Match the Following Terms with Their Definitions

question 57

Multiple Choice

Match the following terms with their definitions.
-Net income

• A)Uses a base year
• B)Inventory and prepaid expenses are subtracted
• C)A liability
• D)Net sales ÷ total assets
• E)Actual sale after returns on discounts
• F)Current assets ÷ current liabilities
• G)What we owe creditors
• H)Data placed side by side
• I)Cash, supplies
• J)Obligations due within one year
• K)Cost of goods for resale
• L)Obligations that are not due for at least one year
• M)Total this period is compared by amount of percent to same total last period
• N)Part of stockholders' equity
• O)What customers owe
• P)Dollars not shown
• Q)Paid in advance
• R)Profit
• S)Revenues and expense for a specific period of time
• T)Prepared as of a particular date
• U)Beginning inventory plus new purchases - ending inventory
• V)True cost of purchases
• W)Includes no plant and equipment assets
• X)Sales - cost of goods sold
• Y)Each liability and equity is analyzed as a percent of the total