Question 1Tips5 ptsAccounting involves the _____ of the financial activities for firms.Group of answer choicesdelegatingsummarizingcreationempoweringplanning Flag question: Question 2Question 2Tips5 ptsAccounting provides a framework for looking at:Group of answer choicespast performancecurrent financial healthpossible future performancefinancial performances of different firmsall of the above Flag question: Question 3Question 3Tips5 ptsManagerial accounting provides all of the following financial information EXCEPT:Group of answer choicesproduction reportspayroll summariesincome statementsbudgetsmonthly sales records Flag question: Question 4Question 4Tips5 ptsManagerial accounting provides information that would probably be most beneficial to:Group of answer choicesthe IRSfinancial analystsa lending officer of the banka middle manager of the companyshareholders Flag question: Question 5Question 5Tips5 pts_____ deals with reporting to outsiders. _____ accounting deals with the internal operations of the firm.Group of answer choicesBookkeeping; Financial accountingFinancial accounting; AuditingAuditing; Managerial accountingExternal accounting; Internal accountingFinancial accounting; Managerial accounting Flag question: Question 6Question 6Tips5 ptsWhich of the following is an example of an asset that might be owned by a minor league baseball team?Group of answer choicessalaries owed to its playersthe cost of getting tickets printedreputation as a winning teamthe price made for advertising on local radioall of these Flag question: Question 7Question 7Tips5 ptsWhich of the following is an example of an intangible asset for a manufacturer of padlocks?Group of answer choicesmoney owed to them by a do-it-yourself superstore chaina patent on titanium lock mechanisma machine for forming the locks out of sheet metala warehouse for storing locksan office for company CEO Flag question: Question 8Question 8Tips5 ptsAnother term for owners' equity is:Group of answer choicesassetsliabilitiesnet worthgross worthgross sales Flag question: Question 9Question 9Tips5 ptsWhich of the following calculations is a formal expression of the accounting equation?Group of answer choicesassets + liabilities = owners' equityassets * liabilities = retained earningsassets - owners' equity = liabilitiesassets = liabilities + owners' equityassets/liabilities = owners' equity Flag question: Question 10Question 10Tips5 ptsIn accounting, every transaction must be recorded as two entries. This system is called:Group of answer choicesaccounting-cycle bookkeepingdouble-entry bookkeepingdual-notation bookkeepingdouble-decker bookkeepingtandem record keeping Flag question: Question 11Question 11Tips5 ptsWhich of the following is the BEST example of a current asset for a university bookstore?Group of answer choicesthe building in which the store is locatedaccounting software used to control store's inventorycredit card charges by book buyersmoney paid for rent and utilitiessalary paid to student employees Flag question: Question 12Question 12Tips5 pts_____ are temporary investments of excess cash in bonds and stocks that can readily be converted into cash.Group of answer choicesAccounts receivableOwners' net contribution marginsNotes payableMarketable securitiesMarketable receivables Flag question: Question 13Question 13Tips5 ptsAmounts owed to the firm by customers who bought goods and services on credit are called:Group of answer choicesaccounts receivableowners' equitynotes payablemarketable receivablesaccounts payable Flag question: Question 14Question 14Tips5 ptsCurrent assets, such as marketable securities and inventory, usually are expected to be turned into cash within:Group of answer choicesone monthfive yearsone yeareighteen monthstwo years

For financial information to be understandable, the users should not have adequate background of the financial statements, thefinancial information, and of course, financial accounting.Group of answer choicesTrueFalse Flag question: Question 24Question 241 ptsReceivables give the company a right to receive cashGroup of answer choicesTrueFalse

Question 14Tips4 pts_________ is the study of the economic choices of individual consumers, families, or businesses.Group of answer choicesEntrepreneurshipConsumer BehaviorMacroeconomicsMicroeconomics Flag question: Question 15Question 15Tips4 ptsCorporations have all of the following advantages EXCEPT _______Group of answer choicesFavorable tax treatmentperpetual life of the organizationease of ownership changeability to raise more money for investments Flag question: Question 16Question 16Tips4 ptsA business incurs a ___________ if its costs and expenses exceed its revenues.Group of answer choicesliabilitydividendlossdebit Flag question: Question 17Question 17Tips4 ptsA ______________ analysis is used to help companies evaluate their internal strengths and weaknesses, and develop an awareness of external threats and opportunitiesGroup of answer choicesAssetWISHSWAMPSWOT Flag question: Question 18Question 18Tips4 pts________________ is the use of a third party in the resolution of a dispute.  This third party encourages both sides in the dispute to continue negotiating and often makes suggestions for resolving the matter.Group of answer choiceswork stoppageArbitrationMediationUnion shop steward Flag question: Question 19Question 19Tips4 ptsWhich of the following financial statements would show a firm’s profit after costs, expenses, and taxes.Group of answer choicesBalance SheetIncome StatementIndentureCash Flow Flag question: Question 20Question 20Tips4 ptsWhich of the following allows two or more part-time employees an opportunity to create one full-time position?Group of answer choicesJob enlargementJob rotationJob SharingJob simulation Flag question: Question 21Question 21Tips4 ptsWhich of the following correctly defines Demographic Market Segmentation?Group of answer choicesDividing the market by determining which benefits of the product to talk about.Dividing the market by age, income, and educational level.Dividing a market by cities, counties, states or regions Flag question: Question 22Question 22Tips4 ptsWhen managers determine that an organization is not making sufficient progress toward achieving its goals and objectives and they develop corrective measures, they are involved in:Group of answer choicesDirectingPlanningAccountingControlling Flag question: Question 23Question 23Tips4 ptsThe managerial function that includes informing, empowering and including stakeholders in an effort to garner their commitment towards goals is called: Group of answer choicescontrollingLeadingPlanningOrganizing Flag question: Question 24Question 24Tips4 pts_________ refers to standards of conduct and moral values of a firmGroup of answer choicesBusiness EthicsA social auditSocial Responsibility Flag question: Question 25Question 25Tips4 ptsGiving front-line employees responsibility and authority to respond quickly to customer requests is called.Group of answer choicestop-down managmentteamworkcommunicationempowerment

