This basis of accounting recognizes revenue when it is received.
What is Cash Basis?
100
This statement show changes in capital and owner's equity.
What is the Statement of Owner's Equity?
100
This type of inventory system uses a physical count periodically to determine the amount and value of stock.
What is the Periodic Inventory System?
100
This ratio is Gross Profit divided by Net Sales Revenue.
What is the Gross Profit or Gross Margin ratio?
200
Your accounting teacher like to complain about this person.
Who is his dad?
200
This basis of accounting recognizes revenue when it is earned.
What is Accrual Basis?
200
This statement shows a summary of company's revenues and expenses over a certain period of time.
What is the Income Statement?
200
This type of inventory system keeps a running record of stock units and dollar amounts and is contantly updated.
What is the Perpetual Inventory System?
200
This ratio measures a company's ability to pay its current liabilities with its current assets and is total current assets divided by total current liabilities.
What is the Current Ratio?
300
Your accounting teacher lives on and operates this.
What is a small hobby farm?
300
This accounting principle matches expenses with the corresponding revenue of a particular period.
What is the Matching Principle?
300
The financial statement that represents a snapshot of the conmpany's financial health as of a specific date in time.
What is the Balance Sheet?
300
GAAP states that inventory must be reported on the financial statements at one or the other of these values.
What is the lower of cost or market value?
300
This ratio is Cost of Goods Sold divided by a periods Average Inventory and tells us how many times in a certain period a company has turned over its inventory.
What is the Inventory Turnover Ratio?
400
Your accounting teacher's Ma lives in this southern state. (Hint: their college football team has won the National Championship the last two years).