Question and answer
Financial managers are responsible for buying merchandise on credit and collecting payment from accounts receivable. (Points : 2) True False
Question
Asked 9/23/2012 7:27:22 PM
Updated 5/9/2014 5:56:19 PM
6 Answers/Comments
This conversation has been flagged as incorrect.
Flagged by debnjerry [5/9/2014 5:56:19 PM]
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Original conversation
User: Liabilities are reported on the income statement. (Points : 2) True False

User: Financial managers are responsible for buying merchandise on credit and collecting payment from accounts receivable. (Points : 2) True False

Weegy: true
AmandaBeers2012|Points 20|

User: A financial manager makes recommendations to top executives regarding strategies for improving the financial strength of a firm. (Points : 2) True False

Weegy: True
Fanboy|Points 2421|

User: . A balance sheet is composed of assets, liabilities, and revenues. (Points : 2) True False

User: An analysis of the statement of cash flows can help a firm prevent cash shortages. (Points : 2) True False

User: One important source of financing for most small businesses is the owners' savings. If the owner contributes money to the business from his/her personal savings, it is will be recorded in the Owner's Equity account on the balance sheet. (Points : 2) True False

Weegy: I don't think it's a good idea to co-mingle your own money with company money. From what I've read, YOUR money is looked upon as a loan and needs to be repaid, to YOU. it is NOT equity.
slickny78|Points 41|

User: Jeremy operates his own small business, but he doesn't want to be bothered with accounting information. He tells his friends, "All I need accounting for is to prepare my income tax return for my business. I'll hire someone to do that for me." Jeremy's attitude would be disastrous if he managed a large firm, but is a reasonable view for a small business owner. (Points : 2) True False

Weegy: Hi! How can I help you with the case situation you have provided?
samn|Points 2224|

User: . Courtney McRae started the Row-Your-Boat paddle boat and row boat business at a nearby lake resort. She wanted to combine her accounting degree with her love of the outdoors and fishing. One of her first business purchases was a computerized accounting system. She learned in her college classes that a good software system will eliminate accounting cycle steps and the time it takes for her interpret the results. As she put it, "It should make the decisions for me!" (Points : 2) True False

Weegy: What is your question? You described a scenario but asked nothing
shifa saleheen|Points 9845|

User: _________ is the systematic write-off of the value of a tangible asset over its useful life. (Points : 3) Expense structuring Depreciation Capital budgeting Gross margin allocation

User: Which of the following correctly identifies areas of authority and responsibility for a chief financial officer (CFO)? (Points : 3) Accounting and finance Marketing and finance Production and accounting Finance and research and development

Weegy: Finance and research and development
taben29|Points 777|

User: The three important financial statements prepared by accountants are: (Points : 3) Ledger, journal, and trial balance. Cash budget, capital budget, and master budget. Revenue summary, expense summary, and consolidation statement. Balance sheet, income statement, and statement of cash flows.

Weegy: balance sheet Income statement Cash flow statement
margarita|Points 321|

User: The balance sheet is composed of the following types of accounts: (Points : 3) Revenue, expenses, and earnings. Operating expenses, cash flow, and capital expenditures. Capital, cost, and valuation. Assets, liabilities, and owners' equity.

Weegy: The balance sheet is composed of, Revenue, expenses, and earnings.
hernandezv86|Points 146|

User: Scott Drilling Contractors recently issued a corporate bond on which it expects to pay interest for the next twenty years. Scott would record this as a __________ on its balance sheet. (Points : 3) declining balance asset retained earning long-term liability long-term expense

Weegy: declining balance asset retained earning long-term liability long-term expense
kielan1|Points 85|

User: The reports and financial statements prepared by accountants: (Points : 3) Are more useful for profit-seeking businesses than they are for not-for-profit organizations. Are mainly used to help the firm complete its tax forms. Provide information that can be used by decision-makers both inside and outside the organization. Are not as useful now that firms have moved into a more global environment

Weegy: Provide information that can be used by decision-makers both inside and outside the organization.
sipichapie|Points 4612|

User: Debts that are due in one year or less are classified on the Balance Sheet as: (Points : 3) Current liabilities. Bonds payable. Callable bonds. Immediate expenses.

Weegy: Debts that are due in one year or less are classified on the Balance Sheet as Current Liabilities.
Caprisun|Points 849|

User: Which of the following items is found on an income statement? (Points : 3) current assets cost of goods sold cash flows from investments owners' equity

Weegy: B. cost of goods sold D. owners' equity
chikaygoods|Points 250|

User: . Which of the following is an example of a financial transaction? (Points : 3) A firm purchases a fire insurance policy. An internal auditor discovers an error in a firm's inventory valuation. A potential customer accesses a firm's Web page. A manager reviews the financial statements prepared by an accountant

Question
Asked 9/23/2012 7:27:22 PM
Updated 5/9/2014 5:56:19 PM
6 Answers/Comments
This conversation has been flagged as incorrect.
Flagged by debnjerry [5/9/2014 5:56:19 PM]
New answers
Rating
3
A balance sheet is composed of assets, liabilities, and revenues.
FALSE. A balance sheet includes assets, liabilities and EQUITY.
Revenues appear on the income statement.
Added 5/9/2014 5:55:15 PM
This answer has been confirmed as correct and helpful.
0
Liabilities are reported on the income statement. (Points : 2) True False

Liabilities are reported on the Balance sheet, therefore, the answer is FALSE.
Added 10/21/2012 6:36:17 PM
This answer has been confirmed as correct and helpful.
Confirmed by debnjerry [5/9/2014 5:54:00 PM]
0
Which of the following is an example of a financial transaction? (Points : 3) A firm purchases a fire insurance policy. An internal auditor discovers an error in a firm's inventory valuation. A potential customer accesses a firm's Web page. A manager reviews the financial statements prepared by an accountant

A firm purchases a fire insurance policy is an example of a financial transaction.
Added 10/21/2012 6:42:07 PM
This answer has been confirmed as correct and helpful.
Confirmed by debnjerry [5/9/2014 5:55:29 PM]
0
A balance sheet is composed of assets, liabilities, and revenues. TRUE.
Added 5/7/2014 2:58:49 AM
This answer has been flagged as incorrect.
Flagged by debnjerry [5/9/2014 5:55:18 PM]
0
An analysis of the statement of cash flows can help a firm prevent cash shortages. TRUE.
Added 5/7/2014 3:01:56 AM
This answer has been confirmed as correct and helpful.
Confirmed by debnjerry [5/9/2014 5:55:37 PM]
0
DEPRECIATION is the systematic write-off of the value of a tangible asset over its useful life.
Added 5/7/2014 3:07:39 AM
This answer has been confirmed as correct and helpful.
Confirmed by debnjerry [5/9/2014 5:55:40 PM]
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