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5 Written Questions

5 Matching Questions

  1. Accounts Receivable
  2. Current Liabilities
  3. Inventory Turnover
  4. Return on Assets
  5. Double-Entry Bookkeeping
  1. a a firm's financial obligations to short-term creditors, which must be repaid within one year
  2. b net income/assets
  3. c sales/total inventory
  4. d money an organization's customers owe the organization
  5. e a system of recording and classifying business transactions that maintains the balance of the accounting equation

5 Multiple Choice Questions

  1. 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
  2. profit/number of stock shares outstanding
  3. a ratio indicating how much of the firm is financed by debt and how much by owners' equity
  4. the amount of money left over after expenses are taken out
  5. 1. Examine source documents
    2. Record transactions
    3. Post transactions
    4. Prepare financial statements

5 True/False Questions

  1. CPAa time-ordered list of account transactions


  2. Quick Ratiocurrent assets/current liabilities


  3. Profit Marginnet income/sales


  4. Profitability Ratiosratios that measure the speed with which a company can turn its assets into cash to meet short-term debt


  5. Expensesthe entire amount of income before any deductions are made


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