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Exam 15: Using Management Information Systems and Accounting Information

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Question 51

Multiple Choice

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Trademarks and goodwill are both

A) current assets.
B) liabilities.
C) sources of revenue.
D) intangible assets.
E) fixed assets.

F) A) and D)
G) D) and E)

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Question 52

Multiple Choice

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If the liabilities of a business are $85,000 and the owners' equity is $110,000, which of the following is a correct statement?

A) Assets equal $25,000.
B) Assets equal $195,000.
C) Assets equal $110,000.
D) Assets equal $85,000.
E) It is impossible to determine the value of the assets.

F) A) and E)
G) B) and C)

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Question 53

Multiple Choice

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Victor Cooper spent five years in an accounting educational program and successfully completed a rigorous accounting examination five years ago. Since then, he has worked for several accounting firms. Currently he is a senior partner in a huge international accounting firm. By profession, Victor is probably a

For a corporation, the owners' equity amount is the total value of stock minus the retained earnings that have accumulated to date.

Cash, marketable securities, notes receivable, and merchandise inventory are examples of

Today corporations are required to send their stockholders an annual report. Assume that you are a prospective investor trying to decide if you should invest in a specific corporation. What type of information is contained in an annual report that would help you decide if this is the right investment for you?

Ebony Jones is hired by Ruby Tuesday to help with budgeting, determining the costs of the firm's meal services, and recording transactions and creating financial statements. Ebony is a

A price reduction to customers who pay their bills promptly is called

Audited financial statements guarantee that a firm has not "cooked" the books.

Why are current assets listed before fixed assets on the balance sheet?

Multinational corporations do not have the responsibility nor the incentive to follow international accounting standards as there still is no particular set of global standards that are generally accepted worldwide.

A public accountant works on a fee basis for clients.

The cash at the end of the year reported on the statement of cash flows is the same as the

For John Deere, a tractor and farm equipment manufacturer, spark plugs to be installed in its equipment would be classified on the balance sheet as

Jack Stanley graduated from college and obtained a full-time job in accounting. At the end of his first year of employment, his assets totaled $9,000. His liabilities totaled $3,000. His ____ was $6,000.

Managerial accounting generates financial statements and reports for interested people outside an organization.

The term ____ describes assets that can be quickly converted into cash or consumed in one year or less.

The Dress Barn offered its customers a reduction in price on some clothing items that were slightly faded from being in the window at the front of the store. This reduction is called a

The current ratio is calculated by dividing

Winshare Art Company has issued only common stock. Currently it has 10,000 shares outstanding. The value of the stock is shown as $20 per share. In addition, $100,000 of Winshare's earnings have been reinvested in the business since it was founded. What is Winshare's total owners' equity?