and Revised Answers All Correct
What five functions does an MIS do? - Answer- Collect data
Store data
Update data
Process the date into information
Present the information to users
Managerial Accounting - Answer- provides managers and employees within the
organization with the information needed to make decisions about a firm's financing,
investing, marketing, and operating activities
Financial Accounting - Answer- generates financial statements and reports for
interested people outside an organization
What is financial accounting used for? - Answer- to determine how well a business
achieved its goals
Balance Sheet (Statement of Financial Position) - Answer- a summary of the dollar
amounts of a firm's assets, liabilities, and owner's equity accounts at the end of a
specific accounting period
Asset - Answer- the resources a business owns (cash, inventory, equipment, and real
estate)
Liability - Answer- the firm's debts
Owner's Equity - Answer- the difference between total assets and total liabilities
Liquidity - Answer- the ease that an asset can be converted into cash
Current Assets - Answer- assets that can be converted quickly into cash or that will be
used in one year or less
Fixed Assets - Answer- assets that be held or used for longer than a year
, Intangible Assets - Answer- assets that do not exist physically but have a value based
on the rights or privileges they confer on a firm
Current Liability - Answer- debts that will be repaid in one year or less
Long-Term Liability - Answer- debts that do not need to be repaid for at least one year
Income Statement - Answer- a summary of a firm's revenues and expenses during a
specified accounting period
Revenue - Answer- the dollar amounts earned by a firm from selling goods, providing
services, or performing business activities
Equation for Net Income or Loss - Answer- Revenues - Cost of Goods Sold - Operating
Expenses
Operating Expenses - Answer- business costs other than the costs of goods sold
Statement of Cash Flows - Answer- a statement that illustrates how the company's
operating, investing, and financing activities affect cash during an accounting period
Cash Flow from Operating Activities - Answer- addresses the firm's primary revenue
source
Cash flows from investing activities - Answer- Includes the purchase and sale of
equipment, land, and other assets and investments
Cash flows from financing activities - Answer- Reports changes in debt obligation and
owners' equity accounts
Financial Ratio - Answer- a number that shows the relationship between two elements
of a firm's financial statements
Return on Sales (Profit Margin) - Answer- a financial ratio calculated by dividing net
income after taxes by net sales
Current Ratio - Answer- a financial ratio computed by dividing current assets by current
liabilities
Inventory Turnover - Answer- a financial ratio calculated by dividing the cost of goods
sold in one year by the average value of the inventory
Financial Management - Answer- all the activities concerned with obtaining money and
using it effectively
Short-Term Financing - Answer- money that will be used in a year or less
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