QUESTION Financial reports may be issued by a company at any time of the year. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Financial reports may be done monthly, quarterly, semiannually, or yearly as an annual report.
Date: September 3rd, 2020
QUESTION One of the major types of financial statement is a liability report. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Types of financial statements include balance sheets, income statements, and statements of cash flows.
Date: September 3rd, 2020
QUESTION Assets may include unsold merchandise a company has on hand. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Assets include cash on hand, accounts receivable, marketable securities, and merchandise inventory.
Date: September 3rd, 2020
QUESTION The U. S. government’s fiscal year begins on July 1 and ends on June 30. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: The U.S. government’s fiscal year begins on October 1 and ends on September 30.
Date: September 3rd, 2020
QUESTION An income statement must factor in the cost of goods sold. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: In an income statement, cost of goods sold must be subtracted from sales in order to obtain net profit.
Date: September 3rd, 2020
QUESTION Certified management accountants are accountants who have met certain requirements of education and experience. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Certified management accountants are accountants who have passed a two-day examination, held by the Institute of Management Accountants, that tests their knowledge of managerial accounting and business.
Date: September 3rd, 2020
QUESTION A balance sheet shows the profit and loss for a particular time period. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: A balance sheet shows the firm’s assets and liabilities. An income statement shows the net profit and loss for a particular time period.
Date: September 3rd, 2020
QUESTION Which of the following, if true, suggests that there was a failure in planning in the marketing of the thermal leak detector? A) Inventory of the thermal leak detector has consistently been insufficient. B) Advertisements for the thermal leak detector failed to illustrate the amount of money that could be saved by identifying leaks. […]
Date: September 3rd, 2020
QUESTION Which of the following questions would have been most important for Black & Decker to ask before it decided to produce the thermal leak detector? A) What is the most effective way to package the product to protect it and communicate its value? B) How can retailers be persuaded to devote enough shelf space […]
Date: September 3rd, 2020
QUESTION Which of following, if true, strengthens the VP’s argument? A) Grips customers are not very brand loyal and tend to choose Grips based on price alone. B) Customers are demanding more variety in the present product category. C) The company’s previous efforts at line extension resulted in the cannibalization of sales of its existing […]
Date: September 3rd, 2020
