business

Ace your homework & exams now with Quizwiz!

Which statement estimates when, where, and how much money will into and out of a business next year?

Cash flow statement

Operations activities vary depending on a business's

product

The foundation of the operations function is

production planning

What accounting record would summarize a business's profit or loss for a previous year?

Income statement

To keep communication flowing with other departments, the finance function depends on

Information systems

How does the finance function relate to company spending?

It plans and controls spending.

Which of the following is a requirement for a good accounting system:

It should provide needed information quickly.

The process of keeping the financial records of a business is known as

accounting

Money the business owes is known as

accounts payable

Money owed to the business is known as

accounts receivable

For an accounting system to be useful to the business, the accounting information it contains must be

accurate and up to date.

Operations managers must work closely with managers and employees in

all other parts of the business.

A creditor is most likely to examine a business's financial accounting records if the business is

applying for a bank loan.

A clothing manufacturer builds quality into its operating system, placing responsibility on each employee. This process is known as quality

assurance

The finance function is usually responsible for which of the following processes:

budgeting

Determining which projects a business should invest in is known as

capital budgeting

The overall purpose of accounting is to

control the finances of the business

Maintenance and repairs is an operations activity that includes

custodial work

The operations function consists mainly of activities that are performed on a __________ basis.

daily

Operations managers have two main goals in mind—efficiency (keeping costs low) and

effectiveness

Which of the following is an example of one of a business's inputs:

employee

Selling shares in the company to raise money for a new venture is referred to as __________ funding.

equity

Which of the following is a capital investment decision:

how to finance investments

Riley works for the federal govt studying the financial reports of major businesses in an industry. Her purpose is to

identify trends in the industry.

The finance function ensures that the company's financial goals are

in line with organizational products

The difference between service providers' and manufacturers' operations activities is that service providers produce __________ outputs.

intangible

The administration of assets refers to decisions about

investments

Because operations managers control so much of a business's money, they must focus on

keeping costs low

Deciding how to transport goods is part of which operations activity?

logistics

Running out of inventory can result in

lost sales

Which of the following is not a main factor in a business's site selection decision:

media

Finance is the business function that involves managing

money

The finance function would definitely be involved in a decision regarding

new business projects and strategies.

Accounting is distinct from finance because its main focus is on

recordkeeping activities

The goals of the finance function are to ensure profitability and

reduce risks

An operations manager must determine the sequence materials will take through the production process. This activity is known as

routing

Complying with environmental laws is part of which operations activity?

safety and security

Checks, receipts, invoices, and purchase orders are examples of

source documents

125,000 in sales revenue, 50,000 in cash sales, and credit sales of 75,000 accounted for a business is an example of

the accrual method of accounting.

A company's current balance of assets and liabilities falls under the focus of

working capital management

What type of accounting method would most likely be used by a small business owner who does not offer credit?

Cash M

Which of the following makes comparisons of the financial conditions at multiple organizations possible:

Accounting standards

A business has a large number of outstanding loans and customer charge accounts. What accounting method would be used?

Accrual method

Decisions about financing refer to the

Acquisition of funds

Which of the following presents the first three steps in the accounting cycle in the correct order:

Analyze, journalize, and post

Which of the following categories of information are found on a balance sheet:

Assets, liabilities, owner's equity

If a bank feels that you would not be able to make a montly payment and won't grant credit thay have reviewed:

Balance sheet

Which of the following is a true statement:

Bookkeeping records business transactions.

Two employees stole $50,000 from the a business using their computerized accounting systerm. What did the system lack?

Protection from theft and fraud

Which of the following groups makes regular use of a business's managerial accounting information

Supervisors

Why are accurate accounting records important to a business?

They show how the business is doing.


Related study sets

Cerro - For the Love of ACT Math - Chapter 7 - Classified

View Set