Exam (elaborations)
Accounting Quiz (1).
- Institution
- 9.4.1 Transaction Processing Systems
Accounting Quiz (1).
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Accounting QuizAccounting Equation - ANS-Assets=liabilities + stockholdersEquity
Sheet Heading - ANS-1. name
2. type of document
3. date
4. unit of measure
Balance Sheet - ANS-Accounting Equation (investors interested in it)
Income Statement - ANS-revenue - expenses = net income
(revenue whether or not someone paid already)
(banks and suppliers look to see if business can make a profit)
Statement of Retained Earnings - ANS-beginning retained earnings+net income
-dividends=ending retained earnings
(way dividends and revenue affected company)
Statement of Cash Flows - ANS-+-cash flows from operating activities+-cash from
investing activities+-cash from financing activities
return on sales (profit margin) (ability to earn profits) - ANS-return on sales=net income
after taxes/net sales
Current Ratio
(ability to pay debts) - ANS-current ration=current assets/current liabilities
inventory Turnover(how well firm manages inventory) - ANS-cost of goods sold/average
inventory
accounts receivable turnover(how well firm turns AR into cash) - ANS-net sales/(A/R)
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