BUS 101 final exam questions with verified
answers
accounting Ans✓✓✓the recording, measurement, and interpretation of
financial information
accounting cycle Ans✓✓✓the four-step procedure of an accounting
system: examining source documents, recording transactions in an
accounting journal, posting recorded transactions, and preparing
financial statements
accounting equation Ans✓✓✓assets equal liabilities plus owners' equity
accounts payable Ans✓✓✓the amount a company owes to suppliers for
goods and services purchased with credit
accounts receivable Ans✓✓✓money owed a company by its clients or
customers who have promised to pay for the products at a later date
accrued expenses Ans✓✓✓an account representing all unpaid financial
obligations incurred by the organization
annual report Ans✓✓✓summary of a firm's financial information,
products, and growth plans for owners and potential investors
, asset utilization ratios Ans✓✓✓ratios that measure how well a firm
uses its assets to generate each $1 of sales
assets Ans✓✓✓a firm's economic resources, or items of values that it
owns, such as cash, inventory, land, equipment, buildings, and other
tangible and intangible things
balance sheet Ans✓✓✓a snapshot of an organization's financial
position at a given moment
behavior modification Ans✓✓✓changing behavior and encouraging
appropriate actions by relating the consequences of behavior to the
behavior itself
budget Ans✓✓✓an internal financial plan that forecasts expenses and
income over a set period of time
capacity Ans✓✓✓the maximum load that an organizational unit can
carry or operate
cash flow Ans✓✓✓the movement of money through an organization
over a daily, weekly, monthly, or yearly basis
certified management accountants (CMAs) Ans✓✓✓private
accountants who, after rigorous examination, are certified by the
answers
accounting Ans✓✓✓the recording, measurement, and interpretation of
financial information
accounting cycle Ans✓✓✓the four-step procedure of an accounting
system: examining source documents, recording transactions in an
accounting journal, posting recorded transactions, and preparing
financial statements
accounting equation Ans✓✓✓assets equal liabilities plus owners' equity
accounts payable Ans✓✓✓the amount a company owes to suppliers for
goods and services purchased with credit
accounts receivable Ans✓✓✓money owed a company by its clients or
customers who have promised to pay for the products at a later date
accrued expenses Ans✓✓✓an account representing all unpaid financial
obligations incurred by the organization
annual report Ans✓✓✓summary of a firm's financial information,
products, and growth plans for owners and potential investors
, asset utilization ratios Ans✓✓✓ratios that measure how well a firm
uses its assets to generate each $1 of sales
assets Ans✓✓✓a firm's economic resources, or items of values that it
owns, such as cash, inventory, land, equipment, buildings, and other
tangible and intangible things
balance sheet Ans✓✓✓a snapshot of an organization's financial
position at a given moment
behavior modification Ans✓✓✓changing behavior and encouraging
appropriate actions by relating the consequences of behavior to the
behavior itself
budget Ans✓✓✓an internal financial plan that forecasts expenses and
income over a set period of time
capacity Ans✓✓✓the maximum load that an organizational unit can
carry or operate
cash flow Ans✓✓✓the movement of money through an organization
over a daily, weekly, monthly, or yearly basis
certified management accountants (CMAs) Ans✓✓✓private
accountants who, after rigorous examination, are certified by the
