Accounting for Managers Study Guide Questions
Course Introduction
Accounting for Managers is designed to provide future business leaders with a comprehensive understanding of the principles and practices of accounting and their application in managerial decision-making. This course covers essential topics such as financial statement analysis, budgeting, cost management, and performance evaluation, equipping students with the skills needed to interpret accounting information and use it to formulate effective business strategies. Emphasis is placed on the use of accounting data to solve real-world business problems, enabling managers to make informed financial decisions and contribute to their organizations overall success.
Recommended Textbook
Financial and Managerial Accounting 6th Edition by John Wild
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2 Chapters
485 Verified Questions
485 Flashcards
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Page 2
Chapter 1: Accounting in Business
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254 Verified Questions
254 Flashcards
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Sample Questions
Q1) A net loss occurs when revenues exceed expenses.
A)True
B)False
Answer: False
Q2) If a company receives $12,000 from the stockholders to establish a corporation, the effect on the accounting equation would be:
A) Assets decrease $12,000 and equity decreases $12,000.
B) Assets increase $12,000 and liabilities decrease $12,000.
C) Assets increase $12,000 and liabilities increase $12,000.
D) Liabilities increase $12,000 and equity decreases $12,000.
E) Assets increase $12,000 and equity increases $12,000.
Answer: E
Q3) According to the cost principle, it is necessary for managers to report an approximation of an asset's market value upon purchase.
A)True
B)False
Answer: False
Q4) _________________ is net income divided by average total assets.
Answer: Return on assets
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Chapter 2: Analyzing for Business Transactions
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217 Verified Questions
217 Flashcards
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Sample Questions
Q1) Explain the difference between a general ledger and a chart of accounts.
Answer: A ledger is a record containing all of the accounts of a business and their balances. The chart of accounts is a list of all of the accounts a company uses that includes an identification number for the accounts.
Q2) A balanced trial balance is proof that no errors were made in journalizing transactions, posting to the ledger, and preparing the trial balance.
A)True
B)False
Answer: False
Q3) Asset accounts normally have debit balances and revenue accounts normally have credit balances.
A)True
B)False Answer: True
Q4) Dividends paid to the stockholders are a business expense. A)True
B)False
Answer: False
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