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BUSM-20 Final Exam (Study Guide): Questions & Answers
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BUSM-20 Final Exam (Study Guide): Questions & Answers
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BUSM-20 Final Exam (Study Guide): Questions &Answers
An important difference between accounting and other business functions,
such as marketing and management, is that Right Ans - the recording,
classifying summarizing and interpreting of financial events and transactions
to provide management and other interested parties the information they
need to make good decisions
Although accounting has several specific uses, the overall purpose of
accounting can be summarized as Right Ans - a major purpose of
accounting is to help managers make well informed decisions. another is to
report financial information about the firm to interested stakeholders, such as
employees owners, creditors, suppliers, unions, community activists,
investors and the goverment (for tax purposes)
The accounting profession is divided into 5 key working areas, two of which
are Right Ans - managerial accounting, financial, auditing, tax accounting,
and government and not for profit accounting
The Balance Sheet, the Statement of Cash Flows, and the ______________ are three
key financial statements prepared by accountants Right Ans - The balance
sheet, the statement of cash flows, and the income statement are
The __________ is an accounting statement that reports the financial condition of
a firm at a specific point in time. Right Ans - the balance sheet
________ examine the data prepared by ________ and then make
recommendations to top management regarding strategies for improving the
firm Right Ans - managers examine the date prepared by accountants
Undercapitalization refers to the problem of Right Ans - the problem of:
insufficient funds to start the business
Which of the following activities is most likely to be performed by a financial
manager? Right Ans - Financial managers are responsible for paying the
company bills at the appropriate time and for collecting overdue payments to
make sure the company does not lose too much money to bad debts (people
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