Which type of account increases with a credit? (a) Assets (b) Liabilities (c) Expenses (d) Dividends
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- Which statement is most directly affected by a change to net income? A. balance sheet B. income statement C. statement of retained earnings D. statement of cash flowsDefine current assets and current liabilities. Why are current assets and current liabilities separated from noncurrent assets and long-term liabilities on the balance sheet?On which financial statement would the Dividends account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
- Which of the following are increased by credits?: a) revenues and gains b) expenses and losses c) assets d) dividendsWhich of the following groups of accounts increase with a credit? Oa. assets, common stock, revenues Ob. common stock, revenues, expenses Oc. liabilities, common stock, revenuesAccrued revenues would appear on the balance sheet as A. assets B. liabilities C. capital D. prepaid expensses
- Which of the following is the correct formula for calculating rate of return on total assets? A. (Net income minus− Interest expense) / Average total asset B. Total equity / Total assets C. (Net income + Interest expense) / Average total assets D. (Net income minus− Interest expense) / Total assetsit of What is considered a summary of profit or loss? Select one: a. Retained earnings b. Dividends c. Income statement d. Balance sheetWhich of the following is included in the calculation of the quick (acid-test) ratio?a. Inventory and short-term investmentsb. Inventory and prepaid expensesc. Cash and accounts receivabled. Prepaid expenses and cash
