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PBMK Budgeting and Accounting Basics Flashcards | StudBud
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PBMK Budgeting and Accounting Basics
PBMK Budgeting and Accounting Basics
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Answers
1
The two basic parts of a budget are __________ and __________.
Equity; Debt
Resources; Consumption
C. Income; Expenses
Wants; Needs
2
Type of Accounting?
ABC. is preparing public disclosures about their stock issuance.
Managerial
Tax
Financial
3
Which not a component of the Accounting Equation?
Owners Equity
Income
Assets
Liabilities
4
Which of the following represents is the basic accounting equation?
Assets = Liabilities + Owners Equity
Assets = Liabilities + Net income
Assets = Net income - Revenue
Assets = Expenses - Revenue
5
Which of the following statements is TRUE?
Debits decrease assets
Credits increase expenses
Credits increase assets
Debits decrease liabilities
6
Budgeting is the __________ based on a determined structure.
Decision to make judgments
Allocation of monetary funds
Development of regulations
Process of accomplishing goals
7
Type of Accounting
? Roof Co. installed solar panels to receive a government.
Financial
Managerial
Tax
8
Which of the following is the correct equation for profit?
Revenue - Net income = Profit
Revenue - Sales costs = Profit
Revenue + Expenses = Profit
Revenue - Expenses = Profit
9
Which of the following is derived by subtracting the cost of goods sold from the net sales figures?
Sales Figures
Gross profit
Cost of Goods Sold
Net Income
10
Type of Accounting?
Floral Avenue is trying to determine if it has enough cash on hand for a a new van.
Financial
Managerial
Tax
11
Which of the following represents the amount of revenue generated by a business?
Costs of goods sold
Sales Figures
Net Income
Gross Profit
12
Which is not a type of Business Accounting?
Tax
Personal Finance
Managerial
Financial
13
The presentation recommends updating and modifying your budget how often?
Monthly or weekly
Annually or quarterly
Daily or whenever making purchases
Never
14
Which are the costs directly associated with making/acquiring products such as materials purchased from suppliers?
Sales Figures
Net Income
Gross Profit
Cost of Goods Sold
15
Which of the following is the amount of money the business has earned after paying income taxes?
Cost of Goods Sold
Gross Profit
Sales Figures
Net Income
16
Rent is an example of a __________ expense.
Mortgage
Fixed
Variable
Equitable
17
Which of the following is NOT an example of an asset?
Children
Equipment
Cash
Buildings
18
Gross income is income after the cost of goods and taxes are deducted.
False
True
19
Net worth = assets - liabilities
True
False
20
Type of Accounting
: XYZ Inc is developing a profit-and-loss statement for its investors.
Tqx
Financial
Management
21
Type of Accounting?
John needs report for the CEO Group which details the financial goals for 2020.
Financial
Management
Tax
22
Which of the following is the most liquid asset?
Machinery
Stocks
Cash
Real Estate
23
Accounts payable are classified as which of the following?
Fixed Asset
Current Liability
Owner's Equity
Net Income
24
Which of the following is NOT a current asset?
Checking Account
Money Market Account
Land
Savings Account
25
Which of the following is NOT a step involved in creating a budget?
Balance the budget
Expand earning avenues
Track spending
Gather financial records
26
Which of the following is NOT an example of a liability?
Title Lien
Mortgage
Equipment Loan
Cash
