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QuestionAnswered step-by-step1 Match the terms with the right definitions. Group of answer…1 Match the terms with the right definitions.Group of answer choicesacid-test (quick) ratio            [ Choose ]             The ratio of total current assets excluding inventory to total current liabilities; used to measure a firm’s liquidity             Ratios that measure a firm’s ability to pay its short-term debts as they come due             Ratios that measure how well a firm uses its assets             Ratios that measure the degree and effect of a firm’s use of borrowed funds (debt) to finance its operations             The ratio of total liabilities to owners’ equity; measures the relationship between the amount of debt financing (borrowing) and the amount of equity financing (owner’s funds).             The ratio of total current assets to total current liabilities; used to measure a firm’s liquidity             Ratios that measure how well a firm is using its resources to generate profit and how efficiently it is being managed         activity ratios            [ Choose ]             The ratio of total current assets excluding inventory to total current liabilities; used to measure a firm’s liquidity             Ratios that measure a firm’s ability to pay its short-term debts as they come due             Ratios that measure how well a firm uses its assets             Ratios that measure the degree and effect of a firm’s use of borrowed funds (debt) to finance its operations             The ratio of total liabilities to owners’ equity; measures the relationship between the amount of debt financing (borrowing) and the amount of equity financing (owner’s funds).             The ratio of total current assets to total current liabilities; used to measure a firm’s liquidity             Ratios that measure how well a firm is using its resources to generate profit and how efficiently it is being managed         current ratio            [ Choose ]             The ratio of total current assets excluding inventory to total current liabilities; used to measure a firm’s liquidity             Ratios that measure a firm’s ability to pay its short-term debts as they come due             Ratios that measure how well a firm uses its assets             Ratios that measure the degree and effect of a firm’s use of borrowed funds (debt) to finance its operations             The ratio of total liabilities to owners’ equity; measures the relationship between the amount of debt financing (borrowing) and the amount of equity financing (owner’s funds).             The ratio of total current assets to total current liabilities; used to measure a firm’s liquidity             Ratios that measure how well a firm is using its resources to generate profit and how efficiently it is being managed         debt ratios            [ Choose ]             The ratio of total current assets excluding inventory to total current liabilities; used to measure a firm’s liquidity             Ratios that measure a firm’s ability to pay its short-term debts as they come due             Ratios that measure how well a firm uses its assets             Ratios that measure the degree and effect of a firm’s use of borrowed funds (debt) to finance its operations             The ratio of total liabilities to owners’ equity; measures the relationship between the amount of debt financing (borrowing) and the amount of equity financing (owner’s funds).             The ratio of total current assets to total current liabilities; used to measure a firm’s liquidity             Ratios that measure how well a firm is using its resources to generate profit and how efficiently it is being managed         debt-to-equity ratio            [ Choose ]             The ratio of total current assets excluding inventory to total current liabilities; used to measure a firm’s liquidity             Ratios that measure a firm’s ability to pay its short-term debts as they come due             Ratios that measure how well a firm uses its assets             Ratios that measure the degree and effect of a firm’s use of borrowed funds (debt) to finance its operations             The ratio of total liabilities to owners’ equity; measures the relationship between the amount of debt financing (borrowing) and the amount of equity financing (owner’s funds).             The ratio of total current assets to total current liabilities; used to measure a firm’s liquidity             Ratios that measure how well a firm is using its resources to generate profit and how efficiently it is being managed         liquidity ratios            [ Choose ]             The ratio of total current assets excluding inventory to total current liabilities; used to measure a firm’s liquidity             Ratios that measure a firm’s ability to pay its short-term debts as they come due             Ratios that measure how well a firm uses its assets             Ratios that measure the degree and effect of a firm’s use of borrowed funds (debt) to finance its operations             The ratio of total liabilities to owners’ equity; measures the relationship between the amount of debt financing (borrowing) and the amount of equity financing (owner’s funds).             The ratio of total current assets to total current liabilities; used to measure a firm’s liquidity             Ratios that measure how well a firm is using its resources to generate profit and how efficiently it is being managed         profitability ratios            [ Choose ]             The ratio of total current assets excluding inventory to total current liabilities; used to measure a firm’s liquidity             Ratios that measure a firm’s ability to pay its short-term debts as they come due             Ratios that measure how well a firm uses its assets             Ratios that measure the degree and effect of a firm’s use of borrowed funds (debt) to finance its operations             The ratio of total liabilities to owners’ equity; measures the relationship between the amount of debt financing (borrowing) and the amount of equity financing (owner’s funds).             