BUSN 1003 chapter 14 Exam Questions and Answers Latest Update 2025-2026
statement of cash flows - AnswersA(n) _____ is a summary of the money flowing into and out of a firm.
certified managerial accountant - AnswersIn the accounting field, CMA stands for:
net loss - AnswersAfter all expenses have been subtracted from revenues on an income statement, the
final figure or bottom line is called the _____ when it is a negative number.
intangible assets - AnswersTrademarks, franchises, patents, and copyrights are carried on the company's
books as:
net profit - AnswersAfter all expenses have been subtracted from revenues on an income statement, the
final figure or bottom line is called the _____ when it is a positive number.
cans of yellow paint for refurbishing equipment - AnswersWhich of the following assets is NOT an
example of a fixed asset for a manufacturer of road building equipment?
warehouse building for storing finished equipment
shipping area for finished goods and receiving area for component parts
cans of yellow paint for refurbishing equipment
production equipment for assembling engines
analyze business transaction documents - AnswersThe first step in the accounting cycle is to:
Marketable securities - Answers_____ are temporary investments of excess cash in bonds and stocks
that can readily be converted into cash.
paying accounts payable - AnswersWhich of the following is NOT one of the six steps in the accounting
cycle?
-preparing the financial statements
-paying accounts payable
, -analyzing business transaction documents
-recording business transactions in journal
Current liabilities - Answers_____ are debts that are to be paid within twelve months.
accounts receivable - AnswersAmounts owed to the firm by customers who bought goods and services
on credit are called:
assets - AnswersThings of value owned by a firm are called its:
account payable - AnswersIn 2006, the retail industry voted the Bike Gallery as one of the top 100
bicycle retailers in the United States. It recently purchased a truckload of Thule brand bike racks from
the manufacturer. Until the Bike Gallery pays the bill, the purchase will be carried on Thule's books as
a(n):
analyze business transaction documents - AnswersThe last step in the accounting cycle is to:
money owed to utility companies - AnswersWhich of the following is an example of a liability that might
be owned by an antique mall?
statement of cash flows - AnswersA(n) _____ is the financial statement that is used to assess the sources
and uses of cash flow during the year.
Financial accounting; Managerial accounting - Answers_____ deals with reporting to outsiders. _____
accounting deals with the internal operations of the firm.
one year - AnswersCurrent assets, such as marketable securities and inventory, usually are expected to
be turned into cash within:
balance sheet - AnswersThe _____ summarizes an organization's financial status at the end of an
accounting period.
cost of goods sold - AnswersIn manufacturing, all costs directly related to production including raw
materials, labor, and factory overhead are classified as:
assets = liabilities + owners' equity - AnswersWhich of the following calculations is a formal expression
of the accounting equation?
a middle manager of the company - AnswersManagerial accounting provides information that would
probably be most beneficial to:
certified public accountant - AnswersAn accountant who has a bachelor's degree, passes a test prepared
by the professional organization AICPA, and has a certain number of years of on-the-job training
becomes a:
statement of cash flows - AnswersA(n) _____ is a summary of the money flowing into and out of a firm.
certified managerial accountant - AnswersIn the accounting field, CMA stands for:
net loss - AnswersAfter all expenses have been subtracted from revenues on an income statement, the
final figure or bottom line is called the _____ when it is a negative number.
intangible assets - AnswersTrademarks, franchises, patents, and copyrights are carried on the company's
books as:
net profit - AnswersAfter all expenses have been subtracted from revenues on an income statement, the
final figure or bottom line is called the _____ when it is a positive number.
cans of yellow paint for refurbishing equipment - AnswersWhich of the following assets is NOT an
example of a fixed asset for a manufacturer of road building equipment?
warehouse building for storing finished equipment
shipping area for finished goods and receiving area for component parts
cans of yellow paint for refurbishing equipment
production equipment for assembling engines
analyze business transaction documents - AnswersThe first step in the accounting cycle is to:
Marketable securities - Answers_____ are temporary investments of excess cash in bonds and stocks
that can readily be converted into cash.
paying accounts payable - AnswersWhich of the following is NOT one of the six steps in the accounting
cycle?
-preparing the financial statements
-paying accounts payable
, -analyzing business transaction documents
-recording business transactions in journal
Current liabilities - Answers_____ are debts that are to be paid within twelve months.
accounts receivable - AnswersAmounts owed to the firm by customers who bought goods and services
on credit are called:
assets - AnswersThings of value owned by a firm are called its:
account payable - AnswersIn 2006, the retail industry voted the Bike Gallery as one of the top 100
bicycle retailers in the United States. It recently purchased a truckload of Thule brand bike racks from
the manufacturer. Until the Bike Gallery pays the bill, the purchase will be carried on Thule's books as
a(n):
analyze business transaction documents - AnswersThe last step in the accounting cycle is to:
money owed to utility companies - AnswersWhich of the following is an example of a liability that might
be owned by an antique mall?
statement of cash flows - AnswersA(n) _____ is the financial statement that is used to assess the sources
and uses of cash flow during the year.
Financial accounting; Managerial accounting - Answers_____ deals with reporting to outsiders. _____
accounting deals with the internal operations of the firm.
one year - AnswersCurrent assets, such as marketable securities and inventory, usually are expected to
be turned into cash within:
balance sheet - AnswersThe _____ summarizes an organization's financial status at the end of an
accounting period.
cost of goods sold - AnswersIn manufacturing, all costs directly related to production including raw
materials, labor, and factory overhead are classified as:
assets = liabilities + owners' equity - AnswersWhich of the following calculations is a formal expression
of the accounting equation?
a middle manager of the company - AnswersManagerial accounting provides information that would
probably be most beneficial to:
certified public accountant - AnswersAn accountant who has a bachelor's degree, passes a test prepared
by the professional organization AICPA, and has a certain number of years of on-the-job training
becomes a:
