MIE 201 exam #5 Updated and Verified Questions and Answers Graded Pass 100%

MIE 201 exam #5 Updated and Verified Questions and Answers Graded Pass 100% "bottom-up" budgets - Answer start at the department or project level and are combined at the chief executive's office. Generally, the larger and more rapidly growing an organization, the greater will be the likelihood that it will build its master budget from the ground up. "goodwill," - Answer The assets of Anna's Flowers include counters, refrigerated display cases, flowers, decorations, vases, cards, and other gifts, as well as something known as _____________ which in this case is Anna's reputation for preparing and delivering beautiful floral arrangements on a timely basis "Retained Earnings," - Answer At the end of each accounting period, the dollar amounts in all the revenue and expense accounts are moved into an account called ________________ one of the owners' equity accounts. Revenues increase owners' equity, while expenses decrease it. The resulting change in the owners' equity account is exactly equal to the net income. "tip-offs" - Answer The ACFE states that _______________ remain the most effective means of catching a thief, revealing fraud three times as often as traditional reviews and accounting checks and balances. Unfortunately, many employees fear that if they reveal fraud, they will face reprisals from supervisors or fellow employees "Top-down" master budgets - Answer begin at the upper management level and filter down to the individual department level, "What's the bottom line?" - Answer derives from the income statement, where the bottom line shows the overall profit or loss of the company after taxes A capital lease - Answer is a long-term contract and shows up on the balance sheet as an asset and liability. A variable- or floating-rate loan - Answer offers an advantage when interest rates are falling but represents a distinct disadvantage when interest rates are rising. a vertical format - Answer with assets on top followed by liabilities and owners' equity Acceptability - Answer To be effective, money must be readily acceptable for the purchase of goods and services and for the settlement of debts. __________________ is probably the most important characteristic of money: If people do not trust the value of money, businesses will not accept it as a payment for goods and services, and consumers will have to find some other means of paying for their purchases.