Articulation means:
a. That you follow good accounting practices
b. That the information in your financial statements flows from one to another
c. That your financial statements are in acceptable format
d. That your accounting system meets up to the demands of investors and the IRS.
Answer: b. That the information in your financial statements flows from one to another
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Entrepreneurship Chapter 13
- To make good decisions you need all but:
- If the cost of raw material was less than budgeted, you have a(n) __________________.
- Variances occur because:
- Which question does variance analysis answer?
- The schedule or budget that combines data calculated in the production, direct material, direct labor and manufacturing overhead budgets is the _______.
- Understanding what the desired beginning and ending inventory levels are is key to preparing _____.
- Knowing the number of hours needed to make a product is information used in the ______.
- The first step in preparing a master budget is to prepare ______.
- A budget is useful for:
- Brandy could sell these arrangements for $100 a piece. She figured that she would need to produce at least 10 per month. 10 is her _______________.
- Brandy paid rent on a small office space to store and manufacture her arrangements. Rent and utilities were $500/month. These are her _____________________.
- Brandy made and sold decorative floral arrangements. For each arrangement, she purchased a container in which to hold the arrangement, silk flowers, and ribbon, which averaged $30 per arrangement. It took her about one hour to complete each and she set her hourly rate at $20/hour. This makes $50 her ____________________.
- The primary criteria for business record keeping include all of the following except:
- The three cash flows included in a cash flow statement include all of the following but:
- The cash flow statement is a good tool for finding out:
- The balance sheet is helpful for determining all but which of the following?
- Which question does the balance sheet answer?
- The balance sheet is a good tool for finding out:
- What is one of the questions the income statement answers?
- The number on the income statement that is most useful to lenders and investors is:
- The income statement is the best source for finding out:
- Why would you use a computerized accounting system?
- B & V Electronics used up all their raw materials. They have a(n) ________________.
- Henrietta had purchased several pieces of equipment. Henrietta has a(n) _______________.