The primary criteria for business record keeping include all of the following except:
a. Timeliness of reports
b. Ease of data retrieval
c. Accuracy of detail
d. Security of data
Answer: b. Ease of data retrieval
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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 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:
- Articulation means:
- 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) _______________.