Reference no: EM132326957

Question

1. The quick Ratio Includes at the of the following Except:

a.Marketable Securities

b.Cash

c.Inventory

d. Accounts Receivable

2. Working Capital includes which of the following?

a.Deferred expenses and Depreciation

b.Current assets and Current liabilities

c.Owner's Capital and Cash

d.Accounts Receivables and Owner's Withdrawal

3. What is the Quick Ratio given the following information?

Current Assets = $477.50

Inventory = $275

Current Liabilities = $1075

a.0.70

b.0.45

c.0.33

d. 0.60

4. What is theCurrent Quick Ratio given the following information?

Current Assets = $750

Inventory = $275

Current Liabilities = $1075

a.0.81

b.0.70

c.0.95

d.0.65

5. During the closing process, which of the following would likely occur?

a.Debit Revenue and Credit Income Summary

b.Debit Cash and Credit Income Summary

c.Debit Earned Income and Credit Income Summary

d.Debit Assets and Credit Income Summary

6. Which of the following are permanent accounts that roll over to the next accounting period?

a.Expenses

b.Revenue

c.Assets

d.Dividends

7. The Income Summary account is closed to which of the following accounts?

a.Retained Earnings

b.Withdrawals

c.Expenses

d.Dividends