Financial accounting information——
should be prepared differently by each company should be
incomplete in order to confuse competitors provides investors
guarantees about the future summarizes what has already
occurred
Which of these events will NOT be recognized in the financial
statements?
A service is performed, but the payment is not collected on
the same day.
A copy machine is ordered. It will be delivered in two
weeks.
Electricity has been used but has not been paid for.
Supplies are purchased and delivered. They are not paid for;
the company will be billed.
Which of the following is likely NOT a type of not-for-profit
entity?
community foundation
university
local Cineplex Odeon movie theater
public library
What adjusting journal entry is needed to record depreciation
expense for the period?
a debit to Accumulated Depreciation; a credit to Depreciation
Expense
a debit to Depreciation Expense; a credit to Cash
a debit to Depreciation Expense; a credit to Accumulated
Depreciation
a debit to Accumulated Depreciation; a credit to
Cash
When operating in a constrained environment, which products
should be produced?
products with the highest contribution margin per unit of the
constrained process
products with the highest selling price
products with the lowest allocated joint cost
products with the highest contribution margin per
unit
Management accountants help the management of an organization
in their planning function through ----
evaluating costs
monitoring anti-theft systems
strategic planning
analyzing profits
Shareholders can best be defined as which of the
following?
investors who lend money to a business for a short period of
time
investors who purchase an ownership in the business
analysts who rate the financial performance of the
business
investors who lend money to a business for a long period of
time