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Managerial Accounting: Help & Review Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Explain the purpose of an income statement.

Question 2 2. Which of the following is NOT a function of the budget?

Question 3 3. How can money be brought into a company?

Question 4 4. What accounting principle requires having the ability to rely on documented information to record financial data?

Question 5 5. The people that have invested money into a company, as well as those who are considering making an investment into the company, are called _____.

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Question 6 6. Identify the person that reviews the audit report of a company to see if the company is being compliant with the law?

Question 7 7. What is the statement of cash flows?

Question 8 8. The statement of cash flows is broken down into how many activities?

Question 9 9. A bottom-up budget:

Question 10 10. Evan owns his own business running a coffee shop in a downtown area. Which principle must he remember that no matter what he does as a business owner, he must keep his personal dealings completely separate transactions?

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Question 11 11. Identify the person that performs the financial statement audit?

Question 12 12. Which of the following are components of the Statement of Cash Flows?

Question 13 13. What is the term for an examination of a company's financial records by someone that is not an employee of the company?

Question 14 14. A company had total revenue of $20,000 for the month ending March 31. In the same time period, the company had $12,000 in expenses. What was the company's net income or net loss?

Question 15 15. Which of the sections of the statement of cash flows includes activities that involve cash receipts or cash payments from changes on long-term liabilities?

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Question 16 16. Which of these financial statements shows assets, liabilities, and shareholder equity?

Question 17 17. Which of the following are things that you own?

Question 18 18. Zero-based budgeting:

Question 19 19. What accounting principle states that people involved in a transaction should not be personally related?

Question 20 20. Why is a Balance Sheet an important financial statement?

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Question 21 21. Which of the following is the equation used for the basic income statement?

Question 22 22. What are the rules and regulations that must be followed when reporting all financial data?

Question 23 23. Which financial statement shows how much money that a company made was retained and reinvested in the company?

Question 24 24. Why is it necessary to complete the basic income statement prior to completing the statement of retained earnings?

Question 25 25. The balance sheet is a part of which of the following?

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Question 26 26. What are the standards that all financial reports are created by?

Question 27 27. What is the section of the statement of cash flows that includes activities that occur during the normal day-to-day operations of a company?

Question 28 28. What is the balance sheet equation?

Question 29 29. Flexible budgeting:

Question 30 30. Which financial statement tells whether a company made or lost money in a given time period?

Managerial Accounting: Help & Review Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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