SB
To ensure your accounting information is accurate, reliable, and useful, the accounting system you choose should easily and efficiently maintain an internal 'audit trail".
True
To prepare a cash flow statement, the cash inflows and outflows are ...
True
shows what assets the company owns and who has claims on those assets of a given date
Balance Sheets
Lines of communication means having a way for the person who has failed to meet a metric, or made a mistake, or is facing firing to have their side of the...
False
Reviewing employees' performance is a one-time process done after the probationary period.
False
The advantage of legal protection methods for intellectual property is that there are multiple government agencies in each area that will assist a...
False
The ideal goal in a business negotiation is for one side to win and the other side to lose.
False
Which of the following is an example of long-term incentives to employees that help retain valuable team members?
Stock options
Which of the following forms of business requires no government permission to set up?
sole proprietorship
Ted, a 46-year-old IT professional, recently attended a job interview at Acton Org. He was not offered the job. Ted tried to find the reasons for his disqualification and the company could not provide a satisfactory explanation. He later learned that he was refused the job due to his age as the job position was offered to a 23-year-old who had just graduated from college. Which of the following laws protect Ted from such discriminations?
ADEA
Aaron, a businessman, has a method of keeping track of accounts receivable by sorting them into groups of those that are 30, 60, 90, and over 90 days past due. Aaron's key in controlling receivables is to have them __ by sorting them into groups.
Aged
Establish five protected classes...
Applicants, employees and former employees are protected from emplovment discrimination based on race, color, religion, sex (including pregnancy, sexual orientation, or gender identity), national origin, age (40 or older), disability and genetic information (including family medical history).
Which of the following is a statement of what a business owns, what it owes to others, and how much value the owners have invested in it?
Balance sheet
-is the name given to the bank's accounting system for all recognized transactions that affect the account, including deposits,...
Bank Ledger Balance
to exchange goods and services without the use of money
Barter
A financial plan for the future, based on a single level of operations; a quantitative expression of the use of resources necessary to achieve a...
Budget
provides funds to pay the ordinary operating expenses of a business should it be forced to close temporarily because of an insured event.
Business interruption insurance
Which of the following accounting functions focuses the most on automatically calculating and accumulating depreciation?
Fixed asset accounting
Julia recently set up a factory that manufactures shoes. To ensure that her business complies with the basic OSHA regulations, which of the following steps should she take?
She must provide medical examinations for all her employees.
Joshua suffered a serious knee injury at work after a machine he was Using malfunctioned. Joshua plans to sue for compensation from Milch Enterprises, the company that built that machine. Joshua's attorney wants a percentage of the compensation if it is proven that Milch Enterprises' negligence caused the accident. Which of the following types of legal fee would Joshua be paying to his attorney?
contingency fees
A partnership where all partners are equally and fully responsible for the business's obligations is called a(n)
general partnership
Which of the following statements is true regarding the balance sheet?
it's values are considered as historical values.
Tammy is talented at craft but lacks the cash flow management skills required to run a business. She opens a store, Tammy's Craft Corner, with the help of her son David-a business major-who would manage the budgets and expenses of the business. Tammy buys her craft materials on credit from her supplier but clears all her debts at the end of every month. The amount that Tammy owes her supplier is referred to as
payables
An ideal situation is where a business receives new inventory just as the last unit of the previous order is sold. However, this..
sales volumes are not constant.
Tammy is talented at craft but lacks the cash flow management skills required to run a business. She opens a store, Tammy's Craft Corner, with the help of her son David-a business major-who manages the budgets and expenses of the business. David prepares the quarterly budget and maintains a company book for recording all transactions. The company book balance that David regularly updates is the sum of:
the cash inflows and cash outflows recorded in the firm's accounting records.
The most common form of employee collusion is:
theft of cash and inventory.
In the Insurance business, risk can best be defined as
uncertainty regarding financial loss
There are three general types of events that cause business risk, one of which arises from your capital structure.
False
to meet the high production demand, jack Wilson- the owner of jg sawmills-needs to invest in a frame saw. he has narrowed down to two choices; a double cut frame CZ84 saw with chipper and a HY-200 saw with double arbor bearings. the cost of CZ84 will be $91,000, whereas the cost of HY-200 will be $110,000. The salvage value of each type is $0 and both will have a useful if of 4 years. assuming that the money is received evenly across the year, what will be the payback period it jack decides to invest in the CZ84 double cut frame saw?
2 years and 11 months
A(n) is an amount of loss that is specifically excluded by
A deductible is a sum of loss from which the insurance policy expressly disclaims coverage. An insurance deductible is what? The sum of money you must ...
Accounting Equation
Assets = Liabilities + Equity
A(n) __ identifies when, how, and why money is expected to come into the business, and when, how, and why it is expected to leave.
Cash Budget
The is a schedule of the amounts and timings of payments of cash out of a business.
Cash disbursements
In a merchandising business, when the merchandise is sold, the revenue is reported as sales and its cost is recognized as an expense....
