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5 Written questions

5 Matching questions

  1. Per Share Data
  2. Income Statement
  3. Double-Entry Bookkeeping
  4. Inventory Turnover
  5. Times Interest Earned Ratio
  1. a a system of recording and classifying business transactions that maintains the balance of the accounting equation
  2. b data used by investors to compare the performance of one company with another on an equal, per share basis
  3. c operating income/interest expense
  4. d a summary of the revenue and expenses for a specific period of time, such as a month or a year.
  5. e sales/total inventory

5 Multiple choice questions

  1. the internal use of accounting statements by managers in planning and directing the organization's activities
  2. the amount of money left over after expenses are taken out
  3. the movement of money through an organization over a daily, weekly, monthly, or yearly basis
  4. an internal financial plan that forecasts expenses and income over a set period of time
  5. the recording, measurement, and interpretation of financial information

5 True/False questions

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


  2. Private Accountantsaccountants employed by large corporations, government agencies, and other organizations to prepare and analyze their financial statements


  3. Assetsa firm's economic resources, or items of value that it owns, such as cash, inventory, land, equipments, buildings and other tangible and intangible things


  4. Revenuethe entire amount of income before any deductions are made


  5. Accounting Cyclethe recording, measurement, and interpretation of financial information