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business
foundations of business

Questions and Answers of Foundations of Business

T F Return on owners’ equity indicates a measure of the amount earned per share.
T F A cash receipts journal is a specialized journal.
T F The accounting equation is assets liabilities owners’ equity.
T F A private accountant is an accountant whose services may be hired on a fee basis by individuals or business firms.
_____________ A promissory note secures this obligation.
_____________ It illustrates how operating, investing, and financing activities affect cash.
_____________ This statement reveals the financial position of the firm.
_____________ The ease with which assets can be converted into cash.
_____________ A person who is employed by PricewaterhouseCoopers.5._____________ Inventories are an example.
_____________ It is the difference between a firm’s assets and its liabilities.
_____________ All the firm’s debts are included.
Which do you think are the two or three most important financial ratios? Why?1._____________ It is the process of collecting, analyzing, and reporting data.
T F There is added protection for whistle-blowers who report violations of the Sarbanes-Oxley Act.
T F The debt-to-to-owners’ equity ratio is used to indicate the degree to which a firm’s operations are financed through borrowing.
T F Recording transactions in the general ledger is the first step in the accounting cycle.
If you were in Rob’s situation, would you agree to use the book-and-hold technique this month? Justify your decision.Will sales and profits meet the expectations of investors and Wall Street
Why would Commodore’s auditor insist that Rob document any sales booked under the book-and-hold technique?Will sales and profits meet the expectations of investors and Wall Street analysts?
What are the ethical and legal implications of using accounting practices such as the book-and-hold technique to inflate corporate earnings?Will sales and profits meet the expectations of investors
The process of transferring information from a general journal to a general ledger is referred to asa. journalizing.b. posting.c. constructing a trial balance.d. debiting.e. crediting.
People who purchased stock in Morgan Oil Exploration are most interested in its __________ reports.a. financial accountingb. schedule of accountingc. cost accountingd. managerial accountinge. tax
An audit isa. performed by the firm’s private bookkeepers.b. not necessary if the firm used accepted bookkeeping procedures.c. required by many lenders who are trying to validate a firm’s
When a company reports financial numbers that are lower than expected, generallya. the company’s stock value will increase.b. the company’s stock value will decrease.c. the company will restate
An income statement is sometimes called thea. statement of financial position.b. owners’ equity statement.c. earnings statement.d. statement of cash inflow.e. statement of revenues.
A high debt-to-owners’-equity ratioa. reduces the risk for lenders.b. will increase as debts are paid off.c. will increase the owner’s investment.d. makes borrowing money from lenders
The Sarbanes-Oxley Acta. requires the SEC to police the accounting industry.b. requires CEO to certify periodic financial statements.c. subjects CEOs to criminal penalties for violations of security
The board of directors decided to pay 50 percent of the $460,000 earnings in dividends to the stockholders. The firm has retained earnings of $680,000 on the books. After the dividends are paid,
Which statement is not true about a balance sheet?a. It provides proof that assets liabilities owners’ equity.b. It lists the current, fixed, and intangible assets.c. It summarizes the firm’s
T F Stockholders’ equity represents the total value of a corporation’s stock plus retained earnings that have accumulated to date.
T F Marketable securities can be converted into cash in a matter of days.
A written order for a bank or other financial institution to pay a stated dollar amount to a specified business or person is called aa. checkb. deposit slipc. notes receivabled. receipte. debit
____________ It is pledged as security for a loan.
____________ Payments are usually made in 30 to 60 days from the invoice date.
____________ Funding that comes from the sale of stock.
____________ A loan that is approved before the money is actually needed
____________ Determining a firm’s financial needs is one of its important functions.
____________ It is the movement of money into and out of a business organization.
____________ A method of financing that is a legally binding and enforceable and often issued to suppliers.
____________ The deposits are used for redeeming a bond issue.
____________ This investment is backed by the reputation of the issuing corporation.a. cash flowb. collateralc. debenture bondd. equity capitale. financial managementf. letter of credit g. line of
T F A capital budget estimates a firm’s expenditures for labor costs.
T F The face value for most corporate bonds is $5,000.
T F Normally, the usual repayment period for a long-term loan is 3 to 7 years.
T F Factoring of accounts receivable typically is the highest cost method of short-term financing.
T F A revolving credit agreement is a guaranteed line of credit.
T F Most lenders do not require collateral for shortterm financing.
T F With a banker’s acceptance, certain conditions, such as delivery of the merchandise, may be specified before payment is made.
T F When you use a debit card to make a purchase, a financial institution is extending credit to you and expects to be paid in the future.
T F A budget is a historical record of the previous year’s financial activities.
T F Long-term financing is generally used to open new businesses.
