Question 1

The Profit & Loss Statement lists:

Accepted Answer

A)  Assets and Expenses
B)  Assets and Liabilities
C)  Net Income and Owner's Equity
D)  Income and Expenses

Question 2

Briefly explain how internal users can use management reports to make decisions. Give at least two examples of management reports and how they can be used by internal decision makers.

Accepted Answer

Management reports are used by internal users (managers)to make decisions regarding company operations. These reports are created to satisfy a manager's information needs.
 Examples of reports that managers use include: 
-Cash budget that projects amounts of cash that will be collected and spent in the future. (Note: A Statement of Cash Flows focuses on cash inflows and outflows in the past. A Cash Budget focuses on expected cash flows in the future.)
-Accounts receivable aging report that lists the age and balance of customer accounts receivable so accounts are collected in a timely manner.

Question 3

Providing information to external users for decision making is the purpose of which of the following?

Accepted Answer

A)  Management reports
B)  Tax forms
C)  Financial statements
D)  Inventory reports

Question 4

Which of the following determines if the account appears classified properly on the balance sheet?

Accepted Answer

A)  Tax-Mapping Line
B)  Account Type
C)  Item Number
D)  None of the choices are correct B

Question 5

To prepare the Balance Sheet,select:

Accepted Answer

A)  Company Center > Company & Financials
B)  Reports Center > Company & Financials
C)  Reports Center > Accountant & Taxes
D)  Company Center > Accountant & Taxes

Question 6

The Income Statement lists:

Accepted Answer

A)  Net Income and Owner's Equity
B)  Income and Expenses
C)  Assets and Liabilities
D)  Assets and Expenses

Question 7

Examples of management reports for internal decision making include all of the following except:

Accepted Answer

A)  Form 1099
B)  Cash Budget
C)  Cash Forecast
D)  Accounts Receivable Aging Summary

Question 8

The Balance Sheet lists:

Accepted Answer

A)  Assets,Liabilities,and Owner's Equity
B)  Gains,Losses,and Net Income
C)  Operating,Investing,and Financing Activity
D)  Income,Expenses,Liabilities

Question 9

To prepare the Profit & Loss report,select:

Accepted Answer

A)  Reports Center > Company & Financials
B)  Reports Center > Accountant & Taxes
C)  Company Center > Company & Financials
D)  Company Center > Accountant & Taxes

Question 10

What is owner's equity?

Accepted Answer

A)  What a company owes
B)  What remains after liabilities are satisfied
C)  What a company owns
D)  None of the choices are correct

Question 11

List 3 (three)main types of financial reports and briefly explain the differences of each of the types of reports.

Accepted Answer

Three main types of financial reports ar...

Question 12

The Statement of Cash Flows lists:

Accepted Answer

A)  Operating,Investing,and Financing Activity
B)  Assets,Liabilities,and Owner's Equity
C)  Income,Expenses,Liabilities
D)  Gains,Losses,and Net Income

Question 13

Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized as cash flows from:

Accepted Answer

A)  Investing activities
B)  Financing activities
C)  Sales activities
D)  Operating activities

Question 14

To prepare the entire Journal,select:

Accepted Answer

A)  Reports Center > Accountant & Taxes > Journal
B)  Company Center > Company & Financials > Journal
C)  Reports Center > Company & Financials > Journal
D)  Company Center > Accountant & Taxes > Journal

Question 15

The Income Tax Preparation report:

Accepted Answer

A)  Summarizes income and expenses that should be listed on a business income tax return
B)  Lists the assigned tax line for each account
C)  Provides detailed information about the income and expenses
D)  All the choices are correct B

Question 16

What is the primary objective of providing reports to users?

Accepted Answer

The primary objective of providing repor...

Question 17

Providing information to internal users for decision making is the purpose of which of the following?

Accepted Answer

A)  Management reports
B)  Tax forms
C)  Financial statements
D)  Vendors list

Question 18

On the Statement of Cash Flows,cash inflows and outflows to and from investors and creditors are categorized as cash flows from:

Accepted Answer

A)  Investing activities
B)  Financing activities
C)  Owner activities
D)  Operating activities

Question 19

To prepare the Statement of Cash Flows,select:

Accepted Answer

A)  Reports Center > Company & Financials
B)  Reports Center > Accountant & Taxes
C)  Company Center > Company & Financials
D)  Company Center > Accountant & Taxes

Question 20

What information does the Balance Sheet provide?

