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5 Written questions

4 Matching questions

  1. Which of the following measures a company's short-term ability to pay its obligations when due?
  2. What is the classification for mortgage payable (payments due monthly over the next 20 years)?
  3. What is the classification for notes payable (due in 2 years)?
  4. How do you calculate other revenues and expenses?
  1. a Current Assets
  2. b Liquidity.
  3. c (Interest Expense) + Interest Income
  4. d Long-term investments

5 Multiple choice questions

  1. patents
  2. Current Liabilities
  3. Net Income/ # of shares of common stock outstanding
  4. a measure of net income earned on each share of common stock.
  5. Property, plant, and equipment

5 True/False questions

  1. What accounting constraint allows a company to ignore GAAP if an item is too small to impact a decision?Materiality.


  2. 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


  3. Which of the following items would be recorded in the inventory account of a grocery store?
    milk and eggs
    cash registers
    display cases
    Milk and Eggs


  4. What is the classification for goodwill?Property, plant, and equipment


  5. If a sales invoice shows credit terms of 2/10, n/30, the discount period is:10 days.