5 Written questions
4 Matching questions
- Which of the following measures a company's short-term ability to pay its obligations when due?
- What is the classification for mortgage payable (payments due monthly over the next 20 years)?
- What is the classification for notes payable (due in 2 years)?
- How do you calculate other revenues and expenses?
- a Current Assets
- b Liquidity.
- c (Interest Expense) + Interest Income
- d Long-term investments
5 Multiple choice questions
- Current Liabilities
- Net Income/ # of shares of common stock outstanding
- a measure of net income earned on each share of common stock.
- Property, plant, and equipment
5 True/False questions
What accounting constraint allows a company to ignore GAAP if an item is too small to impact a decision? → Materiality.
Which is NOT a component of the operating cycle?
Payment of employees' wages
Purchase of inventory
Collection of cash form inventory sales
Sale of inventory → Payment of employees' wages
Which of the following items would be recorded in the inventory account of a grocery store?
milk and eggs
display cases → Milk and Eggs
What is the classification for goodwill? → Property, plant, and equipment
If a sales invoice shows credit terms of 2/10, n/30, the discount period is: → 10 days.