The Alpha company ships an order to a customer on March 1st and invoices the customer for the product with the shipment, with payment terms of net 30 days. The customer's payment is received on April 5th. The payment clears the bank and shows on Alpha's account on April 8th. If Alpha is using accrual accounting, when does it record the revenue for this sale?
A. March 1st
B. March 31st
C. April 5th
D. April 8th
Information on the annual report shows results for what time period?
A. The calendar year from January 1 to December 31
B. The fiscal year, which matches the calendar year from January 1 to December 31
C. The fiscal year, which shows results from July 1 to June 30
D. The fiscal year, which may match the calendar year or may be a different 12-month period, depending on the company
What do working capital metrics evaluate?
A. The change in working capital over a specific period of time, typically one year
B. A company's efficiency in converting short-term capital into cash
C. A company's mean capital expenditure per employee
D. The amount of cash needed to meet the company's short-term obligations
What most accurately describes a reason why organizations use financial reports?
A. To differentiate company financial data from industry competitors to prevent loss of proprietary information
B. To provide subjective information to key constituents that reflects the company's performance in the most favorable manner depending on stakeholder priorities
C. To create a historical record of financial performance and identify trends that may justify changes in strategy
D. To promote consistency of communication regarding company performance and value
Which financial statement or combination of statements provide(s) the most comprehensive view of the company's financial situation?
A. The balance sheet
B. The income statement
C. The cash flow statement and the income statement
D. The cash flow statement, along with the balance sheet and income statement
What is the most accurate statement regarding forecasting?
A. It is a precise estimate of what the future holds for the organization.
B. It is done primarily by using historical revenue and expense data.
C. It is done primarily by evaluating market conditions and economic indicators.
D. It uses internal and external factors to help answer questions about business expectations for the future.
In what stage of the business lifecycle do companies typically begin standardizing procedures through policy creation?
A. Start-up
B. Growth
C. Mature
D. Decline
What is the most common term for the broad framework of principles and approaches that guide day-to-day decisions affecting the business, including how it positions itself in the market?
A. The business plan
B. The corporate objective
C. The mission statement
D. The competitive strategy
Who are you most likely to hear from if there are questions about an employee's compensation?
A. The employee
B. A concerned co-worker
C. The employee's manager
D. The employee's department head
What is the most accurate definition of organizational vision?
A. A description of who the organization is, where it is headed and what it wants for the future
B. A written explanation of the intention or purpose of the organization and why it is in business
C. A statement of what kind of organization it wants to be and the guiding principles and/or beliefs shared by stakeholders
D. A detailed account of the organization's goals, directions to achieve them and how it will compete
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