Accounting Information for Business Decisions 2nd Edition By Billie Cunningham-Test Bank

Practice Exam For Accounting Data for Business Decisions 2nd Ed By Billie Cunningham

ISBN-13: 9780170253703 (978-0-17-025370-3) ISBN-10:0170253708 (0-17-025370-8)

Chapter 1 – Business Accounting Introduction and the Importance of Professional Abilities

COMPLETION

1. An array of factors including information explosion, changing business structures, more intricate business operations, enhanced rules, globalization and technological progress profoundly influence the ______________of the business landscape.

ANS: complexity

PTS: 1 DIF: Challenging TOP: Alterations in the business environment

2. An __________ ___________ is a mechanism through which accounting data related to a business’ operations is recognized, gauged, documented and summarized for communication in an accounting statement.

ANS: accounting system

PTS: 1 DIF: Average TOP: The accounting system

3. A business financial record is designed to relay details about the business to ________ and __________ consumers to assist them in forming judgments about the business.

ANS: internal; external

PTS: 1 DIF: Challenging TOP: Ethical aspects in business and accounting

4. __________ ___________ refers to a setup where individuals possess businesses that manufacture and vend services and/or goods for a gain.

ANS: Private enterprise

PTS: 1 DIF: Average TOP: Private enterprise

5. _________ ___________ provide services or actions that are advantageous to individuals or corporate customers.

ANS: Service businesses

PTS: 1 DIF: Straightforward Top: Service businesses

6. ____________________ businesses procure items for resale to their consumers.

ANS: Merchandising

PTS: 1 DIF: Straightforward TOP: Merchandising business

7. ____________________ are businesses engaged in merchandising and sell their merchandise straight to the ultimate end-user or customers.

ANS: Retailers

PTS: 1 DIF: Straightforward TOP: Merchandising business

8. ____________________ are enterprises involved in merchandising and distribute their goods to retailers or other corporate consumers.

ANS: Wholesalers

PTS: 1 DIF: Straightforward TOP: Merchandising business

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