UIL -Regional/State

UIL -Regional/State

Assessment

Flashcard

Business

9th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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53 questions

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1.

FLASHCARD QUESTION

Front

A corporation’s general ledger accounts are similar to a proprietorship or partnership except for the

Back

federal income tax expense account

2.

FLASHCARD QUESTION

Front

Using the same inventory costing method for all fiscal periods is an application of the accounting concept:

Back

Consistent Reporting

3.

FLASHCARD QUESTION

Front

A quick ratio of ___ is considered adequate.

Back

1:1

4.

FLASHCARD QUESTION

Front

Back

$82

5.

FLASHCARD QUESTION

Front

Back

$7,000

6.

FLASHCARD QUESTION

Front

A widely used rule-of-thumb is that the current ratio should be at least

Back

2:1

7.

FLASHCARD QUESTION

Front

A corporation records earnings kept in the business in the account

Back

Retained Earnings

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