5 Written questions
5 Matching questions
- What is the classification for accounts payable?
- What is the classification for Cash?
- How do you calculate the net income?
- What is the classification for retained earnings?
- What accounting constraint allows a company to ignore GAAP if an item is too small to impact a decision?
- a Materiality.
- b Current Assets
- c Income from operations - Other revenue and expense - income tax expense
- d Current Liabilities
- e Intangible Assets
5 Multiple choice questions
- Operating expenses to the seller
- both the periodic and perpetual inventory systems
- Purchase discount.
- gross margin - operating expenses
5 True/False questions
In a classified balance sheet, assets are usually classified as: → Intangible assets.
The current ratio is a: → liquidity ratio.
What is the classification for accumulated depreciation, equipment? → current assets
What is: Sales less sales returns and allowances and sales discounts. → Contra revenue accounts
What is the classification for long-term investment in bonds? → Property, plant, and equipment