If a business regularly begins the accounting of its financial statements in March, and regularly ends the accounting of its financial statements in February, that is known as? A. Short-term financing. B. Fiscal year. O C. Long-term financing. OD. Annual report. QUESTION 20 One of the responsibilities of a company's chief financial officer is financial control, which can be best described in the following manner: O A. Estimating how regulatory changes could affect your company. OB. Comparing revenues and expenses that exist for the company with the company's budget. C. Setting a goal for how much revenue the company is expected to earn. OD. Establishing a means for identifying and controlling cyberthreats that may threaten the company. QUESTION 21 If a company expects to spend a lot of its money to build an entire store sometime in the future, that amount of money will be part of a (choose the answer that best describes the situation): O A. Cash budget. O B. Financial control. OC. Master budget. OD. Capital budget. Where are accounting entries initially placed? O A. FIFO. O B. Balance sheet. C. Ledger. O D. Journal QUESTION 23 On a company's income statement, how does an accountant calculate "gross margin?" A. Operating expenses minus gross income equals gross margin. B. Operating expenses minus net income equals gross margin. OC. Operating expenses minus net income minus taxes equals gross margin. D. Revenue minus cost of goods sold equals gross margin. QUESTION 24 When companies owe money to creditors, suppliers, and others, these outstanding amounts are recorded on the balance sheet as ____ O A. Expenses. O B. Liabilities. OC. Owners' equity. OD. Contra-assets