Closing entries a need not be journalized since they

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Part 1 of 5 accounting

Question 30   of 40 2.5 / 2.5 Points Scott Company had a current ratio of 2.76:1 in Year 1 and 2.57:1 in Year 2 . This change in current ratio indicates __________.
A. the company 's debt paying ability has improved
B. the company 's debt paying ability has weakened
C. the company 's customers are paying their accounts sooner
D. the company is able to sell its inventory faster
Question 31   of 40 2.5 / 2.5 Points Closing entries _ _ _ _______.
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Question 32   of 40 2.5 / 2.5 Points Assets that are not expected to provide benefits for a number of accounting periods are called __________.
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Question 34   of 40 0.0 / 2.5 Points Which analysis deals with the percentage of changes in certain items over several years ?
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Question 37   of 40 2.5 / 2.5 Points For vertical analysis purposes , a base item on a balance sheet is __________.
A. total assets
B. total equity
C. total liabilities
D. net equity
Answer:  A.   total assets
Question 39   of 40 2.5 / 2.5 Points To close the Withdrawals account __________.
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Question 40   of 40 2.5 / 2.5 Points The current ratio for a company with current assets of $ 70,000 , current liabilities of $ 50,000 , total assets of $ 150,000 , and net sales of $ 80,000 , would be __________.
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Question 31 of 402.5/ 2.5 PointsClosing entries __________.A. need not be journalized since they appear on the worksheetB. need not be posted if the financial statements are prepared from the worksheetC. are not needed if adjusting entries are preparedD. must be journalized and posted
Question 32 of 402.5/ 2.5 PointsAssets that are not expected to provide benefits for a number of accounting periods are called __________.
Question 33 of 402.5/ 2.5 PointsThe current ratio determines the ability of a company to __________.
Question 34 of 400.0/ 2.5 PointsWhich analysis deals with the percentage of changes in certain items over several years?
Question 35 of 402.5/ 2.5 Points
Liquidity ratios measure __________.A. how effectively a company is using its equityB. how effectively a company is using its liabilitiesC. a company's ability to pay shareholdersD. a company's ability to pay off short-term debts
Question 36 of 400.0/ 2.5 PointsA common-size comparative statement shows __________.
Question 37 of 402.5/ 2.5 PointsFor vertical analysis purposes, a base item on a balance sheet is __________.
Question 38 of 402.5/ 2.5 Points
Debt management ratios measure __________.
Question 39 of 402.5/ 2.5 PointsTo close the Withdrawals account __________.A. debit Withdrawals; credit CapitalB. debit Capital; credit WithdrawalsC. debit Withdrawals; credit Income SummaryD. debit Income Summary; credit Withdrawals
Question 40 of 402.5/ 2.5 PointsThe current ratio for a company with current assets of $70,000, current liabilities of $50,000, total assets of $150,000, and net sales of $80,000, would be __________.

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