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GEB 1011 Midterm Exam Questions and Revised Answers All Correct $12.49   Add to cart

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GEB 1011 Midterm Exam Questions and Revised Answers All Correct

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  • GEB 1011
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  • 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...

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  • October 26, 2024
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  • Exam (elaborations)
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  • GEB 1011
  • GEB 1011
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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

The Accounting Equation - Answer- Assets = Liabilities + Owner's Equity

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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