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Exam 15: Using Management and Accounting Information

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Question 21

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Samz Off-Road Rage is a motorcycle shop that caters to off-road sports.The store carries top brand off-road motorcycles,and parts and accessories in addition to helmets,boots,safety equipment,clothing,and small items like stickers and flashlights.It imports KTM motorcycles directly from Austria,Husqvarna motorcycles from Sweden,and Ducati motorcycles from Italy,and carries the top US brands as well.Sam pays an import facilitator to handle all of the importing paperwork,pick up the motorcycles,and pay any fees that may be due.Sam is required to reimburse the company for the fees.Sam's shop is on a main street near an auto mall and industrial area.Sam pays monthly rent and utilities,and pays for a business license,security system,cleaning service,accounting service,all store supplies and display materials,and has six employees.His monthly profit is about $50,000.On an income statement,where would the rent,utilities,business license,security system,cleaning service,accounting service,supplies,display materials and payroll be found?

A) Revenues
B) Cost of goods sold
C) Operating expenses
D) Net income

E) B) and D)
F) A) and C)

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Question 22

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Which of the following presents assets in the correct balance sheet order?

A) Cash,land,accounts receivable,equipment
B) Marketable securities,equipment,prepaid insurance,inventory
C) Cash,inventory,equipment
D) Accounts receivable,buildings,inventory,land
E) Buildings,prepaid expenses,inventory,equipment

F) C) and E)
G) A) and D)

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Question 23

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A price reduction to customers who pay their bills promptly is called

Intel decides to issue new stock in order to build a new facility and expand its operations.The receipt of cash from this stock issue would appear in the ____ section of the statement of cash flows.

Since furniture and store equipment for Billy's Boutique will be held or used for a period longer than one year,they are considered

Net income is the profit earned (or the loss suffered)by a firm during an accounting period after the cost of goods sold and all expenses have been deducted from revenues.

Since business has been rapidly expanding,A Shot of Sugar Bakery decides to purchase a second industrial oven.The cash paid for this oven would be listed in the ____ section of the statement of cash flows.

Another name for the statement of financial position is the

Current assets are assets that can be converted quickly into cash or that will be used in two years or less.

How might the information needs of a marketing manager differ from those of an operations manager?

​The total dollar amount of all goods and services sold during the accounting period is the

Lutex Corporation began its accounting period with a merchandise inventory (beginning inventory) that cost $10,000.During the period,it purchased for resale merchandise with a retail value of $100,000.With purchase discounts,it paid only $80,000 for this merchandise.Thus,during this period,Lutex had ____ in goods available for sale.

A firm has $260,000 in assets and $158,000 in stockholders' equity.It owes $55,000 from a long-term loan,and this is its only long-term liability.This firm has ____ in total current liabilities.

Resources that a firm owns are called

Typically,the majority of the data gathered for an MIS come from external sources.

The debts of a business that will be paid in one year or less are called its

The mortgage on Prudential Insurance's local facility will be paid off over the next 30 years.The majority of this mortgage would be classified on Prudential's balance sheet as a(n)

Lamonte is employed by a sports broadcasting station in Los Angeles.He loves his job because he and the other eleven members of his workgroup are tasked with watching all of the professional basketball games.Each member of the workgroup writes down important information about their assigned player including things like how many baskets he makes,how many carries,how many fouls,and how many times they shoot and miss the basket.The information they record is added to the player's career statistics and sent directly to the broadcast booth where it is used for the live broadcast.The information they collect is also used by sports betting organizations to determine the point spread on bets and what the pay-out should be for winning bets.When the information collected by Lamonte and his workgroup is converted to career statistics,what information management system task is being performed?

The Cheese Shoppe's liabilities total $59,000 and its owners' equity is $124,000.Which of the following is true?

The purpose of an audit is to ensure that financial statements have been prepared according to