Question 1

Match each item with the correct statement below.
-Claims against assets.

Accepted Answer

A)  accounts receivable record
B)  advertising budget
C)  Budget
D)  capital budget
E)  cash budgetF) depreciationG) financial recordsH) fixed assetsI) income statement budgetJ) liabilitiesK) merchandising budgetL) operating budgetM) sales budgetN) working capitalO) B) and I)
P) A) and B)

Question 2

Movement of cash into and out of a business is known as

Accepted Answer

A)   profit sharing
B)   cost of goods sold
C)   operating expenses
D)   cash flowE) A) and B)
F) A) and C)

Question 3

Business expenses for advertising, supplies, and maintenance are examples of operating expenses.

Accepted Answer

A) True 
 B)False

Question 4

A manager is most likely to use financial reports to

Accepted Answer

A)   decide whether to continue operations
B)   decide on the terms of a business loan
C)   detect fraudulent practices
D)   make day-to-day decisionsE) B) and D)
F) None of the above

Question 5

A company can be highly profitable yet not have enough cash on hand at the right times to pay its bills.

Accepted Answer

A) True 
 B)False

Question 6

Systems for keeping accounting records can require no equipment or be highly computerized.

Accepted Answer

A) True 
 B)False

Question 7

An income statement is a financial report that would primarily be used for internal control of cash.

Accepted Answer

A) True 
 B)False

Exam 15: Business Financial Records

Match each item with the correct statement below. -Claims against assets.

Correct Answer
verified

Systems for keeping accounting records can require no equipment or be highly computerized.

Correct Answer
verified

Movement of cash into and out of a business is known as

Correct Answer
verified

A company can be highly profitable yet not have enough cash on hand at the right times to pay its bills.

Correct Answer
verified

Business expenses for advertising, supplies, and maintenance are examples of operating expenses.

Correct Answer
verified

A manager is most likely to use financial reports to

Correct Answer
verified

An income statement is a financial report that would primarily be used for internal control of cash.

Correct Answer
verified

Exam 15: Business Financial Records

Match each item with the correct statement below. -Claims against assets.

Correct AnswerverifiedShow Answer

Systems for keeping accounting records can require no equipment or be highly computerized.

Correct AnswerverifiedShow Answer

Movement of cash into and out of a business is known as

Correct AnswerverifiedShow Answer

A company can be highly profitable yet not have enough cash on hand at the right times to pay its bills.

Correct AnswerverifiedShow Answer

Business expenses for advertising, supplies, and maintenance are examples of operating expenses.

Correct AnswerverifiedShow Answer

A manager is most likely to use financial reports to

Correct AnswerverifiedShow Answer

An income statement is a financial report that would primarily be used for internal control of cash.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified