formulas
chapter 4
chapter 5
chapter 6
100
current assets/ current liabilities
What is current ratio
100
what accounts appear on the closing journal entries?
What is revenues and expenses
100
what are the three parts of the fraud triangle?
What is opportunity, rationalization, and incentive.
100
True or false: the bank reconciliation always involve cash on the books side?
What is True?
200
net profit margin
What is net income/ total revenue
200
which account is never in an adjusting entry?
What is cash
200
how is the income statement organized into categories?
What is Income from operations, income before taxes, net income.
200
What type of account is sales returns and allowances?
What is contra-revenue?
300
total liabilities/ total assets
What is debt to asset ratio
300
True or false: in closing entries, expenses are credited.
What is true.
300
report numbers for two or more time periods from the same company.
What is comparative financial statement?
300
What is recorded on the book side of the bank reconciliation?
What is service charges, NSF check, interest earned...anything the bank knows about that we don't.
400
total revenue/ average total assets.
What is asset turnover ratio?
400
what is the journal entry for depreciation?
What is depreciation expense, accumulated depreciation.
400
a set of regulations passed by congress in 2002 in an attempt to improve financial reporting and restore investor confidence.
What is Sarbanes-oxley (SOX) act.
400
What are recorded on the bank reconciliation on the bank side?
What is deposit in transit, outstanding checks...anything the we know about that the bank doesn't.
500
net profit margin
What is net income/ total revenue?
500
what type of account is accumulated depreciation?
What is contra asset.
500
Who are the five users of accounting information?
What is directors, creditors, government, investors, managers.
500
what are the five common principles of internal control?
What are: establish responsibility, segregate duties, restrict access, document procedures, independently verify?
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