100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
NAB: Finance & Business Practice Exam 100% Correct!! $15.49   Add to cart

Exam (elaborations)

NAB: Finance & Business Practice Exam 100% Correct!!

 0 view  0 purchase
  • Course
  • NAB: Finance & Business
  • Institution
  • NAB: Finance & Business

The new accountant informs the administrator that to simplify things, he has incorporated all purchases that will be paid for the next few years into the accounts payable journal. The administrator should _____. - ANSWERSc. begin a search for a new accountant The administrator seeks to be licens...

[Show more]

Preview 2 out of 13  pages

  • November 7, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • NAB: Finance & Business
  • NAB: Finance & Business
avatar-seller
papersmaster01
NAB: Finance & Business Practice Exam
100% Correct!!


The new accountant informs the administrator that to simplify things, he has incorporated all purchases
that will be paid for the next few years into the accounts payable journal. The administrator should
_____. - ANSWERSc. begin a search for a new accountant



The administrator seeks to be licensed without having to meet all the conditions new entrants would
have to meet. He/she seeks to be ______. - ANSWERSgrandpersoned



Normally, courts of appeal do not have _____. - ANSWERSoriginal jurisdiction.



The administrator decides to offer newer forms of physical therapy that reduce use of currently used
physical therapy methods. He/she has ______ the current methods. - ANSWERScannibalized



Annually, or more often, inventory, to determine beginning inventory, should be ______. - ANSWERSc.
physically counted



The quick ratio analysis of current assets is ______ the current ratio. - ANSWERSmore rigorous than.



is a measure of how well a company can meet its short-term financial liabilities. - ANSWERSquick ratio
analysis - Also known as the acid-test ratio, it can be calculated as follows: (Cash + Marketable Securities
+ Accounts Receivable) / Current Liabilities.



a liquidity and efficiency ratio that measures a firm's ability to pay off its short-term liabilities with its
current assets. It is an important measure of liquidity because short-term liabilities are due within the
next year. - ANSWERScurrent ratio

, The main difference between the current ratio and the quick ratio - ANSWERSQuick Ratio offers a more
conservative view of the company's ability to meets its short-term liabilities with its short-term assets
because it does not include inventory and other current assets that are more difficult to liquidate



An accounting principle requiring the facility to correspond the revenues it earns in a given period to the
expenses it incurred during that same period is the ______. - ANSWERSd. matching principle



is the general concept of recognizing expenses and liabilities as soon as possible when there is
uncertainty about the outcome, but to only recognize revenues and assets when they are assured of
being received. - ANSWERSThe conservatism principle



refers to the ability for financial statements, footnotes and/or supplemental schedules to provide a
comprehensive and clear description of a company's financial position. - ANSWERSAdequate disclosure
principle



states that an accounting standard can be ignored if the net impact of doing so has such a small impact
on the financial statements that a reader of the financial statements would not be misled. -
ANSWERSThe materiality principle



a formal charge or accusation of a serious crime. - ANSWERSindictment



a judicial order that restrains a person from beginning or continuing an action threatening or invading
the legal right of another, or that compels a person to carry out a certain act, e.g., to make restitution to
an injured party. - ANSWERSinjunction



Money invested in the facility, also known as the facility's net worth, is normally referred to as _____. -
ANSWERScapital



Act that generally establishes employer responsibility without regard to fault or negligence for
employees' illness or injuries that arise out of performance of the job are known as ____. -
ANSWERSWorker's Compensation Act.



A revision of an accounting forecast or assumption about the facility's expected or experienced
performance is a/an ______. - ANSWERSchange in accounting estimate.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller papersmaster01. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $15.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

83100 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$15.49
  • (0)
  Add to cart