
Chapter 17
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23 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accrued Expenses refer to:
represents payments the company has already made for services not yet received.
bills that must be paid within 1 year of the date of the balance sheet.
costs incurred by the company for which no payment had been made.
refers to money owed to the company for goods or services provided and billed to a customer.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Goodwill represents:
represents payments the company has already made for services not yet received.
represents the original amount the owners paid into the company plus any additional paid-in capital to purchase the capital stock.
represents the price paid for an asset in excess of its book value.
represents the money that has been invested in the business plus cumulative net profits and losses the company has generated.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does ratio analysis allow you to do?
Compare performance over time and to others in the same industry.
Measure the amount of net income as a percentage of sales.
Assess whether the company has enough current assets to pay its short-term liabilities.
Determine the portion of long-term debt that must be paid within a year.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the quick ratio?
It is a financial ratio that measures liquidity.
Amount of net income as a percentage of sales.
The process of recording, sorting, retrieving, and reporting financial statements.
Portion of long-term debt that must be paid within a year.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does accounts payable refer to?
Money owed by a business to its suppliers.
The portion of long-term debt that must be paid within a year.
Costs incurred by the company for which no payment had been made.
Money owed to the company for goods or services provided and billed to a customer.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are intangible assets?
The value of patents, software programs, copyright, trademarks, franchises, brand names, or assets that cannot be physically touched.
The process of recording financial transactions and developing financial statements.
Cash and other assets such as inventory and accounts receivable.
The money invested in the business plus cumulative net profits and losses.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is financial accounting?
The process of recording financial transactions and developing financial statements used for financial analysis and external reporting.
A branch of accounting that involves evaluating an investment opportunity.
The value of patents, software programs, copyright, trademarks, franchises, brand names, or assets that cannot be physically touched.
Cash and other assets such as inventory and accounts receivable.
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