1. The account that reflects the amount the owners have invested in the business
ID: 2383421 • Letter: 1
Question
1. The account that reflects the amount the owners have invested in the business is: Capital Stock ?
A. Capital stock
B. Retained earnings
C. Long-term liabilities
D. Long-term assets
E. None of the above
Which of the following ratios depicts investment efficiency? – Asset Turnover
A. Asset turnover
B. Current
C. Quick
D. Payout
E. None of the above
Projecting inventory levels for next year would be an example of - I think Managerial
A. Financial accounting
B. Managerial accounting
C. Tax accounting
D. None of the above
Arson Incorporated's balance sheet lists assets at historical cost less accumulated depreciation. This GAAP is known as – I think Conservatism ?
A. Monetary concept
B. Economic entity
C. Going concern
D. Conservatism
E. None of the above
Which of the following is a source of cash? I think Increase in accounts payable
A. Increase in accounts receivable
B. Increase in inventories
C. Increase in accounts payable
D. None of the above
A. Capital stock
B. Retained earnings
C. Long-term liabilities
D. Long-term assets
E. None of the above
Explanation / Answer
Solution :
The account that reflects the amount the owners have invested in the business is Capital stock
ratios which depicts investment efficiency is Asset turnover
Projecting inventory levels for next year would be an example of Managerial accounting.
Arson Incorporated's balance sheet lists assets at historical cost less accumulated depreciation. This GAAP is known as conservatism
Increase in accounts receivable is a source of cash
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