C214 oa quick Study guides, Class notes & Summaries

ncome Statement - Correct answer-Shows all revenues received and all expenses incurred over a specific period of time (NI = Revenue - Expenses) Statement of Retained Earnings - Correct answer-(RE = Beginning RI + NI - Dividends) Over a specific period of time. Balance Sheet - Correct answer-One of the three main financial statements. It is a snapshot of the firm's assets, liabilities, and equity at any point in time. Balance Sheet Equation - Correct answer-(Assets = Liabilities + Owner...

WGU C214 OA Q&A Checklist questions and answers CORRECT!!! Which will be larger: accrual taxes payable or accounting income tax expense - Accounting tax expense will be higher; actual taxes based on IRS rules will be lower Which financial ratios measure "efficiency"? - Asset turnover and Fixed Asset turnover Which ratio is the best measure of a firm's ability to pay bills? - Quick Ratio Which decision requires using subjective estimates? - Economic life of a new asset Wha...

WGU C214 OA Q&A Checklist questions and answers CORRECT!!! Which will be larger: accrual taxes payable or accounting income tax expense - Accounting tax expense will be higher; actual taxes based on IRS rules will be lower Which financial ratios measure "efficiency"? - Asset turnover and Fixed Asset turnover Which ratio is the best measure of a firm's ability to pay bills? - Quick Ratio Which decision requires using subjective estimates? - Economic life of a new asset What is the yield...

Income Statement - Answer- Shows all revenues received and all expenses incurred over a specific period of time (NI = Revenue - Expenses) Statement of Retained Earnings - Answer- (RE = Beginning RI + NI - Dividends) Over a specific period of time. Balance Sheet - Answer- One of the three main financial statements. It is a snapshot of the firm's assets, liabilities, and equity at any point in time. Balance Sheet Equation - Answer- (Assets = Liabilities + Owner's Equity) (Equity = A...

WGU C214 OA Q&A Checklist Which will be larger: accrual taxes payable or accounting income tax expense Correct Answer: Accounting tax expense will be higher; actual taxes based on IRS rules will be lower Which financial ratios measure "efficiency"? Correct Answer: Asset turnover and Fixed Asset turnover Which ratio is the best measure of a firm's ability to pay bills? Correct Answer: Quick Ratio Which decision requires using subjective estimates? Correct Answer: Economic life ...