The ratio of total current assets to total current liabilities; used to measure a firm’s liquidity             Ratios that measure how well a firm is using its resources to generate profit and how efficiently it is being managed2 Match the terms with the right definitions.Group of answer choicesannual report            [ Choose ]             The total expense of buying or producing a firm’s goods or services             A yearly document that describes a firm’s financial status and usually discusses the firm’s activities during the past year and its prospects for the future             A financial statement that summarizes a firm’s financial position at a specific point in time             The process of reviewing the records used to prepare financial statements and issuing a formal auditor’s opinion indicating whether the statements have been prepared in accordance with accepted accounting rules             An accountant who has completed an approved bachelor’s degree program, passed a test prepared by the American Institute of CPAs, and met state requirements. Only a CPA can issue an auditor’s opinion on a firm’s financial statements.             Assets that can or will be converted to cash within the next 12 months         auditing            [ Choose ]             The total expense of buying or producing a firm’s goods or services             A yearly document that describes a firm’s financial status and usually discusses the firm’s activities during the past year and its prospects for the future             A financial statement that summarizes a firm’s financial position at a specific point in time             The process of reviewing the records used to prepare financial statements and issuing a formal auditor’s opinion indicating whether the statements have been prepared in accordance with accepted accounting rules             An accountant who has completed an approved bachelor’s degree program, passed a test prepared by the American Institute of CPAs, and met state requirements. Only a CPA can issue an auditor’s opinion on a firm’s financial statements.             Assets that can or will be converted to cash within the next 12 months         balance sheet            [ Choose ]             The total expense of buying or producing a firm’s goods or services             A yearly document that describes a firm’s financial status and usually discusses the firm’s activities during the past year and its prospects for the future             A financial statement that summarizes a firm’s financial position at a specific point in time             The process of reviewing the records used to prepare financial statements and issuing a formal auditor’s opinion indicating whether the statements have been prepared in accordance with accepted accounting rules             An accountant who has completed an approved bachelor’s degree program, passed a test prepared by the American Institute of CPAs, and met state requirements. Only a CPA can issue an auditor’s opinion on a firm’s financial statements.             Assets that can or will be converted to cash within the next 12 months         certified public accountant (CPA)            [ Choose ]             The total expense of buying or producing a firm’s goods or services             A yearly document that describes a firm’s financial status and usually discusses the firm’s activities during the past year and its prospects for the future             A financial statement that summarizes a firm’s financial position at a specific point in time             The process of reviewing the records used to prepare financial statements and issuing a formal auditor’s opinion indicating whether the statements have been prepared in accordance with accepted accounting rules             An accountant who has completed an approved bachelor’s degree program, passed a test prepared by the American Institute of CPAs, and met state requirements. Only a CPA can issue an auditor’s opinion on a firm’s financial statements.             Assets that can or will be converted to cash within the next 12 months         cost of goods sold            [ Choose ]             The total expense of buying or producing a firm’s goods or services             A yearly document that describes a firm’s financial status and usually discusses the firm’s activities during the past year and its prospects for the future             A financial statement that summarizes a firm’s financial position at a specific point in time             The process of reviewing the records used to prepare financial statements and issuing a formal auditor’s opinion indicating whether the statements have been prepared in accordance with accepted accounting rules             An accountant who has completed an approved bachelor’s degree program, passed a test prepared by the American Institute of CPAs, and met state requirements. Only a CPA can issue an auditor’s opinion on a firm’s financial statements.             Assets that can or will be converted to cash within the next 12 months         current assets            [ Choose ]             The total expense of buying or producing a firm’s goods or services             A yearly document that describes a firm’s financial status and usually discusses the firm’s activities during the past year and its prospects for the future             A financial statement that summarizes a firm’s financial position at a specific point in time             The process of reviewing the records used to prepare financial statements and issuing a formal auditor’s opinion indicating whether the statements have been prepared in accordance with accepted accounting rules             An accountant who has completed an approved bachelor’s degree program, passed a test prepared by the American Institute of CPAs, and met state requirements. Only a CPA can issue an auditor’s opinion on a firm’s financial statements.             Assets that can or will be converted to cash within the next 12 months3 Match the terms with the right definitions.Group of answer choicescurrent liabilities            [ Choose ]             Accounting that focuses on preparing external financial reports that are used by outsiders such as lenders, suppliers, investors, and government agencies to assess the financial strength of a business.             The financial accounting standards followed by accountants in the United States when preparing financial statements             Short-term claims that are due within a year of the date of the balance sheet             The ratio of net profit to the number of shares of common stock outstanding; measures the number of dollars earned by each share of stock             The allocation of an asset’s original cost to the years in which it is expected to produce revenues             A method of accounting in which each transaction is recorded as two entries so that two accounts or records are changed         depreciation            [ Choose ]             Accounting that focuses on preparing external financial reports that are used by outsiders such as lenders, suppliers, investors, and government agencies to assess the financial strength of a business.             