Exam (elaborations)
Accounting Intro BUSA: Questions & Accurate Answers
Accounting Intro BUSA: Questions & Accurate Answers
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Accounting Intro BUSA: Questions & Accurate AnswersIn the context of owners’ equity, which of the following sit true of retained
earnings Right Ans - they are accumulated earnings reinvested in a
company rather than being paid to the owners
Ashley, a manager at a toy manufacturing company, needs to create a financial
document for the company that would show how the company's operating,
investing, and financing activities are expected to affect the asset, liability, and
owners' equity accounts. To prepare this document, Ashley needs to collect
data from: Right Ans - the budgeted income statement, capital expenditure
budget, and cash budget
The financial Accounting Standards Board (FASB) is barred from modifying
and expanding the generally accepted accounting principles (GAAP) Right
Ans - FALSE
in the context of balance sheets, resources owned by a firm are known as
______ Right Ans - assets
the employees of an information technology company complain that the
company has been spending a lot of funds in wasteful activities, such as office
renovation, instead of revising the employees' salaries. In this case, the
company should hire a _____ to keep check on the company's expenses and
prevent the problem from aggravating Right Ans - internal auditor
in the context of budget preparation, which of the following is an advantage of
using bottom up budgeting? Right Ans - middle managers are likely to be
highly motivated to achieve budgetary goals
Maurice, the supervising manager of a telecommunications company, requires
detailed information about the expense that the company incurred from its
monthly operations in the last fiscal year. IN this scenario, Maurice should
refer to the ______ Right Ans - profits and loss statement
Alexis decides to check with his accountant as to how much money his
company owes to the raw materials supplier. To determine this, Alexis should
ask the accountant to provide him with the company's balance sheet Right
Ans - TRUE
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