Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
10 Cards in this Set
- Front
- Back
|
Which of the following terms is not found on a Balance Sheet?
a) cash b) gross profit c) assets d) liabilities |
b) gross profit
|
|
|
Which accounting system most accurately reflects profitability?
a) Cash Accounting b) Flow of Funds Accounting c) Accrual Accounting |
c) Accrual Accounting
|
|
|
An account receivable is
a) an Asset b) Owner's Equity c) a Libility |
a) an Asset
|
|
|
Which of thefollowing is most important to the daily operation of a business?
a) Assers b) Retained Earnings c) cash |
c) cash
|
|
|
When people speak about the bottom line, they are referrng to:
a) Net Profit b) Gross Margin c) Gross Profit |
a) Net Profit
|
|
|
A prepaid expense is:
a) an Asset b) Owner's Equity c) a Liability |
a) an Asset
|
|
|
Is LIFO/ FIFO a method of?
a) Inventory Evaluation b) Profit Ratio c) Financing |
a) Inventory Evaluation
|
|
|
Which would you find on an Income Statement?
a) Expense b) Fixed Asset c) Liability |
a) Expense
|
|
|
Which of the following expenses does not affect yout cash position in running a business?
a) Lease Expense b) Advertising Expense c) Depreciation Expense |
c) Depreciation Expense
|
|
|
Which of the following is a Basic Accounting Equation?
a) Net Worth= Assets+ Profits b) Gross Profit- Sales=Gross Profit Margin c) Assets= Liabilities + Owners Equity |
c) Assets= Liabilities+OE
|
