8. Details of amounts owed to individual suppliers are found in the a. Accounts

Question

8. Details of amounts owed to individual suppliers are found in the a. Accounts payable subsidiary ledger b. Accounts payable control account c. Accounts receivable subsidiary ledger d. General ledger ell it to its The average length of time it takes for a retail business to acquire inventory,s customers and collect the cash owing is called the 9. a. Inventory turnover b Operating cycle c. Cost of sales d. Gross profit 10. Which of these is not a permanent account? a. Prepaid insurance b. Rent expense c. Loann d. Owner's capital account e. 11. Current assets may be listed in the balance sheet in the order of their liquidity Liquidity is: Another name for the operating cycle b. a. A measure of how many buyers there are for the asset Whether the asset is secured over a liability · c. The average length of time it takes to convert an asset into cash 12·The current liability is: a. Accrued Delivery Expenses b. Accounts Receivable c. Electricity Expense d. Long-term Loan 13. A party to whom the entity owes money for goods or services provided to the entity is called a: a. Creditor b. Debtor c. Debit d. Credit 14. A chronological record of all the transactions of an entity is provided in the: a. Ledger b. Journal c. Balance sheet d. Trial balance

Explanation / Answer

8 a. Accounts payable subsidiary ledger Accounts payable control account- Summary of accounts payable Accounts receivable subsidiary ledger-Details of amount pending from individual customers. General ledger-Records all transactions. 9 b. Operating cycle 10 b. Rent expenses Others are balance sheet items 11 d. Average length of time it takes to convert an asset into cash 12 a. Accrued delivery expenses Accounts receivable-Current asset Electricity expense-Expense Long-term loan-Non current liability 13 a. Creditor 14 b. Journal

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