← nb accounting Test
5 Written Questions
5 Matching Questions
- Accounting -
- Transposition error -
- Gross profit percentage -
- Long-term assets - see Fixed assets
- Other expenses -
- a expenses incurred that are not the direct result of regular trading activities of a business.
- b ...
- c a language of business employed to communicate financial information based upon analyzing, recording, classification, summarization, reporting, and interpretation of financial data.
- d gross profit divided by net sales.
- e an amount written with the digits in incorrect order.
5 Multiple Choice Questions
- one who is involved in the process of recording financial information in a prescribed manner.
- a specific number of days during which a discount is available if the account is paid.
- a decrease in assets, other than withdrawals by the owner, which result from efforts to produce revenues.
- express the major items in the balance sheet as a percent of the total assets and compare with previous fiscal Periods.
5 True/False Questions
Net purchases - . → the difference between gross profit and expenses when expenses are larger.
Straight-line depreciation - → a method in which the depreciable cost basis (original cost basis less salvage value) of an asset is apportioned equally over its estimated useful life expressed in terms of month or years.
Profit margin - → net income divided by net sales.
Profit and loss statement - see Income statement → an itemized listing prepared by the bank of additions to the subtractions from a depositor's account.
Accounts receivable - → an unwritten promise by a customer to pay, at a later date, for goods sold or services rendered.