Bus 302 l Study guides, Class notes & Summaries

____________________ expresses the relationship among selected items of financial statement data. - Answer Ratio Analysis A _______________ expresses the mathematical relationship between one quantity and another. - Answer Ratio How do you calculate Net Income? - Answer Revenues - Expenses Measure the income or operating success of a company for a given period of time. - Answer Profitability Ratios

Professional baseball teams in the United States use only wooden bats. If aluminum bats were permitted, the likely result would be: a. a shift in the supply curve for aluminum bats. b. a shift in the supply curve for wooden bats. c. a shift in the demand curve for aluminum bats. d. a persistent shortage of aluminum bats. e. a persistent shortage of wooden bats. - Answer c. a shift in the demand curve for aluminum bats.

Q1-1) Liabilities of a company are owed to - Answer Creditors Q1-2) Which financial statement is prepared first? - Answer Income Statement Q1-3) Resources owned by a business are referred to as - Answer Assets Q1-4) An audit provides the following benefit(s) to users of financial statements: - Answer A. To help assure users that financial statements include relevant, reliable, and comparable information C. It tells users that the statements are prepared using accepted accounting principles...

The Village Laundry Company purchased 6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only 3,000 on hand. The adjusting entry that should be made by the company on June 30 is - Answer Debit Laundry Supplies Expense, 3,500; Credit Laundry Supplies, 3,500. 6,500 - 3,000 = 3,500

BUS 302 L Financial Accounting Questions and Answers | Latest Version | Graded A+ **Q1-1) To whom are liabilities of a company owed?** Options: - Shareholders - Creditors - Investors - Debtors Answer: Creditors **Q1-2) Which financial statement is typically prepared first?** Options: - Balance Sheet - Income Statement - Statement of Cash Flows - Statement of Retained Earnings Answer: Income Statement **Q1-3) What term is used for resources owned by a business?** ...

Economic profit is equal to: a. Total revenue minus the explicit cost of producing goods and services. b. Total revenue minus the implicit cost of producing goods and services. c. Total revenue minus the opportunity cost of producing goods and services. d. Average revenue minus the average cost of producing the last unit of a good or service. e. Total revenue minus depreciation. Answer> Total revenue minus the opportunity cost of producing goods and services. Your friend is thinkin...

Q1-1) Liabilities of a company are owed to - Creditors Q1-2) Which financial statement is prepared first? - Income Statement Q1-3) Resources owned by a business are referred to as - Assets Q1-4) An audit provides the following benefit(s) to users of financial statements: - A. To help assure users that financial statements include relevant, reliable, and comparable information C. It tells users that the statements are prepared using accepted accounting principles -Both A and C Q1-5)...

Economic profit is equal to: a. Total revenue minus the explicit cost of producing goods and services. b. Total revenue minus the implicit cost of producing goods and services. c. Total revenue minus the opportunity cost of producing goods and services. d. Average revenue minus the average cost of producing the last unit of a good or service. e. Total revenue minus depreciation. - Total revenue minus the opportunity cost of producing goods and services. Your friend is thinking of opening...

BUS 302 Lab Microeconomics Questions and Answers | Latest Version | Graded A+ **Economic profit is defined as:** Choices: - The difference between total revenue and the explicit costs of producing goods and services. - The difference between total revenue and the implicit costs of producing goods and services. - The difference between total revenue and the opportunity costs of producing goods and services. - The average revenue minus the average cost of producing the last unit of a ...