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Accounting Information For Business Decisions 2nd Edition By Billie Cunningham – Test Bank

Product Details

Exclusive Digital Download
Publisher : South-Western / Thomson Learning (January 1, 2003)
ISBN-10 : 032421524X
ISBN-13 : 978-0324215243

Original price was: $55.00.Current price is: $35.00.

SKU:888000010851

Chapter 1 – Introduction to Business Accounting and the Role of Professional Skills
COMPLETION
1.
Information explosion, evolving forms of businesses, more complex business activities, increased
regulations, globalization and technological advances are all factors affecting the ______________of
the business environment.
ANS: complexity
PTS:
1
DIF: Difficult
TOP: The changing business environment
2.
An __________ ___________ is a means by which accounting information about a business’ activity
is identified, measured, recorded and summarised so it can be communicated in an accounting report.
ANS:
accounting system
PTS:
1
DIF: Moderate
TOP: The accounting system
3.
A business financial statement is meant to convey information about the business to ________ and
__________ users in order to help them make decisions about the business.
ANS:
internal; external
PTS:
1
DIF: Difficult
TOP: Ethics in business and accounting
4.
__________ ___________ is a system in which individuals own businesses that produce and sell
services and/or goods for a profit.
ANS:
Private enterprise
PTS:
1
DIF: Moderate
TOP: Private enterprise
5.
_________ ___________ perform services or activities that benefit individuals or business customers.
ANS:
Service businesses
PTS:
1
DIF: Easy
Top: Service businesses
6.
____________________ businesses purchase goods for resale to their customers.
ANS:
Merchandising
PTS:
1
DIF: Easy
TOP: Merchandising business
7.

____________________ are merchandising businesses that sell their products directly to the final
customer or consumers.
ANS:
Retailers
PTS:
1
DIF: Easy
TOP: Merchandising business
8.
____________________ are merchandising businesses that sell their goods to retailers or other
commercial users.
ANS:
Wholesalers
PTS:
1
DIF: Easy
TOP: Merchandising business
9.
____________________ refers to the funds a business needs to operate or expand operations.
ANS:
Capital
PTS:
1
DIF: Moderate
TOP: Entrepreneurship and sources of capital
10.
____________________ businesses make their products and then sell these products to their
customers.
ANS:
Manufacturing
PTS:
1
DIF: Moderate
TOP: Manufacturing business
11.
____________________ are businesses owned by two or more individuals.
ANS:
Partnerships
PTS:
1
DIF: Easy
TOP: Partnership
12.
An ____________________ is an individual who is willing to risk the uncertainty of not knowing if
customers will buy what their business provides, in exchange for the reward of a profit, along with the
reward of seeing their business succeed.
ANS:
entrepreneur
PTS:
1
DIF: Moderate
TOP: Entrepreneurship
13.
_________________________ are businesses owned by one person who is the sole investor of capital
into the business.
ANS:
Sole proprietorships or sole traders
PTS:
1
DIF: Moderate
TOP: Sole proprietorship

 

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