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5 Written questions

5 Matching questions

  1. What is the classification for accounts payable?
  2. What is the classification for Cash?
  3. How do you calculate the net income?
  4. What is the classification for retained earnings?
  5. What accounting constraint allows a company to ignore GAAP if an item is too small to impact a decision?
  1. a Materiality.
  2. b Current Assets
  3. c Income from operations - Other revenue and expense - income tax expense
  4. d Current Liabilities
  5. e Intangible Assets

5 Multiple choice questions

  1. Operating expenses to the seller
  2. both the periodic and perpetual inventory systems
  3. Purchase discount.
  4. patents
  5. gross margin - operating expenses

5 True/False questions

  1. In a classified balance sheet, assets are usually classified as:Intangible assets.


  2. The current ratio is a:liquidity ratio.


  3. What is the classification for accumulated depreciation, equipment?current assets


  4. What is: Sales less sales returns and allowances and sales discounts.Contra revenue accounts


  5. What is the classification for long-term investment in bonds?Property, plant, and equipment


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