The _____ summarizes a firm’s financial position at a specific point in time (i.e., a specific quarter or year).

Question 1

The _____ shows the cash flowing in and out of a firm through its operating, investing, and financing activities.

• Question 2

According to the _____ method of accounting, revenues are recognized when they are earned, and payment is reasonably assured

• Question 3

The _____ summarizes a firm’s financial position at a specific point in time (i.e., a specific quarter or year).

• Question 4

As a _____ you work within an organization, preparing reports and analyzing financial information such as budgets and cost management.

• Question 5

While _____ is concerned with preparing financial statements for external stakeholders according to a fixed schedule, _____  provides information to internal stakeholders on an “as needed” basis.

• Question 6

_____ compares information contained in a firm’s financial statements over a period of two or more years.

• Question 7

_____ addresses the needs of the external stakeholders, including stockholders, creditors, and government regulators.
• Question 8

Accountants define cost as

• Question 9

_____ is a technique used by managerial accountants to assign product costs based on links between activities that drive costs and the production of specific products.

• Question 10

_____ provide reports, information, and analysis to managers to assist them with making better informed decisions.

• Question 11

_____ are companies that provide short-term financing to firms by purchasing accounts receivable at a discount.

• Question 12

A _____ is used to predict when a firm will likely experience temporary shortages or surpluses of cash.

• Question 13

When a firm reinvests some of its net income rather than distributing it to owners, the result is an increase in the firm’s

• Question 14

For financial managers to be socially responsible, it requires them
• Question 15

_____ ratios measure the ability of an organization to convert assets into the cash it needs to pay off liabilities that come due in the next year.
• Question 16

In its narrowest sense, a firm’s _____ consists of its holdings of currency and demand deposits.

• Question 17

_____ represent(s) funds that arise as a natural result of a firm’s business operations without the need for special arrangements.
• Question 18

_____ is the functional area of business that is responsible for finding, among many alternatives, the best sources of funds and the best way to use them.

• Question 19

Historically the most widely accepted goal of financial management is
• Question 20

_____ consist(s) of short-term unsecured promissory notes issued by financial institutions and other major corporations.