MIE 201 Exam 5 Smartbooks Questions With
Solutions 100% Solved
The internal use of accounting statements by managers in planning and directing the
organization's activities is known as __________ accounting. managerial/management
__________ is an intangible asset that reflects an organization's positive reputation.
Goodwill
People both insider and outside of an organization use accounting tools to evaluate
organizational operations. True
In order to keep the accounting equation in balance, each business transaction must be recorded
in two separate accounts. True
CPAs pass and obtain their certification through the federal government. False
Heather works at Big City Bus Corp. It is her job to record the day-to-day financial transactions
of the company, including paying utilities and accepting bill payments. Heather works as a
___________. Bookkeeper
, MIE 201 Exam 5 Smartbooks Questions With
Solutions 100% Solved
The accounting cycle is a ______-step process. Four
The internal use of accounting statements by managers in planning and directing the
organization's activities is referred to as __________. Managerial accounting
Economic resources owned by a firm are called ____________. Assets
What are two commonly-known financial statements a company would use? - Income
statement
- Balance sheet
The goal of double-entry bookkeeping is to ____________. Maintain the balance of the
accounting equation
Which report summarizes an organization's profitability over a specific period, which may be a
week, a month, or a year? Income statement
, MIE 201 Exam 5 Smartbooks Questions With
Solutions 100% Solved
What are the four steps in the accounting cycle? - record transactions
- prepare financial statements
- post transactions
- examine source documents
The ________ format balance sheet is newer and gaining wide acceptance. It shows assets on the
top followed by liabilities and owners' equity. Vertical
An expense account provides an explanation of how the company's cash changed from the
beginning of the accounting period to the end. False
All financial statements follow the exact same format under government regulations.
False
By its very design, the ________ offers one of the clearest possible pictures of the company's
overall revenues and the costs incurred in generating those revenues. Income statement
A ratio analysis combines information from which two reports? - balance sheet
Solutions 100% Solved
The internal use of accounting statements by managers in planning and directing the
organization's activities is known as __________ accounting. managerial/management
__________ is an intangible asset that reflects an organization's positive reputation.
Goodwill
People both insider and outside of an organization use accounting tools to evaluate
organizational operations. True
In order to keep the accounting equation in balance, each business transaction must be recorded
in two separate accounts. True
CPAs pass and obtain their certification through the federal government. False
Heather works at Big City Bus Corp. It is her job to record the day-to-day financial transactions
of the company, including paying utilities and accepting bill payments. Heather works as a
___________. Bookkeeper
, MIE 201 Exam 5 Smartbooks Questions With
Solutions 100% Solved
The accounting cycle is a ______-step process. Four
The internal use of accounting statements by managers in planning and directing the
organization's activities is referred to as __________. Managerial accounting
Economic resources owned by a firm are called ____________. Assets
What are two commonly-known financial statements a company would use? - Income
statement
- Balance sheet
The goal of double-entry bookkeeping is to ____________. Maintain the balance of the
accounting equation
Which report summarizes an organization's profitability over a specific period, which may be a
week, a month, or a year? Income statement
, MIE 201 Exam 5 Smartbooks Questions With
Solutions 100% Solved
What are the four steps in the accounting cycle? - record transactions
- prepare financial statements
- post transactions
- examine source documents
The ________ format balance sheet is newer and gaining wide acceptance. It shows assets on the
top followed by liabilities and owners' equity. Vertical
An expense account provides an explanation of how the company's cash changed from the
beginning of the accounting period to the end. False
All financial statements follow the exact same format under government regulations.
False
By its very design, the ________ offers one of the clearest possible pictures of the company's
overall revenues and the costs incurred in generating those revenues. Income statement
A ratio analysis combines information from which two reports? - balance sheet
