The ______________ is the sequence of activities in which inventory is purchased on account from suppliers, inventory is sold on account to customers, customers pay the amounts due, and suppliers are paid the amounts due to them.

Outflows of assets used up in generating revenue are called ______________.

Financial statements that are prepared using a particular set of assumptions are called ___________________.

Which is NOT a measure of profitability?

Revenues are a measure of the inflows of assets (or reductions in liabilities) from selling goods and providing services to customers. Which is NOT a revenue transaction?

Which ratio use sales in its numerator?

What information is found on the Income Statement?

Which two line items are used to calculate Working Capital?

What is the basic accounting equation used to calculate the balance sheet?

Which item does not depreciate?

True or False? Liabilities and shareholders’ equity must be equal.