Businesss Quiz: Using Management And Accounting Information

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Quizzes Created: 6 | Total Attempts: 2,386
| Attempts: 197 | Questions: 10 | Updated: Feb 13, 2023
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1. An income statement is summary of a firm's revenues and expenses during a specified accounting period—one month, three months, six months, or a year.

Explanation

See pages 504 in Business (Pride, Hughes, & Kapoor, 2014).

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About This Quiz
Businesss Quiz: Using Management And Accounting Information - Quiz

This Business Quiz focuses on the utilization of management and accounting information. It covers key aspects like knowledge management, MIS, and the accounting equation, essential for effective decision-making and strategic planning in business environments.

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2. To provide information, a management information system (MIS) must (select the best answer):

Explanation

See pages 492-494 in Business (Pride, Hughes, & Kapoor, 2014).

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3. A management information system (MIS) is a system that provides managers and employees with the information they need to perform their jobs as effectively as possible, and an information technology (IT) officer is a manager at the executive level who is responsible for ensuring that a firm has the equipment necessary to provide the information the firm's employees and managers need to make effective decisions.

Explanation

See page 490 in Business (Pride, Hughes, & Kapoor, 2014).

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4. Managers in each of the following areas of a company need specific information in order to make decisions (check all that apply): 

Explanation

See pages 490-491 in Business (Pride, Hughes, & Kapoor, 2014).

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5. Knowledge management is described as (select the best answer):

Explanation

See pages 489-490 in Business (Pride, Hughes, & Kapoor, 2014).

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6. A financial ratio is a number that shows the relationship between two elements of a firm's financial statements, and provides a way for the company to measure its financial status. Match the following financial ratios with the information they provide:

Explanation

See page 510 in Business (Pride, Hughes, & Kapoor, 2014).

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7. Managerial accounting generates financial statements and reports for interested people outside an organization, and financial accounting provides managers and employees with the information they need to make decisions about a firm's financing, investing, marketing, and operating activities.

Explanation

The definitions are reversed. See page 496 in Business (Pride, Hughes, & Kapoor, 2014).

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8. A firm's balance sheet or statement of financial position is a summary of the dollar amounts of a firm's (select the best answer): 

Explanation

See pages 500-504 in Business (Pride, Hughes, & Kapoor, 2014).

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9. The accounting equation shows the relationship between a firm's (check all that apply):

Explanation

See page 500 in Business (Pride, Hughes, & Kapoor, 2014).

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10. A firm's statement of cash flows illustrates how the company's (check all that apply): 

Explanation

See page 507 in Business (Pride, Hughes, & Kapoor, 2014).

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An income statement is summary of a firm's revenues and expenses...
To provide information, a management information system (MIS)...
A management information system (MIS) is a system that provides...
Managers in each of the following areas of a company need...
Knowledge management is described as (select the best answer):
A financial ratio is a number that shows the relationship...
Managerial accounting generates financial statements and reports for...
A firm's balance sheet or statement of financial...
The accounting equation shows the relationship between a firm's...
A firm's statement of cash flows illustrates how...
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