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Unit 1 Exam Questions and Complete Solutions Graded A+
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Unit 1 Exam Questions and Complete Solutions Graded A+
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Unit 1 ExamQuestions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
, Which scenario is more likely to rely on Financial Accounting information instead of Managerial
Accounting information? Scenario A: An investor reviewing the profits of several corporations to decide
which company's stock he/she is going to buy (aka, which company to invest in). Scenario B: A logistics
manager (aka, warehouse shipping manager) reviewing his/her company's shipping costs from the past
year to decide if the company should continue using its current freight carrier or investigate other
shipping options. - Answer: scenario A
resources of a company - Answer: assets
a stockholders' equity account that contains the amount of investor contributions - Answer: common
stock
the economic benefit gained by providing goods and services to customers - Answer: revenue
investors who purchase common stock - Answer: stockholders
the economic sacrifice incurred in the process of providing goods or services to customers - Answer:
expense
created when a company borrows money from a bank - Answer: liability
individuals or institutions that have loaned goods or services to a business - Answer: creditors
the total claims investors have on business resources - Answer: stockholders equity
a transfer of wealth from a business to its owners - Answer: dividend
a stockholders' equity account that contains the net earnings minus dividends paid since the inception
of the business - Answer: retained earnings
represents the amount of money borrowed from and still owed to a creditor - Answer: principal
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