A listing of all accounts in numerical order is called a(n) ________. A) Ledger B) Journal C) Income statement D) Chart of accounts ANSWER D
Date: September 2nd, 2020
Companies use a ledger to show all of the increases and decreases in each account along with their balances. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
The statement of cash flows informs users about how much of the earnings were kept and reinvested in the company. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Which of the following financial statements is used to analyze the economic resources, debt, and overall financial position of a company? A) income statement B) balance sheet C) statement of cash flows D) statement of retained earnings ANSWER B
Date: September 2nd, 2020
The explanation of why the net income differs from the change in cash balance for the period is explained in the ________. A) income statement B) balance sheet C) statement of retained earnings D) statement of cash flows ANSWER D
Date: September 2nd, 2020
Which of the following financial statements would be most useful if an analyst wants to know the likelihood of repayment of business debts? A) income statement B) balance sheet C) statement of retained earnings D) statement of cash flows ANSWER B
Date: September 2nd, 2020
Which of the following formulae is used to calculate average total assets for the return on assets ratio? A) Average total assets = (Beginning total assets + Ending total assets) × 2 B) Average total assets = (Beginning total assets – Ending total assets) × 2 C) Average total assets = (Beginning total assets – […]
Date: September 2nd, 2020
The return on assets is calculated by ________. A) subtracting net income from average total assets B) adding net income and average total assets C) dividing net income by average total assets D) multiplying net income and average total assets ANSWER C
Date: September 2nd, 2020
Assume MetAmbit Corporation had a net income of $2,300 for the year ending December 2016. Its beginning and ending total assets were $33,500 and $18,000, respectively. Calculate MetAmbit’s return on assets (ROA ) (Round your percentage answer to two decimal places.) A) 6.87% B) 12.78% C) 8.93% D) 4.47% ANSWER C
Date: September 2nd, 2020
Johnson Repair Service had net income for the year of $125,000. In addition, the balance sheet reports the following balances: Jan. 1, 2016 Dec 31, 2016 Accounts Receivable $ 5,600 $ 14,200 Accounts Payable 12,000 9,500 Building 125,000 125,000 Cash 37,500 35,000 Office Furniture 25,000 50,000 Office Supplies 3,200 1,500 Notes Payable 60,000 75,000 Total […]
Date: September 2nd, 2020
