100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
GEB 1011 Midterm Exam Questions and Revised Answers All Correct $12.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. GEB 1011
  4.  
  5. GEB 1011

Exam (elaborations)

GEB 1011 Midterm Exam Questions and Revised Answers All Correct

 0 purchase
  • 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...

[Show more]

Preview 2 out of 5  pages

Document information

  • October 26, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • GEB 1011
  • GEB 1011

Seller

avatar-seller
Scholarsstudyguide

Reviews received

Content preview

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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Scholarsstudyguide. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$12.49
  • (0)
Add to cart
Added