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5 Written questions

5 Matching questions

  1. FASB
  2. Ratio Analysis
  3. Current Ratio
  4. Financial ACC Standards Board (FASB)
  5. Securities and Exchange Commission (SEC)
  1. a current assets / current liabilities (anything > 1 is good)
  2. b relationship among selected items of financial statement data
  3. c Financial ACC Standards Board
  4. d oversee stock exchange and markets
  5. e sets precedents/rules

5 Multiple choice questions

  1. collects and processes transactions, will affect at least 2 accounts
  2. = cash flow from operating activities - cash used for capital expenditures - dividends paid
  3. obligations to be paid in coming year; notes/accounts/wages/salaries/bank loans/interest/taxes payable; Notes is always first, then Acct
  4. current assets - current liabilities
  5. 1. Finance Activities: borrow from creditors (liabilities) and sell stock to shareholders
    2. Invest: assets required to operate
    3. Daily Operations: revenue, supply, inventory and expenses

5 True/False questions

  1. Income StatementRevenue - Expenses = Net Income/Loss


  2. Current Assetsturned into cash fastest or used up in less than a year; cash, accounts receivable, inventory, prepaid insurance, short-term investments, supplies (ordered by liquidity)


  3. Full Disclosure Principleall circumstances that could make a differernce are disclosed


  4. Intracompanytwo years of same company


  5. Monetary Unit Assumptiononly transactions in cash are in ACC reports


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