Managerial Accounting Flashcard Overview

Front

Chloe, Melanie, and Rohan are starting a new business together! Which of the following is a primary purpose of managerial accounting that will help them make smart decisions for their company? To prepare tax returns for the government, To provide information for internal decision making, To report financial results to external investors, To audit company financial statements

Back

To provide information for internal decision making

Front

What does GAAP stand for in accounting?

Back

Generally Accepted Accounting Practices

Front

Liliana and Rohan are reviewing their company’s finances. Which financial statement should they look at to see the company’s assets, liabilities, and equity at a specific point in time?

Back

Balance Sheet

Front

Which of the following is an example of a global market?
A local farmer’s market
A company selling products in multiple countries
A neighborhood grocery store
A city council meeting

Back

A company selling products in multiple countries

Front

Imagine Chris, Melanie, and Luca are running a lemonade stand. What should be their main focus if they want to have customer-focused operations?

Back

Meeting the needs and expectations of customers

Front

Anastacia and Rohan are starting their own online store. Which of the following is a key component of their e-business adventure?
Options:
Paper-based transactions,
Online sales and digital communication,
Manual inventory tracking,
Face-to-face meetings only

Back

Online sales and digital communication

Front

Which ratio should Breanna and Jackson use to check the company’s liquidity? Options: Debt-to-equity ratio, Current ratio, Price-to-earnings ratio, Inventory turnover ratio

Back

Current ratio

Front

Which of the following best describes what Mona does when she makes managerial decisions?
- Deciding how to report profits to shareholders
- Making choices to achieve organizational goals
- Filing annual tax returns
- Auditing financial statements

Back

Making choices to achieve organizational goals

Front

Jackson and Chloe are working on a school project about how factories are becoming more high-tech. Which of the following is an example of a manufacturing advance that they might discover? Options: Using robots on the assembly line, Hiring more sales staff, Increasing advertising budget, Opening a new retail store

Back

Using robots on the assembly line

Front

Which financial statement should Melanie and Hugo check to find out how profitable their lemonade stand was over the summer? Options: Balance Sheet, Income Statement, Statement of Cash Flows, Statement of Financial Position

Back

Income Statement