The ________________ generally includes cash, marketable securities, and accounts receivable in its numerator.
Answer & Explanation
Correct Answer: Quick Ratio
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EBITDA is Operating Profit:
Answer & Explanation
Correct Answer: Before Depreciation and Amortization
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A company lost a building with a book value of $65,000 and fair value of $80,000 to a flood. $20,000 was paid for removal and clean-up. What is the loss on this involuntary conversion?
Answer & Explanation
Correct Answer: $85,000
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What's the difference between a Capital lease and an Operational lease?
Answer & Explanation
Correct Answer: Capital leases are traditionally used for long-term leases while Operational leases are for short-term leases.
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What is the first statement to calculate before moving on to the statement of retained earnings?
Answer & Explanation
Correct Answer: Income statement.
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How do you calculate the Quick Ratio?
Answer & Explanation
Correct Answer: (Current assets – Inventories) / Current Liabilities
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XYZ Company reports total assets and total liabilities of $425,000 and $200,000, respectively, at the conclusion of its first year of business. The company earned $95,000 during the first year and distributed $50,000 in dividends. What was the firm
Answer & Explanation
Correct Answer: $180,000
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True or False? All expenses required to be paid in the same accounting period.
Answer & Explanation
Correct Answer: False
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What do the footnotes to financial statements typically provide?
Answer & Explanation
Correct Answer: All of these
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Which of the following does NOT describe an expense?
Answer & Explanation
Correct Answer: Dividends paid to shareholders
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