Cheques for which access should be restricted to authorized personnel
What are blank cheques?
100
Financial statements that use total assets as the base figure.
What are condensed balance sheets?
100
The type of ownership that is owned by two or more persons.
What is partnership?
200
The cost of an asset minus the accumulated depreciation
What is a book value?
200
Revenue-cost of goods sold = gross profit
What is the formula to determine Gross profit
200
Process of recording transactions and events that have occurred on documents.
What are document procedures?
200
Calculations used to indicate the ability to pay debts.
What are liquidity ratios?
200
This type of partnership is owned by one person.
What is sole proprietorship?
300
The cost of items used to produce revenue for a business
What is an expense?
300
Manufacturing Company
What firm converts raw materials into saleable products
300
An indication of whether the company’s financial statements fairly present its financial position
What is external verification?
300
A method used to forecast future results.
What is trend analysis?
300
General partners and limited partners.
What are the two types of partners in limited partnership?
400
Accounting changes recorded to ensure that all account balances are correct
What are adjusments?
400
Beginning Merchandise Inventory + Purchases of Merchandise = Cost Of Merchandise Available For Sale – Ending Merchandise Inventory = Cost of Goods Sold
What is the formula to figure out the cost of goods sold?
400
The review and comparison of information from two sources.
What is internal verification?
400
Documents that show key items as percentages, without dollar values.
What are common –size statements?
400
A business that has a legal existence of its own.
What is a corporation?
500
Expense payments made in advance
What are prepaid expenses?
500
Periodic Inventory Method
What method requires a count to be made of all inventory at the end of the fiscal period of valuation purposes?
500
Examples of things that should be included in documents.
What are remittance advices, cash register tapes, or deposit slips?
500
The number of times a company’s average inventory is sold during an accounting period/