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5 Written questions

5 Matching questions

  1. prepaid expenses
  2. internal benchmarking
  3. accounts receivable
  4. tests of overall performance
  5. revenues
  1. a amounts owed to the pharmacy by its customers as a result of th eordinary extension of credit (divided into those that arise from credit sales, and third parties)
  2. b sales of merchandise normally sold by the business
  3. c comparison of the present year's ratios with those fo rpast years identifies trends, it indicates whether the pharmacy's financial performance is improving or deteriorating
  4. d indicate how effectively funds available to the manager have been used-ROA and ROE
  5. e arise from payments made for a good or service in an accounting period PRIOR to the one during which the good/service is actually used

5 Multiple choice questions

  1. can the firm pay its long-term debt on a continuing basis
  2. what its called when cash is withdrawn from business (called dividends paid for corporations)
  3. consistes of goods that the pharmacy has purchased for resale (otc and rx drugs, cosmetics)
  4. tells you how profits are being usedreports how business's retained earnings have changed over a period of time which include dividnet payments or net losses, which decrease retained earnings, net income and additional owner investment which increase retained earnings
  5. tells the percent of every dollar of sales that is available to cover operating expenses and profit (23.2% NCPA digest)

5 True/False questions

  1. cashrefers to coin, currency, and other items like personal checks, charge card receipts, and traveler's checks which banks accept for deposit


  2. payroll at 13.7%a method of using income statement and balance sheet daa t odetect trends and problems in the business, used to identify inventory and credit management probs, poor pricing, or declining sales/profitability


  3. Current ratioconsist of those debts that will come due during the current operating cycle of business (accounts payable, short term notes, accrued expenses, and current portion of long term debts)


  4. Income statementRevenues, COGS, gross margin, operating expenses, depreciation expense, net income


  5. statement of capitalStatement of retained earnings which provides info on how the owner's investment in the business has changed over some period of time


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