MBUS 300 Ch 1 questions well
answered graded A+
The primary purpose of managerial accounting is to prepare financial statements in accordance
with a reporting framework - CORRECT ANSWER ✔✔False, The primary purpose is to assist
managers within the company in determining how much it costs to acqure resources and
convert them into saleable goods and services.
GAAP are designed to provide guidance for: - CORRECT ANSWER ✔✔Financial Accounting,
because they have rules. Managerial Accounting does not have any rules.
Public accountants perform which functions for a company - CORRECT ANSWER ✔✔They
conduct an audit for the company.
Paul Savage purchased a restaurant named Burger Haven from Larry Jones. The purchase would
cause the number of reporting entities to - CORRECT ANSWER ✔✔Remain constant, There are
three reporting entities Paul Savage, Burger Haven, and Larry Jones. These same entities existed
before and after the purchase of the restaurant.
What is an accurate definition of the term asset - CORRECT ANSWER ✔✔A resource that will be
used to produce revenue
Sources of assets - CORRECT ANSWER ✔✔Creditors
Investors
Operations
Increase in Assets means that - CORRECT ANSWER ✔✔liabilities, common stock, or retained
earnings must increase
answered graded A+
The primary purpose of managerial accounting is to prepare financial statements in accordance
with a reporting framework - CORRECT ANSWER ✔✔False, The primary purpose is to assist
managers within the company in determining how much it costs to acqure resources and
convert them into saleable goods and services.
GAAP are designed to provide guidance for: - CORRECT ANSWER ✔✔Financial Accounting,
because they have rules. Managerial Accounting does not have any rules.
Public accountants perform which functions for a company - CORRECT ANSWER ✔✔They
conduct an audit for the company.
Paul Savage purchased a restaurant named Burger Haven from Larry Jones. The purchase would
cause the number of reporting entities to - CORRECT ANSWER ✔✔Remain constant, There are
three reporting entities Paul Savage, Burger Haven, and Larry Jones. These same entities existed
before and after the purchase of the restaurant.
What is an accurate definition of the term asset - CORRECT ANSWER ✔✔A resource that will be
used to produce revenue
Sources of assets - CORRECT ANSWER ✔✔Creditors
Investors
Operations
Increase in Assets means that - CORRECT ANSWER ✔✔liabilities, common stock, or retained
earnings must increase
