Module 8 Questions with complete answers 100% correct

Module 8 Questions with complete answers 100% correct _____, which supply relevant, accurate, timely information in a format that will aid them in making decisions, are tailored to the needs of individual managers. Department updates Reports Summaries Data sheets reports The purpose of accounting is to help _____, who are interested in the activities of a business because they're affected by them. fiduciaries stakeholders shareholders investors stakeholders To help them operate the business, _____ accounting provides information and analysis to decision makers inside the organization. internal executive management financial management _____ are principles for financial reporting established by an independent agency called the Financial Accounting Standards Board. Accounting guidelines Generally accepted accounting principles Government‑approved accounting standards Certified rules and regulations Generally accepted accounting principles Working in the field of _____ accounting, John Bates furnishes information to individuals and groups both inside and outside his organization to help them assess the firm's financial performance. financial comprehensive management advisory financial Bakersfield, Smith, and Babble LLC is a mid-sized accounting firm in New England. In order to project an image as a full‑service company, each partner specializes in a different field of accounting. Bakersfield provides information and analysis to business owners in order to help them operate their companies. Smith's job is to furnish information to individuals and groups both inside and outside organizations to help them assess their firms' financial performances. Babble is primarily responsible for preparing financial statements for business owners, managers, and investors and other users, such as creditors and government agencies. Smith specializes in management CORPORATION accounting. TrueFalse false Babble spends his time in financial accounting. TrueFalse true Government agencies would have little interest in the kind of information supplied by this firm. TrueFalse false Given the nature of their firm, none of these accountants would have much daily use for GAAP (generally accepted accounting principles). TrueFalse false Bakersfield works in management accounting. TrueFalse true _____ is/are the resources from which a company expects to gain some future benefit. Assets Liabilities Owner's equity Capital assets Cash flows from _____ activities are derived from the day-to-day operations of your main line of business. investing quotidian sales operating operating** Your _____ statement shows your revenues and expenses. profit income operating balance income Accounting can help your business in all of the following ways except: by permitting you to play what-if games to determine your profit under different assumptions. by revealing whether you made a profit. by showing the value and sources of your assets. by legalizing your financial records. by legalizing your financial records. The difference between your sales and your cost of goods sold is known as your _____. gross profit or gross margin owner's equity cost of doing business net profit gross profit or gross margin As a junior accountant for the Waterford Crystal Co. of New Bedford, Connecticut, you've just completed an intensive four-week initial training session. During your first week at Waterford, you'll be applying many of the concepts that you worked so hard to understand over the course of four grueling years of college accounting classes: sales revenues, cost of goods sold, operating and administrative costs, taxes, interest expenses, and net profit. In week two, you'll get some actual experience working with current and long-term assets, current and long-term liabilities, and owner's equity. In your third week, you'll be keeping track of all cash coming into and going out of the business. During week two, you'll get some experience working with _____. cash flow statements. balance sheets. tax returns. income statements. balance sheets. During your third week at Waterford, you'll be working with cash flow statements. income statements. tax returns. balance sheets cash flow statements.