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15 Cards in this Set
- Front
- Back
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86. _____ activities focus on selling goods and services A) investing
B) Financing C) Operating D) Marketing |
C) Operating
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87. Sri manages the sales force for his company. He is engaged in the _ activity.
A) accounting B) operating C)financing D) investing |
B) Operating
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88. Public accountants typically perform all of the following tasks for a business client EXCEPT
A) developing the firm's marketing strategy B) reviewing a firm's financial statements C) planning D) management consulting |
A) Developing the firm's marketing strategy
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89. Fayez works as an accountant for the city of Portland. Fayez can best be described as a
A) management accountant B) govemment accountant C) public accountant D) cost accountant |
B) Government accountant
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90.) The rules followed by accountants when preparing financial statements are referred to as
A) Generally Accepted Accounting Practices (GAAP) B) Financial Accounting Standards Board (FASB) C) the accounting process D) the accounting system |
A) Generally Accepted Accounting Practices (GAAP)
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The ____ was created by the Sarbanes-Oxley Act of 2002.
A) Public Company Accounting Oversight Board B) Securities & Exchange Commission C) GAAP D) FASB |
A) Public Company Accounting Oversight Board
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92. All of the following ale assets EXCEPT
A) inventory B) bank loans C) patents D) cash |
B) bank loans
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93. Which of the following represents the basic accounting equation?
A) Assets + Liabilities = Owners Equity B) Liabilities = Assets + Owners' Equity C) Assets = Liabilities + Owners' Equity D) Owners' Equity - Liabilities = Assets |
C) Assets = Liabilities + Owners' Equity
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94. Milwaukee Fabrication has $50 in assets and $30 million in owners' equity. How much does the have in liabilities?
A) $20 million B) $30 million C) $50 million D) $80 million |
A) $20 million
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95. All of the following are liabilities EXCEPT
A.) accounts payable B) accumulated profits not paid in dividends C) bank loans D) wages payable |
B) accumulated profits not paid in dividends
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96. Camden Products buys a $500.000 machine by taldng out a bank lo.. The company's assets will ___ by $500,000 while its liabilities will ___ by $500,000.
A) rise; fall B) fall; rise C) rise; rise D) fall; fall |
C) rise; rise
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97. Which of the following financial statements shows a firm's financial position at a particular date?
A) Balance sheet B) Income statement C) Statement of cash flows D) Statement of changes in retained earnings |
A) Balance sheet
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98. Jackson, chief financial officer the a company, is interested in a summary of all the costs related to producing revenues for the most recent quarter. He can best find this information by consulting the ____ section of the _____
A) current asset; balance sheet B) operating; cash flow statement C) expense; income statement D) current liability; balance sheet |
C) expense; income statement
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99. Daniel wishes to create a financial blueprint for a future period that reflects such items as expected sales revenues, operating expenses, and cash receipts and disbursements. Daniel wants to create a(n)
A) sales forecast B) statement of cash flows C) budget D) income statement |
C) budget
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100. When Tenninex sprays a home for pests, this is an example of
A) consumer services B) specialty products C) convenience products D) business services |
A) consumer services
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