business pt 2

What step in the accounting cycle occurs after journal entries are posted to the business's ledger? 1. A trial balance is prepared. 2. Transactions are classified. 3. Source documents are gathered. 4. Receipts are disbursed.

a trial balance is prepared

When customers buy on credit, the money owed the business by the customers is part of the business's 1. accounts payable. 2. accounts receivable. 3. current liabilities. 4. cash receipts

accounts receivable

Which of the following would be included in a business's income statement: 1. Liabilities 2. Cash on hand 3. Net worth 4. Operating expenses

operating expenses

Which of the following is a trend in information management: 1. Fewer electronic documents 2. Decreased competition 3. Less incoming information 4. Increased use of outsourcing

increased use of outsourcing

An important purpose of accounting is to provide accurate financial information that is useful to 1. management. 2. government. 3. employees. 4. suppliers.

management

Which of the following is a true statement regarding information management 1. It's used primarily for decision making. 2. It's necessary for making even small business decisions. 3. It's the same thing as data processing. 4. It's the same thing as MIS.

its necessary for making even small business decisions

An MIS (management information system) involves people, processes, and 1. payroll. 2. practices. 3. decisions. 4. financial statements.

practices

A characteristic of the accrual method of accounting is that it 1. is the method used by businesses that don't offer credit. 2. is the method most frequently used by small businesses. 3. records transactions at the time the money changes hands. 4. records credit purchases when the purchases are made.

records credit purchases when the purchases are made

some of the major functions of marketing are..

selling, pricing, promotion, channel management