Questions and Answers

1. Which of the following are basic phases of the management process? Group of answer choices Supervising and directing Decision making and supervising Organizing and directing Planning and controlling Answer & Explanation Below Answer: Planning and controlling Step-by-step explanation The four basic phases of management process that help in systematic way of doing things include; …

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1. Which phrase best describes the current role of the managerial accountant? a. Managerial accountants prepare the financial statements for an organization. b. Managerial accountants facilitate the decision-making process within an organization. c. Managerial accountants make the key decisions within an organization. d. Managerial accountants are primarily information collectors. e. Managerial Accountants are solely staff …

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The primary objectives of financial accounting are: Compliance with legal prerequisites Record keeping Management decision-making Attaining the balance Regulation of errors Profitability of a Business Explain all objectives of financial accounting 1. Compliance with legal prerequisites The initial goal is to make sure that a firm is complying with the tax’s rules and regulations , …

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On the Income Statement, which of the following would be classified as a variable cost? Select: 1 Submit Answer a) Direct Labor Expense b) R&D Expense c) Promotion Expense d) Depreciation Expense   Choice A is the correct answer  Step-by-step explanation Variable costs refer to costs that vary with the level of production. An example of …

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Which of the following accounts will be included in a post-closing trial balance? Group of answer choices Accumulated Depreciation-Building (answer) Rent Expense Interest Expense Service Revenue Step-by-step explanation Among the choices, Accumulated Depreciation-Building is included in a post-closing trial balance. A post-closing trial balance does not contain revenue, expense, gains, losses and summary accounts (temporary …

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1. The demand measure of GDP accounting adds together: a) Consumption, government purchases, wages and salaries, and trade balance b) Wages and salaries, rent, interest, and profit. c) Consumption, investment, government purchases, and trade balance. d) Consumption, interest, government purchases, and trade balance. Answer: (C) 2. Which of the following is not included in GDP? …

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To determine a product selling price based on the total cost method, management should include: Multiple Choice Total production and nonproduction costs plus a markup. (Answer) Total production and nonproduction costs only. Total production costs plus a markup. Total nonproduction costs plus a markup. Only a markup. Total production and nonproduction costs plus a markup …

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Question: Answered Which of the following accounts are debited to record increase in balances? a. Assets and Liabilities b. Expenses and Liabilities c. Assets and Expenses d. Drawing and Liabilities Answer Explanation: Debit balance accounts are increased only when the same accounts are debited. Therefore, assets and expenses accounts are debited to record increase in …

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Question: Answered step-by-step What are two advantages of the Procurement Integrated Enterprise Environment? Improves data quality Reduces DoD operating costs Reduces instances of purchase card fraud Ensures invoices are submitted on time Answer: Improves data quality Reduces DoD operating costs What is Procurement Integrated Enterprise Environment Procurement Integrated Enterprise Environment incorporates team structures, processes and …

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A credit balance in which of the following accounts would indicate a likely error?  A. Fees Earned B. Salary Expense C. Capital Stock D. Accounts Payable Answer is B .Answer explanation: All the expenses and assets are of debit nature when such expenses are incurred by the company. A credit balance of expenses does not …

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