If you were the financial manager of Stars and Stripes Clothing, what would you do with the excess cash that the firm expects in the second and fourth quarters?(See Figure 16.4.)
To be successful, what traits and skills does an employee in the finance area need?
In your own words, define the risk-return ratio.
What is the function of a cash budget? A capital budget?
For a corporation, what are the advantages of corporate bonds over longterm loans?3.Describe the three methods used to ensure that funds are available to redeem corporate bonds at maturity.
T F Companies such as Sprint reduce their expenses by offering product information online.
Explore the factors that will affect the future of e-business.
Describe the fundamental models of e-business.
Explain the meaning of e-business.
Analyze how computers and technology change the way information is acquired, organized, and used.
T F A LAN is a network that connects computers over a large geographic area.
T F A society in which large groups of employees generate or depend on information to perform their jobs is referred to as a data society.
T F An expert system uses artificial intelligence to imitate a human’s ability to think.
T F Most data gathered for an MIS come from external sources.
T F Information rules help businesspeople make everyday decisions.
T F The more information a manager has, the less risk there is that a decision will be incorrect.
Describe how the Internet helps in decision making, communications, sales, and recruiting and training.
___________ Data that have been processed.
___________ It incorporates a firm’s procedures for generating, using, and sharing the data and information contained in the firm’s database.3.___________ It is a work environment that allows
___________ This tool organizes numerical data into grids of rows and columns.
___________ All business activities that are conducted on the Internet.
___________ Its focus is to facilitate sales transactions between businesses.
___________ Amazon.com makes a special effort to build long-term relationships with its customers.
___________ It provides customers with a connection to the Internet.
___________ Two or more computers that are linked together.a. data processingb. business-to-business modelc. knowledge managementd. spreadsheet programe. convergence of technologiesf. e-business g.
____________ Must receive dividends before common stockholders.
How do e-businesses generate revenue streams and earn a profit?
Experts predict that the Internet will continue to expand along with related technologies. What effect will this expansion have on businesses in future?
Read and interpret an income statement.
Read and interpret a balance sheet.
Discuss the accounting process.
Identify the people who use accounting information and possible careers in the accounting industry.
What are certified public accountants and certified management accountants?
How are current assets distinguished from fixed assets?
Why are fixed assets depreciated on a firm’s balance sheet?
In a statement of cash flows, what is included in the operating activities section? In the investing activities section? In the financing activities section?
Briefly, describe the specific steps of the accounting cycle in order.
Describe your self-assessment in a written report. Specify the software programs in which you need to become more proficient, and outline a plan for doing this.
Assess your computer skills by placing a check in the appropriate column in the following table: Software e-mail Word processing Desktop publishing Accounting Database management Graphics
Which of the types of resources needed for an e-business is Storybook.com most likely to receive from a venture capitalist?a. Financialb. Humanc. Softwared. Materiale. Informational
A customer tracking system is an example of e-business _____________ resources.a. humanb. informationalc. materiald. financiale. supplemental
A manager at the executive level responsible for ensuring that a firm has the equipment necessary to provide the information the firm’s employees and managers need to make effective decisions is
A single collection of data stored in one place and used by employees throughout an organization is called a(n)a. data collection.b. information center.c. database.d. data center.e. management data
As an information manager, you must ensure thata. information is protected from employees.b. information is used in a consistent manner.c. the smart group receives the data first.d. the promotional
As an MIS manager, you are charged with establishing a management information system that is capable of presenting information in a useable form.Which item below do you feel is not appropriate for
Management information systemsa. collect data, hire personnel, and compensate workers.b. store data, present data to users, and make final decisions.c. collect, store, update, process, and present
You are a purchasing manager in a large firm and are responsible for deciding on and ordering the appropriate software program that allows the user to prepare and edit letters and store them on a
T F When Ford Motor Company uses the Internet to purchase materials from its suppliers, it is using a B2C business model.
T F Firms that tend to focus on conducting e-business with other businesses are referred to as having a B2B focus.
When Microsoft allows workers in a foreign country to provide technical assistance to its customers, it is engaging ina. external recruitingb. employment sourcing.c. insourcing.d. outsourcinge.
An Internet distributor of office supplies has a system of bidding and awarding contracts online for its purchases and acquisitions from suppliers. This is most likely a __________ model.a. B2B b .

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