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5 Written questions

5 Matching questions

  1. Owner's Equity
  2. Current Liabilities
  3. Accrued Expenses
  4. Revenue
  5. Liabilities
  1. a the entire amount of income before any deductions are made
  2. b is an account representing all unpaid financial obligations incurred by the organization
  3. c debts that a firm owes others
  4. d =assets-liabilities
  5. e a firm's financial obligations to short-term creditors, which must be repaid within one year

5 Multiple choice questions

  1. statement of a firm's financial position at a particular time. "Snap-Shot"
  2. assets that are expected to be converted to cash or used within one year
  3. a firm's economic resources, or items of value that it owns, such as cash, inventory, land, equipments, buildings and other tangible and intangible things
  4. an accountant who has passed certain examinations and met all other statutory and licensing requirements of a United States state to be certified by that state
  5. the internal use of accounting statements by managers in planning and directing the organization's activities

5 True/False questions

  1. Ledgeran internal financial plan that forecasts expenses and income over a set period of time


  2. Return on Equitynet income/owner's equity


  3. Profitthe amount of money left over after expenses are taken out


  4. Expensesthe costs incurred in the day-to-day operations of an organization


  5. Total Asset Turnoversales/accounts receivable


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