BUSI 1301 A. Patterson Final Review (Pt. 2)

The reports and financial statements prepared by accountants

• are more useful for profit-seeking businesses than they are for not-for-profit organizations.

• are mainly used to help the firm complete its tax forms.

• provide information that can be used by decision makers both inside and outside the organization.

• are not as useful now that firms have moved into a more global environment.

__________ are broad, long-term accomplishments an organization wants to achieve.

• Goals

• Objectives

• Directives

• Agendas

Exporting is the selling of products to another country.

• True

• False

Laws represent the standards of __________ behavior.

• ethical

• legal

• moral

• socially responsible

The balance sheet, the statement of cash flows, and the __________ are three key financial statements prepared by accountants.

• income statement

• statement of retained earnings

• statement of changes in financial position

• trial balance

The new era of business is likely to be dominated by the

• service sector.

• information-based sector.

• manufacturing sector.

• natural resources sector.

Obeying the law is __________ ethical behavior.

• essentially the same as

• the first step toward

• the opposite of

• unlikely to lead to

The fundamental accounting equation states: Assets =

• Liabilities minus Owners' Equity.

• Liabilities plus Receivables.

• Payables plus Cash Equivalents.

• Liabilities plus Owners' Equity.

Ethical behavior at work is learned by

• attending corporate responsibility seminars.

• tracking the failures of those who are caught in business scandals.

• reading about why others were fired from the job.

• observing the actions of others.

Which is considered a factor of production?

• bonds

• competition

• knowledge

• service