Question 1Tips2 pts_____ is the process of guiding the development, maintenance, and allocation of resources needed to attain organizational goals.Group of answer choicesFunctional coordinationStrategic planningTactical planningMotivationManagement Flag question: Question 2Question 2Tips4 ptsManagement involves:Group of answer choicesorganizingcontrollingleadershipplanningall of the above Flag question: Question 3Question 3Tips4 ptsWhich of the following is NOT one of the four functions of management?Group of answer choicesPlanningControllingOrganizingBudgetingLeadership Flag question: Question 4Question 4Tips4 ptsThe world's largest bank. Deutsche Bank set as its objective to make its name more recognizable in the United States. The success of its decision to sponsor a PGA golf tournament to accomplish this organizational objective will ultimately depend on which management function?Group of answer choicesPlanningControllingOrganizingCommunicatingLeadership Flag question: Question 5Question 5Tips4 ptsManila Water, the provider of the water and sewerage services in the capital of the Philippines has purchased the government owned water and sewerage system for the entire country. It promises to make the nation's water and sewerage system run as efficiently and profitably as the one it operates in Manila. The development, maintenance, and allocation of resources to achieve its goal will require:Group of answer choicesprocessingorganizingleadershipplanningcontrolling Flag question: Question 6Question 6Tips4 pts_____ planning is short-range, detailed planning that is based on long-range planning. It typically has a time frame that is less than one year long.Group of answer choicesTacticalStrategicHands-onProceduralFunctional Flag question: Question 7Question 7Tips4 ptsThe world's largest bank, Deutsche Bank, set as its objective to make its brand name as recognizable in the United States as FedEx and Visa are over the next ten years. The implementation of this long-range plan would require _____ planning.Group of answer choicesfunctionaltacticalproceduralsupervisoryautocratic Flag question: Question 8Question 8Tips4 ptsAfter the World Cup soccer games, Puma, the German sporting goods manufacturer, increased its end-of-year sales target by $641 million. Puma developed _____ plans with a goal that extra sales would come from new product categories the company was introducing, sale of soccer equipment, and consolidation of several subsidiaries.Group of answer choicesfunctionaltacticalproceduralsupervisoryautocratic Flag question: Question 9Question 9Tips4 ptsA _____ is a formal document that states an organization's purpose and reason for existing and describes its basic philosophy.Group of answer choicescorporate manifestomission statementvisioncompany proclamationprinciple of existence Flag question: Question 10Question 10Tips4 ptsThe _____ of the Booth Western Art Museum reads, "The Booth Western Art Museum will educate, entertain, and inspire a diverse audience by creating a place where people feel welcome, find meaning and value, and delight in exploring the uniqueness of Western American art and culture."Group of answer choicescorporate manifestomission statementcontingency goalcompany proclamationprinciple of existence Flag question: Question 11Question 11Tips4 ptsMost firms have three distinguishable levels of management. They are:Group of answer choiceslow, middle, and chieffunctional, middle, and staffsupervisory, middle, and topoperational, supervisory, and topfunctional, operational, and strategic Flag question: Question 12Question 12Tips4 ptsThe lowest level of management, which usually has the most people to manage, is called _____ management.Group of answer choicestopmiddlestrategicsupervisoryfunctional Flag question: Question 13Question 13Tips4 ptsMiddle managers usually:Group of answer choicesact as representatives to other firmsset overall goals and objectivesmanage the employees on the assembly linecarry out plans and policies of top managementact as figureheads for the company Flag question: Question 14Question 14Tips4 ptsA relatively small group of managers at the head of an organization that establishes overall strategy and long-range goals is called _____ management.Group of answer choicesfunctionalsupervisorytopmiddleoperational

Question 15Tips5 ptsCollecting data over a period of time and then processing that data all at the same time is called _____ processing.Group of answer choicesoff-lineon-lineauxiliarybatchgroup Flag question: Question 16Question 16Tips5 ptsProcessing data as they become available is called _____ processing.Group of answer choicesoff-lineonlineauxiliarybatchcoordinated Flag question: Question 17Question 17Tips5 ptsAustralia's Health Insurance Commission processes 300 million health claims and makes annual payments of $8 billion of payments to clients. The company would store all of its more than three gigabytes of information in a(n) _____ to support management decision making.Group of answer choicesdata mineinformation centerdata stationdata warehouseinformation network Flag question: Question 18Question 18Tips5 ptsIn 2004, a large department store chain in Germany was forced to withdraw customer loyalty cards when the press discovered that the company had secreted radio-frequency identification (RFID) tags in the plastic. Even when enclosed in a wallet or purse, these cards can transmit information over distances of about a meter, and the stores planned to use them to track which departments the customer visited. All of the customer information gathered was stored in a(n):Group of answer choicesdata mineinformation centerdata stationdata warehouseinformation network Flag question: Question 19Question 19Tips5 ptsA(n) _____ is an organization's management support system that combines many databases to improve management decision making.Group of answer choicesdata mineinformation centerdata stationdata warehouseinformation network Flag question: Question 20Question 20Tips5 ptsData warehouses may contain many _____, subsets of a data warehouse that each deal with a single area of data.Group of answer choicesdata martsinformation networksdata minesinformation clustersdata nuggets

The conceptual framework of accounting defines the elements of the financial statementsGroup of answer choicesTrueFalse