BA 101 TEST QUESTIONS AND ANSWERS LATEST UPDATE
The contribution margin is calculated by this formula:
An accounting term for profit is
Variable costs are the
costs of making products the company sells
Liabilities are
An accounting term for sales is:
revenue
The accounting system generates information about the:
_______________ helps managers plan, operate and control a company's
activities.
Management accounting
Consumer Power bills the Diaz Company for gas used during the month of
December. Until they pay their gas bill to Consumer Power, Diaz Company would
consider the amount owed to be:
an account payable
The financial statement that shows the financial position of a company as if it
were a "snapshot" of information on a particular date is the:
Depreciation expense is the
dollar value that accounts for the use of equipment and buildings - wear and tear over
time.
Anything of value owned or leased by a business (such as cash, accounts
receivable and buildings) is considered to be:
What is a dividend?
a payment out of profits to the shareholders of company
The information presented in an income statement could be described by this
equation:
sales (revenue) = price per unit X units sold
An account payable is the same as
a current liability
What is a balance sheet?
The financial document that shows revenues, expenses, and profits over a period of
time
Owners' Equity accounts include:
owners investments
The two major classifications of those who have claims against a firm's assets
are
the stockholders and those associated with the company's liabilities.
Who benefits from accounting information?
current assets:
all things that can be converted into cash within the year
Insufficient inventory may:
Cost analysis is best described as
the process defining the costs of specific products or activities within a company
The contribution margin is calculated by this formula:
An accounting term for profit is
Variable costs are the
costs of making products the company sells
Liabilities are
An accounting term for sales is:
revenue
The accounting system generates information about the:
_______________ helps managers plan, operate and control a company's
activities.
Management accounting
Consumer Power bills the Diaz Company for gas used during the month of
December. Until they pay their gas bill to Consumer Power, Diaz Company would
consider the amount owed to be:
an account payable
The financial statement that shows the financial position of a company as if it
were a "snapshot" of information on a particular date is the:
Depreciation expense is the
dollar value that accounts for the use of equipment and buildings - wear and tear over
time.
Anything of value owned or leased by a business (such as cash, accounts
receivable and buildings) is considered to be:
What is a dividend?
a payment out of profits to the shareholders of company
The information presented in an income statement could be described by this
equation:
sales (revenue) = price per unit X units sold
An account payable is the same as
a current liability
What is a balance sheet?
The financial document that shows revenues, expenses, and profits over a period of
time
Owners' Equity accounts include:
owners investments
The two major classifications of those who have claims against a firm's assets
are
the stockholders and those associated with the company's liabilities.
Who benefits from accounting information?
current assets:
all things that can be converted into cash within the year
Insufficient inventory may:
Cost analysis is best described as
the process defining the costs of specific products or activities within a company
