Question

The business function designed to determine the wants and needs of consumers is referred to as:

Group of answer choices

a)Human Resources

b)Finance

c)Operations

d)marketing

The accounting concept requiring that an accounting system reflect information relating only to those economic events pertaining to a particular entity is the:

Group of answer choices

a)periodicity concept

b)business entity concept

c)going entity concept

d)monetary unit concept

For information to be useful, it must be relevant. Information is relevant when it

Group of answer choices

a)is verifiable.

b)mirrors the true economic situation of a business.

c)causes users to reach a different decision.

d)is understandable

The current liquidity of a company is measured by which of the following?

Group of answer choices

a)Return on Assets Ratio

b)Debt to Equity Ratio

c)Return on Sales Ratio

d)Current Ratio

Which of the following is an internal stakeholder in a college?

Group of answer choices

a)the organization that accredits various degree programs of the college

b)the company which services the photocopy machines in the library

c)the faculty

d)the company that employs graduates of the college

The accounting concept which assumes that, absent any information to the contrary, the business will continue into the foreseeable future is the:

Group of answer choices

a)business entity concept

b)periodicity concept

c)future entity concept

d)going concern concept

Which of the following is the ratio for calculating the return on sales ratio?

Group of answer choices

a)Net Income / Total Stockholders' Equity

b)Current Assets / Total Sales

c)Current Liabilities / Total Sales

d)Net Income / Total Sales

Which of the following is an internal stakeholder?

Group of answer choices

a)Management

b)Creditors

c)General Public

d)Suppliers

The Report of the Independent Auditor is the opinion of the CPA firm that examined the financial statements of a company and states which of the following?

Group of answer choices

a)The financial statements are presented fairly in accordance with GAAP.

b)The financial statements are free from fraud

c)The financial statements are fairly presented

d)The financial statements are correct as reported

Which of the following is has limited liability for all owners and is not subject to double taxation?

Group of answer choices

a)Limited Partnership

b)Limited Liability Corporation

c)Sole Proprietorship

d)

The function of business responsible for providing the information used by other functional areas to perform their jobs is referred to as:

Group of answer choices

Human Resources

Marketing

Accounting and Information Systems

Production and Operations

The function of business responsible for providing the information used by other functional areas to perform their jobs is referred to as:

Group of answer choices

a)Human Resources

b)Marketing

c)Accounting and Information Systems

d)Production and Operations

All of the following are external stakeholders except:

Group of answer choices

a)suppliers

b)creditors

c)employees

d)customers

Which of the following is NOT true about the relationship between the financial statements?

Group of answer choices

C) The net income of the firm is reported on the Income Statement and the Statement of Changes in Shareholders’ Equity

A) The net income of the firm is added to owners’ equity

D) The cash generated by operations on the Statement of Cash Flows is reported as an increase in Retained Earnings on the Statement of Changes in Shareholders’ Equity

B) The cash on the balance sheet is found on the cash flow statement

Net income is found on which of the following two statements?

Group of answer choices

a)Statement of Changes in Stockholders' Equity and Balance Sheet

b)Statement of Changes in Stockholders' Equity and Income Statement

c)Balance Sheet and Income Statement

d)Statement of Cash Flows and Balance Sheet

Which of the following is an external stakeholder in a supermarket?

Group of answer choices

a)the company which supplies the baked goods for the bakery

b)the manager of the produce department

c)the cashier at the checkout counter

d)the chief financial officer at the supermarket's corporate headquarters

Hoxie Inc is an advertising agency and has the following data for the most recent year. Using this data determine Hoxie’s net income.

Revenues from Fees $855,000

Cash   $25,000

Utilities Expense $52,000

Building   $900,000

Notes Payable $300,000

Salaries Expense $125,000

Office Supplies $10,000

Interest Expense $30,000

Office Equipment $200,000

Administrative Expense $75,000

Group of answer choices

a)$678,000

b)$573,000

c)$700,00

d)$648,000

Determine each of the following:

            If your current ratio is 2 and your current assets are $600,000 what is the amount of your current liabilities?

            If your debt to equity ratio is 1.5 and your total liabilities are $200,000 what is your total stockholders' equity?

            If your return on sales is 8% and your net income is $2,000,000, how much sales did you generate during the year?

Group of answer choices

a)CL: $300,000; SE: $233,333: SALES:$30,000,000

b)CL: $300,000; SE: $133,333: SALES:$30,000,000

c)CL: $200,000; SE: $233,333: SALES:$20,000,000

d)CL: $350,000; SE: $133,333: SALES:$40,000,000

Answer 1

As per HOMEWORKLIB RULES I will answer first 4 MCQs.

1) The business function designed to determine the wants and needs of consumers is referred to as:
Group of answer choices
a)Human Resources
b)Finance
c)Operations
d)marketing	Correct	The Marketing Process involves to determine the wants and needs of consumers in order to make profit.
2) The accounting concept requiring that an accounting system reflect information relating only to those economic events pertaining to a particular entity is the:
Group of answer choices
a)periodicity concept
b)business entity concept	Correct	Business Entity Concept states that business and owners are two separate entities
c)going entity concept
d)monetary unit concept
3) For information to be useful, it must be relevant. Information is relevant when it
Group of answer choices
a)is verifiable.	Correct	The Relevant information should be comparable, verifiable,timely and understandable
b)mirrors the true economic situation of a business.
c)causes users to reach a different decision.
d)is understandable	Correct
4) The current liquidity of a company is measured by which of the following?
Group of answer choices
a)Return on Assets Ratio
b)Debt to Equity Ratio
c)Return on Sales Ratio
d)Current Ratio	Correct	The liquidity position of the company is measured by Current Ratio, Acid test Ratio,Inventory turnover ratio etc.