Business Essentials Unit 4 Review

Front

Money the business owes is known as

Back

accounts payable

Front

How does the finance function relate to company spending?

Back

It plans and controls spending

Front

Accounting is distinct from finance because its main focus is on

Back

recordkeeping activities

Front

Finance is the business function that involves managing

Back

money

Front

Which financial report provides estimates of when, where, and how much money will come into and out of a business next year? Options: Balance Sheet, Cash flow statement, Income statement, Bank statement

Back

Cash flow statement

Front

What accounting record would summarize a business's profit or loss for previous year?

Back

Income statement

Front

Which of the following categories of information are found on a balance sheet: Income expenditures, profit; Assets, liabilitites, owner's equity; Assets, liabilities, margin; Revenues, expenses, profit?

Back

Assets, liabilities, owner's equity

Front

Which of the following makes comparisons of the financial conditions at multiple organizations possible: bookkeeping, source documents, Accounting standards, trial balance?

Back

Accounting standards

Front

Which of the following presents the first three steps in the accounting cycle in the correct order: Post, analyze, and journalize, Analyze, post, and journalize, Analyze, journalize, and post, Post, journalize, and analyze

Back

Analyze, journalize, and post

Front

What type of accounting method would most likely be used by a large business that has a large number of outstanding loans and customer charge accounts?

Back

Accrual method