Question 1

Quick assets are defined as:

Accepted Answer

A) Cash, short-term investments, and inventory. 
B) Cash, short-term investments, and current receivables. 
C) Cash, inventory, and current receivables. 
D) Cash, noncurrent receivables, and prepaid expenses. 
E) Accounts receivable, inventory, and prepaid expenses. 
A) Cash, short-term investments, and inventory. 
B) Cash, short-term investments, and current receivables. 
C) Cash, inventory, and current receivables. 
D) Cash, noncurrent receivables, and prepaid expenses. 
E) Accounts receivable, inventory, and prepaid expenses.

Question 2

A company purchased $4,000 worth of merchandise FOB shipping point. Transportation costs of an additional $350 were paid by the seller and added to the sales invoice. The company later returned $275 worth of merchandise and paid the invoice within the 2% cash discount period. The total amount paid for this merchandise is:

Accepted Answer

A) $3,725.00. 
B) $3,925.00. 
C) $3,995.00. 
D) $4,000.50. 
E) $4,075.00. 
A) $3,725.00. 
B) $3,925.00. 
C) $3,995.00. 
D) $4,000.50. 
E) $4,075.00.

Question 3

The means of recording purchases under the assumption that the cash discount for prompt payment will be taken is called the _________________________.

Accepted Answer

The answer of The means of recording purchases under the...

Quick assets are defined as:

The means of recording purchases under the assumption that the cash discount for prompt payment will be taken is called the _________________________.

Introducing Financial Accounting

Accounting System and Financial Statements

Adjusting Accounts for Financial Statements

Reporting and Analyzing Inventories

Reporting and Analyzing Cash and Internal Controls

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Term Assets

Reporting and Analyzing Current Liabilities

Reporting and Analyzing Long-Term Liabilities

Reporting and Analyzing Equity

Reporting and Analyzing Cash Flows

Analyzing and Interpreting Financial Statements

Applying Present and Future Values

Investments and International Operations

Reporting and Analyzing Partnerships

Filters

Exam 4: Reporting and Analyzing Merchandising Operations

Quick assets are defined as:

The means of recording purchases under the assumption that the cash discount for prompt payment will be taken is called the _________________________.

Introducing Financial Accounting

Accounting System and Financial Statements

Adjusting Accounts for Financial Statements

Reporting and Analyzing Inventories

Reporting and Analyzing Cash and Internal Controls

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Term Assets

Reporting and Analyzing Current Liabilities

Reporting and Analyzing Long-Term Liabilities

Reporting and Analyzing Equity

Reporting and Analyzing Cash Flows

Analyzing and Interpreting Financial Statements

Applying Present and Future Values

Investments and International Operations

Reporting and Analyzing Partnerships

Filters