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1. Which of the following accounts are used in computations of working capital?

a. Retained Earnings
b. Sales
c. Merchandise Inventory
d. Common Stock

2. A current ratio of 6 is generally an indication that firm

a. Has a low degree of liquidity.
b. Has a reasonable degree of liquidity.
c. Has made the most productive use of its assets.
d. Has not made good use of its assets

3. In advertiser's records, a newspaper ad submitted and published this week with agreement to pay for it next week would:

a. Decrease assets and decrease expenses
b. Increase liabilities and increase expenses
c. Decrease assets and increase revenue
d. Increase assets and decrease liabilities

4. Accounting concept/principle being applied when adjustment is made is generally matching revenue and expense:

a. True
b. False

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920565

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