What is the effect of a credit on the Accounts Payable account? No effect on Accounts Payable Transfers to another account Decrease side of Accounts Payable Increase side of Accounts Payable

Increase side of Accounts Payable

How does a credit affect the Accounts Receivable account? Transfers to another account No effect on Accounts Receivable Increase side of Accounts Receivable Decrease side of Accounts Receivable

Decrease side of Accounts Receivable

What is the effect of a credit on the Owner's Equity account? Increase side of Owner's Equity Decrease side of Owner's Equity No effect on Owner's Equity Transfers to another account

Increase side of Owner's Equity

In accounting, what is the effect of a debit on the Office Equipment account? Decrease side of Office Equipment No effect on Office Equipment Transfers to another account Increase side of Office Equipment

Increase side of Office Equipment

What is the balance side of the Accounts Payable account when credited? Increase side of Accounts Payable Decrease side of Accounts Payable Balance side of Accounts Payable No effect on Accounts Payable

Balance side of Accounts Payable

How does a debit affect the Accounts Payable account? Increase side of Accounts Payable Decrease side of Accounts Payable No effect on Accounts Payable Transfers to another account

Decrease side of Accounts Payable

Materials must have which two qualities in order to be classified as direct materials? Integral part of the finished product and significant portion of total product cost Produced in-house and non-toxic Easily replaceable and low cost Recyclable and environmentally friendly

Integral part of the finished product and significant portion of total product cost

Which of the following is most associated with financial accounting? Prepared in accordance with GAAP Informal reporting standards Focus on internal decision-making Emphasis on future projections

Prepared in accordance with GAAP

In order to be useful to managers, management accounting reports should possess all of the following characteristics EXCEPT: Be timely and relevant Be prepared in accordance with GAAP Support decision making Be prepared to report information for any unit of the business

Be prepared in accordance with GAAP

Which of the following is false in regards to direct materials for an auto manufacturer? Direct materials are integral to the finished product Small plastic clips to hold on door panels must be accounted for as direct materials Direct materials are always purchased from external suppliers Direct materials are a significant portion of total product cost

Direct materials are always purchased from external suppliers

The cost of a manufactured product generally consists of which of the following costs? Transportation cost, storage cost, and handling cost Direct labor cost, direct materials cost, and factory overhead cost Research cost, development cost, and innovation cost Marketing cost, administrative cost, and sales cost

Direct labor cost, direct materials cost, and factory overhead cost

Which of the following is an example of a factory overhead cost? Direct materials cost Sales commission Direct labor cost Factory heating and lighting cost

Factory heating and lighting cost

Which tools are commonly used in financial decision-making? Mathematics, Geography, Political Science, Philosophy, and Linguistics Economics, Biology, Chemistry, Physics, and Sociology Financial accounting, Literature, History, Art, and Music Economics, Financial accounting, Mathematics, Probability theory, Statistical theory, and Psychology

Economics, Financial accounting, Mathematics, Probability theory, Statistical theory, and Psychology

What are the three main areas of finance? Capital markets and capital market theory, Financial management, and Investment management Microeconomics, Macroeconomics, and Econometrics Corporate finance, Personal finance, and Public finance Accounting, Auditing, and Taxation

Capital markets and capital market theory, Financial management, and Investment management

Which area of finance focuses on the study of the financial system, the structure of interest rates, and the pricing of risky assets? Investment Management Capital Markets and Capital Market Theory Corporate Finance Financial Management

Capital Markets and Capital Market Theory

What are the three components of the financial system of an economy? Government, Corporations, and Households Financial Markets, Financial Intermediaries, and Financial Regulators Banks, Stock Exchanges, and Insurance Companies Assets, Liabilities, and Equity

Financial Markets, Financial Intermediaries, and Financial Regulators

What are the three categories of finance? Public Finance, Private Finance, and Business Finance Corporate Finance, Personal Finance, and Government Finance Investment Finance, Risk Management, and Asset Management Microfinance, Macroeconomics, and International Finance

Public Finance, Private Finance, and Business Finance

What are the three types of private finance? Investment Finance, Risk Management, and Asset Management Corporate Finance, Public Finance, and International Finance Microfinance, Macroeconomics, and International Finance Personal Finance, Finance of Non-profit Organizations, and Business Finance

Personal Finance, Finance of Non-profit Organizations, and Business Finance

Finance

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Expert Q&A

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