Chapter 15 Using Mgmt and Acct'n Info Part 2.docx

Chapter 15 Using Mgmt and Acct'n Info Part 2.docx - 11...

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11. According to the accountant for Michael’s Floral Supply, the firm’s assets are $124,000 and its liabilities are $31,000. Which of the following statements is correct? The owner’s equity is $93,000 12. Which of the following presents assets in the correct balance sheet order? Cash, Inventory, equipment 13. The number of times a firm sells and replaces its merchandise inventory in one year is known as its …… Inventory Turnover 14. Ebony Jones is hired by Ruby Tuesday to help with budgeting, determining the costs of the firm’s meal services, and recording transactions and creating financial statements. Ebony is a ……. Private Accountant 15. Which of the following services would not be performed by a firm’s accountant? Making major decisions about production and marketing activities 16. The ______created the IFRS, accounting standards used in more than 100 countries. Financial Accounting Standards Board 17. After the Sarbanes-Oxley Act was signed by the president, auditors and accountants can be
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