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10 Cards in this Set

  • Front
  • Back
Which of the following terms is not found on a Balance Sheet?
a) cash
b) gross profit
c) assets
d) liabilities
b) gross profit
Which accounting system most accurately reflects profitability?
a) Cash Accounting
b) Flow of Funds Accounting
c) Accrual Accounting
c) Accrual Accounting
An account receivable is
a) an Asset
b) Owner's Equity
c) a Libility
a) an Asset
Which of thefollowing is most important to the daily operation of a business?
a) Assers
b) Retained Earnings
c) cash
c) cash
When people speak about the bottom line, they are referrng to:
a) Net Profit
b) Gross Margin
c) Gross Profit
a) Net Profit
A prepaid expense is:
a) an Asset
b) Owner's Equity
c) a Liability
a) an Asset
Is LIFO/ FIFO a method of?
a) Inventory Evaluation
b) Profit Ratio
c) Financing
a) Inventory Evaluation
Which would you find on an Income Statement?
a) Expense
b) Fixed Asset
c) Liability
a) Expense
Which of the following expenses does not affect yout cash position in running a business?
a) Lease Expense
b) Advertising Expense
c) Depreciation Expense
c) Depreciation Expense
Which of the following is a Basic Accounting Equation?
a) Net Worth= Assets+ Profits
b) Gross Profit- Sales=Gross Profit Margin
c) Assets= Liabilities + Owners Equity
c) Assets= Liabilities+OE