Under the Articles of Confederation

question 70

Multiple Choice

Under the Articles of Confederation

• A) a unicameral Congress was to be the chief agency of national government.
• B) there was no executive branch of national government.
• C) each state remained essentially sovereign.
• D) major legislation required a two-thirds vote to pass Congress.
• E) a strong national judiciary was established.

Understand the budgeting process for manufacturing overhead costs and its allocation per direct labor-hour.

Apply budgeting principles to assess the financial needs of a company, including borrowing requirements.

Construct and analyze budgets for cash collections, merchandise purchases, and cash disbursements.

Evaluate the financial performance through budgeted net income and cash flow statements.

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Definitions:

Quick Ratio

The Quick Ratio, also known as the acid-test ratio, measures a company's ability to meet its short-term obligations with its most liquid assets, excluding inventory.

EBIT

Stands for Earnings Before Interest and Taxes, a measure of a firm's profitability that excludes interest and income tax expenses.