FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 15: Using Management and Accounting Information

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 71

Multiple Choice

Review LaterAdd Note

Review Later

Ruin Company's net sales for the period were $175,000.Its cost of goods sold was $85,000.What is this firm's gross profit on sales?

A) $175,000
B) $135,000
C) $125,000
D) $100,000
E) $90,000

F) B) and D)
G) A) and E)

Correct Answer

verified

Show Answer

Question 72

True/False

Review LaterAdd Note

Review Later

A firm's MIS data bank should include all past and current data that may be useful in managing the firm.

A) True
B) False

Correct Answer

verified

Show Answer

Question 73

Multiple Choice

Review LaterAdd Note

Target takes its net sales and subtracts the cost of goods sold during the previous period.The result is Target's

Describe each of the five functions of a management information system.

Operations managers need management information in all of the following areas except

​All of the following,except _____,can provide answers to a variety of questions about a firm's ability to do business and stay in business,its profitability,and its value as an investment.

In order for The Gift Market,a local specialty store,to purchase Christmas merchandise for selling in its store,it had to borrow money from a local bank.This debt owed to the bank is a(n)

The earnings statement is another term for the

The cost of goods sold equals beginning inventory plus net purchases minus ending inventory.

The number of times a firm sells and replaces its merchandise inventory in one year is known as its

The cost of goods sold divided by the average inventory equals the

What isinventory turnover and how is it calculated? Why is it important for a manager to track this ratio?

Salaries payable,accounts payable,and taxes payable are examples of

An accountant can calculate a return on sales ratio to determine how well the firm is using the money invested by the owners.

For the previous year,Marilyn's Italian Restaurant had a total of $320,000 in expenses and $295,000 in revenues.Marilyn's

Today corporations are required to send their stockholders an annual report.Assume that you are a prospective investor trying to decide if you should invest in a specific corporation.What type of information is contained in an annual report that would help you decide if this is the right investment for you?

Salma's Spices imports spices from all of the world.Salma repackages them in glass bottles of various designs.She has one wall on which she displays all of the spices alphabetically in matching bottles.She also has tables on which she groups spices from different regions so cooks do not have to search throughout the store from them.In addition to spices,she sells regional cookbooks and displays them with the spices.Some of the cookbooks are imported from the country of origin and in the original language,others are purchased in the United States and printed in English.When she knows a particular recipe calls for a unique cooking dish or utensil,she purchases these and displays them with the cookbooks and spices.When Salma imports spices and cookbooks she pays an import facilitator to handle all of the importing paperwork,pick up the goods,and pay any fees that may be due.Salma is required to reimburse the company for the fees.Salma's shop is on a main street in the older part of her city but the area is frequented by tourists.She pays monthly rent and utilities,and pays for a business license,security system,cleaning service,accounting service,all store supplies and display materials,and has two employees.Her monthly profit is about $10,000.On an income statement,where would the spice jars,spices,cookbooks,utensils and cooking dishes be found?

Hillary Nettles works for a marketing and advertising firm.She must choose one ad piece from a number of potential ad pieces.To ensure that she makes the right decision,she should

Management and employees are the groups that would be most likely to evaluate the risk associated with investing in a company's stocks,bonds,or securities.

Managerial accounting generates financial statements and reports for interested people outside an organization.