
BAT4M - FINAL EXAM KEY TERMS
Authored by Tamara Dell'Erba
Business
12th Grade

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52 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The process of transferring temporary accounts balances to permanent accounts at the end of the accounting period is called:
closing the books
cost of goods sold
temporary accounts
management by exception
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A reduction in the cost of purchases resulting from dissatisfaction with merchandise purchased is known as:
purchase discounts
cost of goods sold
retail method
purchase returns and allowances
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Activities that include (a) obtaining cash from issuing debt and repaying the amounts borrowed and (b) obtaining cash from stockholders, repurchasing shares, and paying dividends are referred to as:
Financing Activities
Assets
Accounting
Current Assets
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Definition: beginning inventory plus cost of goods purchased
net purchases
cost of goods available for sale
ending inventory
cost of goods sold
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Definition: expenses incurred but not yet paid in cash or recorded
accrued expenses
permanent accounts
accrued revenues
prepaid expenses
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Definition: Optional entries recorded at the beginning of a period that prepare the accounts for the usual journal entries as if adjusting entries had not occurred in the prior period.
Reversing Entries
Correcting Entries
Closing The Books
Temporary Accounts
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Definition: the ease with which an asset can be converted into cash
Current Assets
Liquidity
Assets
Profitability
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