Economics of Ag Business Management Exam 2
Latest @ 2025 100% Verified
Financial accounting - ANSWER The collection and preparation of data for the purpose
of reporting the financial position and results of operations of an entity to external
parties such as lenders, investors and creditors is called________.
Financial accounting
Economic accounting
Pro forma statements
Hypothetical statements
Balance sheet - ANSWER The____________ is a statement of the assets and liabilities
and owner's equity of a business at a point in time.
Balance sheet
income statement
statement of cash flows
Pro forma statements
statement of cash flows - ANSWER The financial statement that lists cash inflows and
cash outflows for a period of time is known as a _______________.
Question options:
Balance sheet
income statement
statement of cash flows
,Pro forma statements
Liabilities - ANSWER The amounts a business owes are known as_______.
Question options:
Expenses
Liabilities
Assets
owner's equity
Balance sheet - ANSWER Financial statement(s) include
Sales reports
Invoices
Balance sheet
None of the above
All of the above - ANSWER The components of an income statement are
Revenues
Expenses
Cost of Goods Sold
All of the above
Assets = liabilities + owner's equity - ANSWER The balance sheet formula is
Assets = liabilities + owner's equity
, Assets + owner's equity = liabilities
Assets + liabilities = owner's equity
None of the above
Pro forma statements - ANSWER Financial statements prepared for a future period are
called
Hypothetical statements
Estimated statements
Pro forma statements
None of the above
General - ANSWER Depreciation would be an example of a(n) __________ expense.
Marketing
Administrative
General
None of the above
True - ANSWER The collection and use of information for the purpose of helping
managers guide the operation of the business intelligently and making good
management decisions that are consistent with the needs, objectives, and goals of the
company are referred to as managerial accounting.
True
False
True - ANSWER A P and L statement is an alternative name for an income statement.
Latest @ 2025 100% Verified
Financial accounting - ANSWER The collection and preparation of data for the purpose
of reporting the financial position and results of operations of an entity to external
parties such as lenders, investors and creditors is called________.
Financial accounting
Economic accounting
Pro forma statements
Hypothetical statements
Balance sheet - ANSWER The____________ is a statement of the assets and liabilities
and owner's equity of a business at a point in time.
Balance sheet
income statement
statement of cash flows
Pro forma statements
statement of cash flows - ANSWER The financial statement that lists cash inflows and
cash outflows for a period of time is known as a _______________.
Question options:
Balance sheet
income statement
statement of cash flows
,Pro forma statements
Liabilities - ANSWER The amounts a business owes are known as_______.
Question options:
Expenses
Liabilities
Assets
owner's equity
Balance sheet - ANSWER Financial statement(s) include
Sales reports
Invoices
Balance sheet
None of the above
All of the above - ANSWER The components of an income statement are
Revenues
Expenses
Cost of Goods Sold
All of the above
Assets = liabilities + owner's equity - ANSWER The balance sheet formula is
Assets = liabilities + owner's equity
, Assets + owner's equity = liabilities
Assets + liabilities = owner's equity
None of the above
Pro forma statements - ANSWER Financial statements prepared for a future period are
called
Hypothetical statements
Estimated statements
Pro forma statements
None of the above
General - ANSWER Depreciation would be an example of a(n) __________ expense.
Marketing
Administrative
General
None of the above
True - ANSWER The collection and use of information for the purpose of helping
managers guide the operation of the business intelligently and making good
management decisions that are consistent with the needs, objectives, and goals of the
company are referred to as managerial accounting.
True
False
True - ANSWER A P and L statement is an alternative name for an income statement.
