Managers can use BI to answer tough business questions. Which of the following describes the value of knowing where the business is going?
A. Looking at the current business situation allows managers to take effective action to solve issues before they grow out of control.
B. Setting strategic direction is critical for planning and creating solid business strategies.
C. A historical perspective offers important variables for determining trends and patterns.
D. None of these.
Answer: B
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Answer the following statements true (T) or false (F)
1. In the cash receipts journal, the Other Accounts CR column is used when a transaction involves a credit entry that is not listed in the headings (columns) of the cash receipts journal. 2. Unlike the sales journal, entries in the cash receipts journal are posted monthly to the accounts receivable subsidiary ledger and daily to the general ledger. 3. Cash purchases are recorded in the purchases journal. 4. The purchases journal is a special journal used to record all purchases of merchandise inventory, office supplies, and other assets on account.
The ability of a business to pay its debts as they come due and to earn a reasonable amount of income is referred to as:
A) solvency and leverage. B) solvency and profitability. C) solvency and liquidity. D) solvency and equity.
Auditors are considered the ______________ for the stakeholders.
a. Influencers b. Decision makers c. Gatekeepers d. Specifiers
Which of the following describes a serial bond?
A) a bond that matures in installments at regular intervals B) a bond that gives the bondholder a claim for specific assets C) a bond that matures at one specified time D) a bond that is not backed by specific assets