There Are Two Basic Categories of Information Available to Small

question 64

Multiple Choice

There are two basic categories of information available to small business owners:

• A)legal and commercial.
• B)free and paid.
• C)consumer-related and industry-related.
• D)online and in-print.

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Definitions:

Accounting Principle

Fundamental guidelines or rules that govern financial accounting practices.

Cost Or Market

An accounting method used to value inventory or securities at the lower of either its original cost or its market value as of the reporting date.

LIFO Reserve

The difference between the cost of inventory calculated under the Last In, First Out method and the FIFO (First In, First Out) method.

Current Ratio

A liquidity ratio that measures a company's ability to pay short-term obligations, calculated as current assets divided by current liabilities.