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Saylor Academy BUS 101 Unit 4 Assessment 2024 Review
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Saylor Academy BUS 101 Unit 4 Assessment 2024 Review
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Saylor Academy BUS 101 Unit 4Assessment 2024 Review
Which of the following is the main purpose of accounting in the business process? - Answer>> To ensure that stakeholders have accurate financial information for decision making
Which of the following statements about management accounting is true? - Answer>> Financial management reports are tailored to the needs of individual managers.
What is the name of the uniform set of rules that are used by financial accountants for financial reporting? - Answer>> GAAP (Generally Accepted Accounting Principles)
Which of the following elements appears on an Income Statement? - Answer>> Cost of goods sold
Which of the following statements about a balance sheet is true? -
Answer>> A balance sheet represents income at a specific point in time.
Which of the following are the elements of the Balance Sheet? - Answer>> Assets, liabilities and owner's equity
When preparing an Income Statement, how is gross profit determined? - Answer>> Sales less cost of goods sold
Which of the following is the formula for Return on Equity? - Answer>> Net Income divided by Equity
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