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Sevi Practice Problems /119 Questions And Answers Rated (A+)
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Sevi Practice Problems /119 Questions And AnswersRated (A+)
Quiz :_____ can be defined as numerical or verbal descriptions that usually result
from some sort of measurements.
Data
Assets
Statistics
Information - Answer :Data
Quiz :The financial officer of PowerLift, Inc. recently met with the heads of the
marketing, operations, and administration departments to consider adoption of a
decision support system. The marketing department and administrative staff
supported adoption of the system because it would filter irrelevant information
from relevant information. The financial officer thought the system would be too
expensive for the company's current income level. The administrative staff argued
that it would improve productivity by freeing up time wasted on sorting spam,
junk mail, and irrelevant mail such as brokerage notices from statements, and
therefore improve profits. The financial officer said the current email system
already eliminated spam, junk mail could be unsubscribed to, and unwanted
brokerage notices could be eliminated through the brokerage's website so these
things did not require investing in additional software. The operati -
Answer :Reduce Risk
Quiz :Juan is a functional manager at a local company. As a manager, he needs
information about the competitor's product offerings. Juan is likely a ______
manager.
operations
marketing
human resources
financial - Answer :marketing
Quiz :As an operations manager at her company, Amber is most interested in
_____.
,sales projections, promotion and pricing strategies, information on the firm's
customers, and products their competitors are test marketing
information on the firm's finances
wage levels and benefits packages for her company and competitors'
information on present and future sales levels,
current inventory levels of resources, work in process,
finished goods,
the availability and cost of the resources required to produce goods and services -
Answer :the availability and cost of the resources required to produce goods and
services
Quiz :A management information system (MIS) performs five functions. After the
system stores the data, the next step is to ______.
collect the data
present information to users
process the data
update the data - Answer :update the data
Quiz :Darlene has been tasked with creating a report that she will present to
department heads. She plans to utilize information from the company's
management information system (MIS). Darlene is currently working on the
portion of the report where she objectively describes the facts that were
discovered in the process of completing the report. Darlene is working on the
_____.
introduction
recommendations
body of the report
conclusion - Answer :body of the report
Quiz :Richard Fidler, CPA, is auditing the books of a business. Audits are
performed to ensure that financial statements have been prepared according to
_____.
the standards of certified public accountants
,the industry's standards
generally accepted accounting principles
the particular company's standards - Answer :generally accepted accounting
principles
Quiz :Divyansh works as an accountant. His job entails generating financial
statements and reports for stakeholders of his company. Divyansh is a _____.
financial accountant
public accountant
managerial accountant
tax accountant - Answer :financial accountant
Quiz :The special area of accounting that is focused on determining the cost of
producing specific products or services is known as _______.
cost accounting
not-for-profit accounting
tax accounting
government accounting - Answer :cost accounting
Quiz :As you study for your accounting class exam you find that another name for
the statement of financial position is the ____.
statement of cash flows
earnings statement
income statement
balance sheet - Answer :balance sheet
Quiz :Tracy is reviewing the balance sheet for her business. She notices that to be
ordered correctly the accounts should be _____.
liabilities, assets, owners' equity
assets, liabilities, owners' equity
assets, owners' equity, liabilities
owners' equity, assets, liabilities - Answer :assets, liabilities, owners' equity
, Quiz :François is creating a balance sheet for his chocolate shop. He knows he
must list his assets in order of liquidity. Which of the following assets would
François list first?
Marketable securities
Accounts receivable
Sales
Cash - Answer :cash
Quiz :Bond Furniture's accountant has prepared a(n) _____ for the company. It is
a summary of the firm's revenues and expenses during a specified accounting
period, such as a year.
balance sheet
income statement
statement of cash flows
statement of financial position - Answer :income statement
Quiz :Martinsville IGA had net sales for the period of $175,000, operating
expenses of $25,000, and a cost of goods sold of $85,000. What is Martinsville
IGA's gross profit?
$150,000
$60,000
$90,000
$260,000 - Answer :$90,000
Quiz :When a firm reports its operating expenses, they are categorized as either
______ expenses related to the firm's marketing activities or _______ expenses
incurred in managing the business.
one-time; recurring
selling; general
current; long-term
large; small - Answer :selling; general
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