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Chapter 1 & 2 ( module 1 advanced accounting) accounting and business of TEST BANK Exam 2024/2025 Questions With Completed & Verified Solutions.$10.99
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Chapter 1 & 2 ( module 1 advanced
accounting) accounting and business
asset - ANS right to use resources that have expected future economic benefit
activity ratios for internal perspective - ANS accounts receivable turnover, inventory turnover,
accounts payable turnover
accounts receivable turnover - ANS sales/ average accounts receivable
accounts payable turnover - ANS cost of goods sold/ average accounts payable
accounting and information systems - ANS provides the information for business
adjustments to the bank balance - ANS deposits in transit, outstanding checks, errors
adjustments to the book balance - ANS interest earned, service charges, NSF checks
basic elements of accounting - ANS assets, liabilities, owners equity, revenues, expenses
balance sheet - ANS financial statement that indicates the ending balances of assets, liabilities,
owners' equity, net income
business entity - ANS business records and personal records should be kept separate and
distinct
capital resources process - ANS the financing and investing activities of the business.
current asset - ANS an asset that will be beneficial or last a year: cash, checking accounts,
temporary investments, accounts receivable, inventory, supplies, and prepaid expenses
current ratio - ANS current assets/ current liabilities; measure of liquidity
dividends declared is on what income statement? - ANS statement of stockholders equity
debt to equity ratio - ANS total liabilities divided by total owners equity. A measure of company
solvency (ability to pay both short-term and long-term obligations)
expense - ANS an amount incurred from using resources or services in an effort to generate
revenues
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