Chapter 1 - Accounting and Finance
This branch of accounting primarily addresses the specific information managers need to make good decisions about operating their business.
What is managerial accounting?
Which of these is an example of a controllable cost?
Rent, Insurance, Marketing, Loan Payments
What is marketing?
What is an income statement?
This is the final action taken by managers before removing money from the operation.
What is bank deposit preparation?
This accounting method recognizes expenses when they are paid rather than when they are incurred.
What is cash?
This is the main purpose business partners create a partnership agreement.
What is to give details concerning the responsibilities of each partner?
Licenses and permits are an example of this type of cost.
What is a fixed cost?
This is the first item to be calculated when preparing an operating budget.
What is total sales?
These people determine the amount of service to be paid by restaurant or food service customers.
Who are owners or managers?
This branch of accounting primarily addresses the recording of business transactions.
What is financial accounting?
This business type is used to create an entity that has a legal identity separate from its owners.
What is a corporation?
An income statement is also commonly referred to as this.
What is a P & L?
The is an example of an occupancy cost.
What is property taxes?
To remove excess cash and large bills to a more secure location is called.
What is bleed the register?
Lawrence owns his own establishment. His assets are $750,000 and his owner's equity is $450,000 this amount is the business's liabilities.
What is $300,000?
Select the option below that would be an example of a feature purchased by establishment customers.
Freshly baked pizza, Nearness to home, Easy assessiblity, Speedy service
What is freshly baked pizza?
This is prepared to address the purchase of land, buildings, and equipment.
What is a capital budget?
The main purpose of an accounts aging schedule is to.
What is determine past-due ARs?