Management > EXAM > MGMT 200 Exam 1 - Purdue University QUESTIONS AND ANSWERS| GRADED A (All)

MGMT 200 Exam 1 - Purdue University QUESTIONS AND ANSWERS| GRADED A

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Preparing a budget for a business is considered A. financial accounting. B. managerial accounting. Correct Answer: B. managerial accounting. (Management accounting provides information to people w... ithin an organization while financial accounting is mainly for those outside it, such as shareholders.) Accounting is the information system that A. measures business activities B. communicates the results to decision makers C. processes information into reports D. all of the above. Correct Answer: D. all of the above. Which of the following is not an external user of a business's financial information? A. Taxing authorities B. Customers C. Employees D. Investors Correct Answer: C. Employees Which statement below best describes the accounting equation? A. The change in retained earnings equals net income less dividends. B. Equality of revenue and expense transactions over time. C. Financing activities equal investing and operating activities. D. Resources of the company equal creditors' and owners' claims to those resources. Correct Answer: D. Resources of the company equal creditors' and owners' claims to those resources. (assets = liabilities + stockholders' equity) Owners' claims to the company's resources are referred to as: A. Liabilities. B. Assets. C. Stockholders' equity. D. Net liabilities. Correct Answer: C. Stockholders' equity. (assets = liabilities + stockholders' equity) If total assets of a comp [Show More]

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