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MBA 610 Exam 1 Questions & Answers 2024/2025 $7.99   Add to cart

Exam (elaborations)

MBA 610 Exam 1 Questions & Answers 2024/2025

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  • MBA 610
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  • MBA 610

MBA 610 Exam 1 Questions & Answers 2024/2025 ________ are items owed to a creditor. ________ are items owned by a company. ________ represents owners' claims to company resources. - ANSWERSLiabilities; Assets; Stockholders' equity Under ________ accounting, revenues are recorded when earned...

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  • November 13, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MBA 610
  • MBA 610
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MBA 610 Exam 1 Questions & Answers
2024/2025

________ are items owed to a creditor. ________ are items owned by a company. ________ represents
owners' claims to company resources. - ANSWERSLiabilities; Assets; Stockholders' equity



Under ________ accounting, revenues are recorded when earned and expenses are recorded with
related revenues. Under ________ accounting, revenues are recorded when cash is received and
expenses are recorded when cash is paid out. Financial statements are prepared using ________
accounting. - ANSWERSaccrual-basis; cash-basis; accrual-basis



The ________ retains the power and authority to set accounting standards. Currently, this responsibility
has been delegated to the________. - ANSWERSSecurities and Exchange Commission; Financial
Accounting Standards Board



In what order are the four primary financial statements prepared? - ANSWERSIncome statement >
Balance sheet > Statement of stockholders' equity > Statement of cash flows



The difference between net income and dividends paid is known as what? - ANSWERSAddition to
retained earnings



A firm's capital structure refers to the firm's: - ANSWERSproportions of financing from current and long-
term debt and equity.



Short-term finance deals with: - ANSWERSthe timing of cash flows.



Which one of these accounts is included in net working capital? - ANSWERSInventory



The process of planning and managing a firm's long-term assets is called: - ANSWERScapital budgeting.

, The cheapest business entity to form is typically the: - ANSWERSsole proprietorship.



Which one of the following statements concerning a sole proprietorship is correct? - ANSWERSThe
owner may be forced to sell his/her personal assets to pay company debts.



A partnership: - ANSWERScreates an unlimited liability for all general partners for the partnership's
debts.



One disadvantage of the corporate form of business ownership is the: - ANSWERSdouble taxation of
profits.



Corporate bylaws: - ANSWERSestablish the rules by which the corporation regulates its existence.



Given the corporate form of business organization, ownership: - ANSWERStransfers are unlimited.



Partnership profits: - ANSWERSare fully distributed as taxable income to the partners.



Financial managers primarily create firm value by: - ANSWERSinvesting in assets that generate cash in
excess of their cost.



Accounting profits and cash flows are generally: - ANSWERSdifferent because of GAAP rules regarding
the recognition of income.



A firm creates value by: - ANSWERSpaying more cash to its creditors and stockholders than the amount it
received from them.



The primary goal of financial management is to: - ANSWERSmaximize the current value per share of the
existing stock.



A conflict of interest between the stockholders and managers of a firm is referred to as the: -
ANSWERSagency problem.

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