Many business decisions are made in hopes of improving a firm's bottom line. Which of the following financial statements will reveal a firm's bottom line?

Which of the following ratios is a liquidity ratio?

In order to calculate the current ratio for your firm, you divide the total value of current assets by

Financial ratios that reflect the degree to which a firm relies on borrowed funds are called ________ ratios.

Important provisions of the Sarbanes-Oxley Act

Talk Time Communications is considering the purchase of a new satellite. The firm believes the satellite will help generate future earnings. In addition, the firm recognizes the tax benefits of a lower net income provided by the annual ________ of the asset.

The main reason an accountant would conduct a trial balance is to

Mini-Case Minnie A. Wright-Hoff works as an accountant for Double Entry Doors, Inc. Her company sells and installs oversized garage doors needed by large vehicles. Most of Minnie's work involves helping department heads and other decision makers by measuring and reporting costs for their departments, and by identifying areas where departments are exceeding their budgets. However, as one of only three accountants employed by Double Entry Doors, Minnie is something of a "jill-of-all-trades" in terms of her accounting assignments. For example, she recently spent several hours summarizing all of the financial data in account ledgers to see if the information was correct and balanced. Her efforts revealed no problems, so she is now ready to start working on the firm's financial statements. Minnie is interested in this part of the accounting cycle because she likes to be one of the first to know the "bottom line" her company will report. She knows that she and the other accountants who work on these statements can influence the results by the choices they make about the way they report certain items. The last major task Minnie completed before getting ready to prepare the firm's financial statements was the preparation of the

The most liquid asset is

As Jaime was packing to return to college after his summer vacation, he realized that he owned many valuable things such as a laptop computer, a speaker system, and a Blu-ray player. An accountant would list all of these as Jaime's

The preparation of financial statements for people outside the firm (creditors, unions, suppliers, and others) is the goal of

Use the fundamental accounting equation to solve the following: Assets minus liabilities equals

The ________ ratio helps determine the ability of a firm to repay its short-term debts even if it has difficulty selling its inventory.

During a period of rising prices, if a firm desires to report a low gross profit figure in hopes of reducing their income tax liability, the firm will use the ________ inventory valuation method.

Which of the following is an example of a financial transaction?

The top managers of Pages and Pages Bookstores want to indicate to the firm's shareholders how effectively they have managed the company. Perhaps the most meaningful way to do this would be by reporting strong

Resources that a firm owns are called

Quinn is an accountant employed by CCDL Enterprises. Recently, she has spent much of her time working on defining measures of costs for the production department and checking to ensure that various departments are staying within their budgets. Quinn is a

Similar to the example of FIFO and LIFO inventory accounting methods in the text, a college store purchased sweatshirts for the upcoming fall semester. Using the following data, where a total of 100 sweatshirts were purchased by the store and placed in inventory, select the correct statement from the following choices. Inventory Purchase Date 8/1 50 sweatshirts Inventory Purchase Date 9/1 50 sweatshirts Cost Per Sweatshirt $12.00 Cost per Sweatshirt $14.00 Selling Price $28.00 Selling Price $28.00 Total Sweatshirts sold from 8/1 – 12/31 = 50 sweatshirts

A ________ is a specialized accounting book, where transactions are categorized according to type. For example, all utility transactions are recorded in the same category.