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Accounting and Financial Statements Test

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5 Written Questions

5 Matching Questions

  1. Profit
  2. Accounting Cycle
  3. Per Share Data
  4. Return on Assets
  5. Owner's Equity
  1. a 1. Examine source documents
    2. Record transactions
    3. Post transactions
    4. Prepare financial statements
  2. b net income/assets
  3. c data used by investors to compare the performance of one company with another on an equal, per share basis
  4. d =assets-liabilities
  5. e the amount of money left over after expenses are taken out

5 Multiple Choice Questions

  1. assets=liabilities+owner's equity
  2. a ratio indicating how much of the firm is financed by debt and how much by owners' equity
  3. accountants employed by large corporations, government agencies, and other organizations to prepare and analyze their financial statements
  4. money an organization owes its vendors and suppliers.
  5. the entire amount of income before any deductions are made

5 True/False Questions

  1. Annual Reportthe total profit after all expenses, including taxes, have been deducted from revenue; also called net-earnings


  2. Income Statementstatement of a firm's financial position at a particular time. "Snap-Shot"


  3. Net Incomethe entire amount of income before any deductions are made


  4. Managerial Accountingthe recording, measurement, and interpretation of financial information


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


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