All Things Accounting
These users of accounting information make the strategic and operating decisions of a company.
What are internal users?
This budget is the first budget prepared during the budgeting process.
The concept that a dollar today is worth more than a dollar tomorrow is known as the...
What is the time value of money concept?
The definition of this is what is morally right and wrong.
What is ethics?
Provide the accounting equation.
What are assets = liabilities + equity?
This formula calculates straight-line depreciation expense per year.
What is cost minus salvage value divided by estimated useful life?
This budget shows the expected cash receipts and cash expenditures during the budget period.
What is the cash budget?
This is the ability to generate future revenues and meet long-term obligations.
What is solvency?
A type of moral relativism with a premise that everything is relative, and there are no binding moral laws.
What is antinomianism?
What is the 1) Income Statement 2) Statement of Retained Earnings 3) Balance Sheet and 4) Statement of Cash Flow?
In business decision-making, managers typically examine the two fundamental factors.
What are capital investment and rate of return?
This is the second budget prepared in the budget process that relies on data from the sales budget.
What is the merchandise purchase budget?
The calculation for Net Present Value is as follows.
What is the PV of all future cash inflows minus the present value of the cost of the investment?
Which of the following is NOT a type of absolutism: unqualified, conflicting, graded, and qualified.
What is qualified?
The formula to calculate ending retained earnings is....?
What is beginning retained earnings + net income - dividends = ending retained earnings?
OODA stands for what as defined in your textbook?
What is observe, orient, decide, and act?
The master budgeting process typically begins with the sales budget and ends with a cash budget and...
What are the budgeted financial statements?
These are three of the most common tools of a financial analysis.
What are horizontal analysis, vertical analysis, and ratio analysis?
Under this ethical system, lying to the police would be justified if a higher moral law was upheld (i.e. lying to protect someone's life).
What is graded absolutism?
In cost-volume-profit analysis, the unit contribution margin is:
What is sales price per unit less total variable cost per unit?
The formula for the current ratio is....
What is current assets divided by current liabilities?
Calculate January unit sales if December unit sales were 5,000 units and estimated to grow 3% each month.
What is 5,150 units?
A dollar today is not the same value as a dollar in the future.
What is Net Present Value (NPV)?
This ethical system has a premise that the ends justifies the means.
What is utilitarianism?
The simple (basic) formula for the Income Statement is...
What is revenues minus expenses equals net income?