Accepted Answer

A)  A summary of cash inflows and outflows over a specific time period
B)  A company's financial position on a specific date
C)  Sales and expenses for a specific time period
D)  None of the choices are correct

Exam 10: Reports

The Profit & Loss Statement lists:

Correct Answer
verified

Briefly explain how internal users can use management reports to make decisions. Give at least two examples of management reports and how they can be used by internal decision makers.

Providing information to external users for decision making is the purpose of which of the following?

Correct Answer
verified

Which of the following determines if the account appears classified properly on the balance sheet?

Correct Answer
verified
B

To prepare the Balance Sheet,select:

Correct Answer
verified

The Income Statement lists:

Correct Answer
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Examples of management reports for internal decision making include all of the following except:

Correct Answer
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The Balance Sheet lists:

Correct Answer
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To prepare the Profit & Loss report,select:

Correct Answer
verified

What is owner's equity?

Correct Answer
verified

List 3 (three)main types of financial reports and briefly explain the differences of each of the types of reports.

Correct Answer
verified
Three main types of financial reports ar...
View Answer

The Statement of Cash Flows lists:

Correct Answer
verified

Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized as cash flows from:

Correct Answer
verified

To prepare the entire Journal,select:

Correct Answer
verified

The Income Tax Preparation report:

Correct Answer
verified
B

What is the primary objective of providing reports to users?

Correct Answer
verified
The primary objective of providing repor...
View Answer

Providing information to internal users for decision making is the purpose of which of the following?

Correct Answer
verified

On the Statement of Cash Flows,cash inflows and outflows to and from investors and creditors are categorized as cash flows from:

Correct Answer
verified

To prepare the Statement of Cash Flows,select:

Correct Answer
verified

What information does the Balance Sheet provide?

Correct Answer
verified

Exam 10: Reports

The Profit & Loss Statement lists:

Correct AnswerverifiedShow Answer

Briefly explain how internal users can use management reports to make decisions. Give at least two examples of management reports and how they can be used by internal decision makers.

Providing information to external users for decision making is the purpose of which of the following?

Correct AnswerverifiedShow Answer

Which of the following determines if the account appears classified properly on the balance sheet?

Correct AnswerverifiedB

To prepare the Balance Sheet,select:

Correct AnswerverifiedShow Answer

The Income Statement lists:

Correct AnswerverifiedShow Answer

Examples of management reports for internal decision making include all of the following except:

Correct AnswerverifiedShow Answer

The Balance Sheet lists:

Correct AnswerverifiedShow Answer

To prepare the Profit & Loss report,select:

Correct AnswerverifiedShow Answer

What is owner's equity?

Correct AnswerverifiedShow Answer

List 3 (three)main types of financial reports and briefly explain the differences of each of the types of reports.

Correct AnswerverifiedThree main types of financial reports ar...View AnswerShow Answer

The Statement of Cash Flows lists:

Correct AnswerverifiedShow Answer

Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized as cash flows from:

Correct AnswerverifiedShow Answer

To prepare the entire Journal,select:

Correct AnswerverifiedShow Answer

The Income Tax Preparation report:

Correct AnswerverifiedB

What is the primary objective of providing reports to users?

Correct AnswerverifiedThe primary objective of providing repor...View AnswerShow Answer

Providing information to internal users for decision making is the purpose of which of the following?

Correct AnswerverifiedShow Answer

On the Statement of Cash Flows,cash inflows and outflows to and from investors and creditors are categorized as cash flows from:

Correct AnswerverifiedShow Answer

To prepare the Statement of Cash Flows,select:

Correct AnswerverifiedShow Answer

What information does the Balance Sheet provide?

Correct AnswerverifiedShow Answer

Correct Answer
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B

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Three main types of financial reports ar...
View Answer

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B

Correct Answer
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The primary objective of providing repor...
View Answer

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