1. In 2011, Threadless hired a Vice President of Finance to better plan and direct the organizations activities, which is a use of

Multiple Choice- a. forensic accounting.

b. bookkeeping.

c. managerial accounting.

d. public accounting.

2. Because a majority of sales at Threadless occur at the end of the year, Threadless needs to be aware of the movement of money over a daily, monthly, weekly, or yearly basis, which is referred to as

Multiple Choice budget. a. bookkeeping.

b. liabilities.

c. cash flow.

d. annual report.

3.Before 2011, Threadless had a warehouse full of inventory, printing press, and other equipment used for shipping. In the accounting equation, these items were listed as

Multiple Choice a. revenue.

b. liabilities.

c. depreciation.

d. assets.

e. accounts receivable.

4.The total amount of money received from the sale of t-shirts and other textiles at Threadless represents the companys

Multiple Choice a. net income.

b. gross profit.

c. gross earnings.

d. revenue.

e. operating profit.

5.If the owners of Threadless want a clear picture of the companys overall revenues and the costs incurred in generating those revenues, they should request a(n)

Multiple Choice

a. balance sheet.

b. statement of cash flow.

c. ratio analysis.

d. income statement.