Cost of merchandise sold
The computers at a graphics design company were stolen recently. Which of the following insurance that the company holds will repay the losses incurred?
Crime Insurance
Which of the following is an example of a special type of liability insurance that covers losses from harm caused during the...
Errors and omissions insurance
Which among the following federal employment laws requires employers to implement an affirmative action plan for hiring and promoting females and minorities?
Executive Order No. 11246
Which of the following laws establishes the minimum wage?
Fair Labor Standards Act
We use many electronic forms of money: debit cards, online bill payments, electronic bank drafts, and wire transfers. These forms of money make an important point - the essence of money is that it is a form of
Information
Method of recruiting that allows you to search a résumé database or post a job description to the Web - Use filters to search vast numbers of résumés with pinpoint accuracy. - The main contribution of a recruiting website has been to speed up hiring and vastly increase the accuracy of the job-search process
Internet recruiting
is the determination of the amount of assets held by the firm for sale or production.
Inventory Valuation
Which of the following is a disadvantage of renting capital assets?
It requires the business to make regular, timely payments.
Which of these is the first step in crafting a job description?
Job title
is a measure of how quickly a company can raise money through internal sources
Liquidity
Which of the following steps would help decrease business risks?
Making specific plans for and arrangements to deal with foreseeable events
Which of the following is a risk specific to dentists and physicians?
Malpractice Claims
What is the primary purpose and focus of managerial accounting
Managerial accounting provides information that helps managers plan, direct, and control operations. By focusing on relevant information, managerial accounting assists managers in formulating and implementing the organization's strategy and making good business decisions.
In which of the following dispute resolution methods is the decision nonbonding on the parties involved?
Mediation
Which of the following statements is not true of managing and fostering productivity among virtual employees?
Micromanagement is important as they are remote.
Identify the management philosophy of selecting and promoting people based on family ties.
Nepotism
Which of these refer to a part of a contract in which a person agrees not to open a certain type of business or seek employment doing certain...
Non complete Cause
Tammy is talented at craft but lacks the cash flow management skills required to run a business. She opens a store, Tammy's Craft Corner, with the help of her son David-a business major-who manages the budgets and expenses of the business. Within a few months, David notices problems in cash flow. Although not the primary strategy of her business, Tammy takes up craft projects for kindergarten schools in an effort to increase cash inflow. This kindergarten project is an example of a(n)
Noncore Project
Which of the following statements is not true of psychological contracts?
Putting a psychological contract in writing is unnecessary and ill-advised.
Refers to amounts that are owed to a business for merchandise that was sold on credit
Receivables
Susan, who is a florist, purchases her flowers on credit. Lucy, a customer, takes eight bouquets and promises to pay Susan within two weeks. The...
Receivables
Which of the following should be undertaken in order to reduce a business's exposure to the risk of violating tax regulations?
Reconcile the cash register tape to the cash register contents every day
Which of the following should be undertaken in order to reduce a business's exposure to the risk of violating tax...
Reconcile the cash register tape to the cash..
After -, the corrected bank balance and corrected book balance will be identical.
Reconciling
Larry owns a successful business called Super Car-Hire. He plans to sell it to Bob. Bob assumes that he can keep up the high revenues if he can plan and execute the mission of the business well. Which of the following basic accounting concepts is reflected in Bob's assumption?
The going concern expectation
Accounting is important for small businesses because investors will not even consider funding your concept unless you provide specific accounting information in an accepted format.
True
Business interruption insurance provides funds to pay the ordinary operating expenses of your business if it is forced to close temporarily because of an...
True
Contractual provisions of insurance policies that specify what risks the insurance company is assuming are called coverages.
True
Financing may be in the form of cash donated to a business in return for ownership.
True
Joint ventures are partnerships through which two or more businesses combine to undertake a specific economic activity.
True
Networking is a relatively low-cost, although time-intensive, method of recruiting.
True
Risk from loss of key personnel and former employees setting up competition against your business can be managed by negotiating employment contracts with...
True
The best prevention method, or approach for avoiding a cash flow problem is attending to and understanding your business operations.
True
The total cost of keeping inventory is the sum of the cost to buy the inventory, the cost to store, protect, and maintain inventory, and the cost of making an...
True
In a statement of cash flows, the sale of a long-term investment would ordinarily be classified as:
an investing activity
Which of the following is not generally considered to be very useful for any purpose other than accounting and income taxes?
book value
Which of the following is not part of the operating budget?
cash budget
To treat family and nonfamily employees as similarly as possible in a business, it is important to:
create career ladders for nonfamily members.
After determining an organization's compensation philosophy, the next step in developing a compensation plan is to:
find comparison factors for salary.
Reconciliation of bank and book balances helps to:
identify any mistakes made by either a bank or by a business.
Training and flexible hours are a part of the _ strategy used to control money that is expected to leave the firm.
noncash incentive
Amounts owed to vendors for merchandise or services purchased on credit are called
payables
Which of the following accounting functions ensures that the employment taxes are kept current?
payroll records
