Which financial statement illustrates how the company's operating, investing, and financing activities have affected cash over a specified period of time?
A) Balance sheet
B) Statement of financial position
C) Statement of cash flows
D) Income statement.
E) Profit and loss statement
Question 2 - The managers at a large soft-drink company prefer that employees be grouped with others doing the same activity, as this simplifies supervision. However, they are concerned that this slows decision making and may cause employees to emphasize the needs of their own departments. They are most likely departmentalized by:
A) function.
B) customer.
C) product.
D) specialty.
E) location.
Question 3 - In order for financial reports to be accurate and consistent, accountants in the United States typically follow _______ to present financial information.
A) international financial report standards (IFRS)
B) the Uniform Commercial Accounting Code (UCAC)
C) the Internal Revenue Code (IRC)
D) generally accepted accounting principles (GAAP)
E) Securities and Exchange Commission (SEC) guidelines
Question 4 - The executive team at a major retailer recently reorganized the company. They decided to departmentalize in a way that would improve responsiveness to the unique demands of customers in different regions of the country. This is especially important because regional preferences are so distinct in their retail category. The company realizes this could create inefficiency because of the duplication of certain activities. They most likely departmentalized by:
A) function.
B) customer.
C) product.
D) specialty.
E) location.
Question 5 - Generally accepted accounting principles are defined by the:
A) International Financial Report Standards Committee.
B) Securities and Exchange Commission.
C) Internal Revenue Service.
D) Financial Accounting Standards Board.
E) American Institute of Certified Public Accountants.
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