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5 Written questions

5 Matching questions

  1. cash flow statement
  2. current liabilities
  3. 3.0%
  4. accounts receivable
  5. 87%, which means no price control
  1. a Total 3rd party prescriptions
  2. b Net profit % NCPA digest 2008
  3. c consist of those debts that will come due during the current operating cycle of business (accounts payable, short term notes, accrued expenses, and current portion of long term debts)
  4. d amounts owed to the pharmacy by its customers as a result of th eordinary extension of credit (divided into those that arise from credit sales, and third parties)
  5. e sources abd uses statement or statement of changes in financial position: reflects cash changes during the operating cycle, shows how a pharmacy obtained cash and how it used cash

5 Multiple choice questions

  1. estimate, non-cash outlay
  2. what a business owes, business debts whihc arise from purchasing goods or services on credit or from borrowing money to finance the businesses operations (current and noncurrent)
  3. amounts owed for goods/services that have been used during the account period bur for which payment has not been made)
  4. difference between gross margin, and expenses for a specific period of time
  5. how the final information of accounting is communicated

5 True/False questions

  1. dupont model, ROEcurrent assets/current liablilities: it measures the ability to pay bankers/wholesalers back on time, ideal number between 2-4 and NCPA digest is 2.89, above 4 =too much invested in current assets, and lower than=pharmacy has probs paying current debts on time


  2. Retained earningsprofits (or losses) that the business has made during its years of operation and that have been left in the business (profits increase this/losses decrease)


  3. statement of retained earningstells you how profits are being usedreports how business's retained earnings have changed over a period of time which include dividnet payments or net losses, which decrease retained earnings, net income and additional owner investment which increase retained earnings


  4. Merchandise inventoryconsists of goods that were purchased for use in the business rather than for resale (rx labels and vials)


  5. owner withdrawalswhat its called when cash is withdrawn from business (called dividends paid for corporations)