BUS 100 Quiz 8 Chapter 11

 Question 1
3 out of 3 points

As a _____ you work within an organization, preparing reports and analyzing financial information such as budgets and cost management.
Answer

Selected Answer: management accountant
Correct Answer: management accountant

 Question 2
3 out of 3 points

An auditor issuing a(n) _____ has uncovered serious and widespread problems with the preparation of a firm’s financial statements.
Answer

Selected Answer: adverse opinion
Correct Answer: adverse opinion

 Question 3
3 out of 3 points

_____ compares information contained in a firm’s financial statements over a period of two or more years.
Answer

Selected Answer: Horizontal analysis
Correct Answer: Horizontal analysis

 Question 4
3 out of 3 points

_____ is a technique used by managerial accountants to assign product costs based on links between activities that drive costs and the production of specific products.
Answer

Selected Answer: Activity-based costing
Correct Answer: Activity-based costing

 Question 5
3 out of 3 points

The major output of financial accounting is a set of statements including the
Answer

Selected Answer: balance sheet, income statement, and statement of cash flows.
Correct Answer: balance sheet, income statement, and statement of cash flows.

 Question 6
3 out of 3 points

What is the accounting equation?
Answer

Selected Answer: assets = liabilities + owner’s equity
Correct Answer: assets = liabilities + owner’s equity

 Question 7
3 out of 3 points

While _____ is concerned with preparing financial statements for external stakeholders according to a fixed schedule, _____ provides information to internal stakeholders on an “as needed” basis.
Answer

Selected Answer: financial accounting; managerial accounting
Correct Answer: financial accounting; managerial accounting

 Question 8
3 out of 3 points

A(n) _____ is