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23 Cards in this Set
- Front
- Back
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A * provides a good, detailed, overview of how current income Compares with income received last week? A. Receivable report B. Sales Journal C. Check register D. Financial statement |
B. Sales Journal |
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Sales records are needed.... A. For some insurance reports B. To check historical information C. To keep track of labor costs D. To control personnel |
A. For some insurance reports |
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Check Registers.... A. Keep track of billing B. Track petty cash C. Control overhead expenses D. Balance the bank accounts |
D. Balance the bank accounts |
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Builders need * to pay small expenses that arise day today. A. Expense account B. Over limit account funds C. Equity line D. Petty cash |
D. Petty cash |
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Rent, phone, utilities, and office supplies are considered * expenses. A. Direct B. Current C. Accrued D. Overhead |
D. Overhead |
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* must be presented it when apply for performance bonds and for loan applications. A. Bank accounts B. Financial statements C. Balance statements D. Account sheets |
B. Financial statements |
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* is the simplest bookkeeping method used A. Data entry B. Debit entry C. Double entry D. Debit to credit entry |
C. Double entry |
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A * is entered on the left side of a T-Account A. Total sum B. Liability C. Balance D. Debit |
D. Debit |
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A * is entered on the right side of a T-Account A. Balance B. Credit C. The sum D. Debit |
B. Credit |
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A General Ledger A. Summarizes all business operations B. Is a separate form subsidiary ledgers C. Is out of balance if there is a posting error D. All of the above |
D. All of the above |
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A financial statement * A. Summarizes the General Ledger B. Supplements the General Ledger C. Is part of the General Ledger D. Is expressed as a T-Account |
A. Summarizes the General Ledger |
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Comparisons of net worth to liabilities used by Bankers considering loan applications are called * A. Assets B. Ratios C. Profits D. Profit/loss statements |
B. Ratios |
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* are funds withheld from payments as an incentive for timely job completion. A. Debits B. True costs C. Retainage D. Liquidated damages |
C. Retainage |
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It is important to watch *, since it can alert the business to the accumulation of hard to collect accounts A. Sales B. Ratios C. Receivables D. Trends |
D. Trends |
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The most popular and widely used test for cash position is the * A. Liquidity test B. Comparative analysis C. Current ratio D. Current yield |
C. Current ratio |
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* summarizes the existing conditions of a business A. Income statement B. Balance sheet C. Cash flow statement D. Revenue statement |
B. Balance sheet |
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The satisfactory minimum current ratio which Compares current assets to current liabilities is : A. 4:1 B. 2:1 C. 1:1 D. 1:2 |
B. 2:1 |
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A ratio used to determine the ability to pay current debts without including inventory A. Net worth B. Net income C. Margin of profit D. Quick assets |
D. Quick assets |
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Working capital is * A. Long term assets B. Available current assets C. Profit margin D. Owners equity |
B. Available current assets |
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Net income to debt ratio gives the contractor a good idea of * A. Gross profit B. Net income C. Operation efficiency D. Expense controls |
C. Operation efficiency |
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Current assets minus current liabilities = A. Working capital B. Net income C. Gross profit D. Gross sales |
A. Working capital |
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Current assets divided by current liabilities = A. Net income B. Net income C. Profit D. Quick assets ratio |
D. Quick assets ratio |
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Net income divided by net sales = A. Current ratio B. Profit margin C. Net income D. Working capital |
B. Profit margin |
