1. Which of the following is not a current liability? A. A liability due within

Question

1. Which of the following is not a current liability?
A. A liability due within one-year for a business with a fifteen-month operating cycle.
B. A liability due within three months for a business with a two-month operating cycle.
C. A liability due within one-year for a business with a nine-month operating cycle.
D. A liability due within fifteen months for a business with a one-year operating cycle.

2. Which of the following accounts would not be considered when calculating the quick ratio?
A. Marketable securities.
B. Inventory.
C. Accounts receivable.
D. Accounts payable.

3. Landseeker's Restaurants reported cost of goods sold of $322 million and accounts payable of $83 million for 2011. In 2010, cost of goods sold was $258 million and accounts payable was $72 million. What was Landseeker's accounts payable turnover ratio in 2011?
A. 4.23
B. 4.15
C. 4.04
D. 3.91

6. Rice Corporation's attorney has provided the following summaries of three lawsuits against Rice:

Explanation / Answer

1. A

2. B

3. B

6. D

7. A

8. C

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