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5 Written questions

5 Matching questions

  1. Cost of Goods Sold
  2. Receivables Turnover
  3. CPA
  4. Profit Margin
  5. Current Liabilities
  1. a a firm's financial obligations to short-term creditors, which must be repaid within one year
  2. b net income/sales
  3. c an accountant who has passed certain examinations and met all other statutory and licensing requirements of a United States state to be certified by that state
  4. d sales/accounts receivable
  5. e the amount of money a firm spent to but or produce the products it sold during the period to which the income statement applies

5 Multiple choice questions

  1. the costs incurred in the day-to-day operations of an organization
  2. assets=liabilities+owner's equity
  3. the entire amount of income before any deductions are made
  4. a book or computer file with separate sections for each account
  5. a system of recording and classifying business transactions that maintains the balance of the accounting equation

5 True/False questions

  1. Current Assetscurrent assets/current liabilities


  2. Accounts Payablemoney an organization owes its vendors and suppliers.


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


  4. Profitthe amount of money left over after expenses are taken out


  5. Income Statementa summary of the revenue and expenses for a specific period of time, such as a month or a year.