Accounting II Semester Exam

Revenue that is earned one period, but not received until a later fiscal period is ____________________.

• accrued interest

• accrued liability

• accrued revenue

• current ratio

Using the price of merchandise purchased first to calculate the cost of merchandise sold is ______________________________.

• first in, first out inventory

• last in, first out inventory

• weighted average

• real property

The amount of total current assets less total current liabilities is _____________________.

• dishonored note

• working capital

• full inventory

• real property

An amount paid for the us of money for a period of time is ______________.

• payable

• rental

• Inventory

• interest

A ratio that shows the numeric relationship of current asset to current liabilities is the _____________________________.

• late ratio

• current ratio

• dishonored note

• fast ratio

The value of an asset determined by tax authorities for the purpose of calculating taxes is ________________________.

• real property

• assessed value

• current ratio

• working capital

Using the price of merchandise purchased last to calculate the cost of merchandise sold first is __________________________.

• weighted average inventory costing method

• first in first out inventory costing method

• last in, first out inventory costing method

• random inventory costing method

Maturity value for a note is calculated as ___________________.

• principal * interest = maturity value

• principal + interest = maturity value

• principal / interest = maturity value

• principal - interest = maturity value

A note that is NOT paid when it is due is a _____________________.

• reason to call a loan shark

• broken promise

• note paid in full

• dishonored note.

Using the same inventory method for all fiscal periods is an application of the accounting concept _________________________.

• Consistent Reporting

• Honest Reporting

• Reliable Reporting

• Keeping it Real!