The financial accounting standards followed by accountants in the United States when preparing financial statements             Short-term claims that are due within a year of the date of the balance sheet             The ratio of net profit to the number of shares of common stock outstanding; measures the number of dollars earned by each share of stock             The allocation of an asset’s original cost to the years in which it is expected to produce revenues             A method of accounting in which each transaction is recorded as two entries so that two accounts or records are changed         double-entry bookkeeping            [ Choose ]             Accounting that focuses on preparing external financial reports that are used by outsiders such as lenders, suppliers, investors, and government agencies to assess the financial strength of a business.             The financial accounting standards followed by accountants in the United States when preparing financial statements             Short-term claims that are due within a year of the date of the balance sheet             The ratio of net profit to the number of shares of common stock outstanding; measures the number of dollars earned by each share of stock             The allocation of an asset’s original cost to the years in which it is expected to produce revenues             A method of accounting in which each transaction is recorded as two entries so that two accounts or records are changed         earnings per share (EPS)            [ Choose ]             Accounting that focuses on preparing external financial reports that are used by outsiders such as lenders, suppliers, investors, and government agencies to assess the financial strength of a business.             The financial accounting standards followed by accountants in the United States when preparing financial statements             Short-term claims that are due within a year of the date of the balance sheet             The ratio of net profit to the number of shares of common stock outstanding; measures the number of dollars earned by each share of stock             The allocation of an asset’s original cost to the years in which it is expected to produce revenues             A method of accounting in which each transaction is recorded as two entries so that two accounts or records are changed         financial accounting            [ Choose ]             Accounting that focuses on preparing external financial reports that are used by outsiders such as lenders, suppliers, investors, and government agencies to assess the financial strength of a business.             The financial accounting standards followed by accountants in the United States when preparing financial statements             Short-term claims that are due within a year of the date of the balance sheet             The ratio of net profit to the number of shares of common stock outstanding; measures the number of dollars earned by each share of stock             The allocation of an asset’s original cost to the years in which it is expected to produce revenues             A method of accounting in which each transaction is recorded as two entries so that two accounts or records are changed         generally accepted accounting principles (GAAP)            [ Choose ]             Accounting that focuses on preparing external financial reports that are used by outsiders such as lenders, suppliers, investors, and government agencies to assess the financial strength of a business.             The financial accounting standards followed by accountants in the United States when preparing financial statements             Short-term claims that are due within a year of the date of the balance sheet             The ratio of net profit to the number of shares of common stock outstanding; measures the number of dollars earned by each share of stock             The allocation of an asset’s original cost to the years in which it is expected to produce revenues             A method of accounting in which each transaction is recorded as two entries so that two accounts or records are changed 4 Match the terms with the right definitions.Group of answer choicesgross profit            [ Choose ]             The total dollar amount of a company’s sales             What a firm owes to its creditors; also called debts             The speed with which an asset can be converted to cash             Long-term assets with no physical existence, such as patents, copyrights, trademarks, and goodwill             The amount a company earns after paying to produce or buy its products but before deducting operating expenses             A financial statement that summarizes a firm’s revenues and expenses and shows its total profit or loss over a period of time         gross sales            [ Choose ]             The total dollar amount of a company’s sales             What a firm owes to its creditors; also called debts             The speed with which an asset can be converted to cash             Long-term assets with no physical existence, such as patents, copyrights, trademarks, and goodwill             The amount a company earns after paying to produce or buy its products but before deducting operating expenses             A financial statement that summarizes a firm’s revenues and expenses and shows its total profit or loss over a period of time         income statement            [ Choose ]             The total dollar amount of a company’s sales             What a firm owes to its creditors; also called debts             The speed with which an asset can be converted to cash             Long-term assets with no physical existence, such as patents, copyrights, trademarks, and goodwill             The amount a company earns after paying to produce or buy its products but before deducting operating expenses             A financial statement that summarizes a firm’s revenues and expenses and shows its total profit or loss over a period of time         intangible assets            [ Choose ]             The total dollar amount of a company’s sales             What a firm owes to its creditors; also called debts             The speed with which an asset can be converted to cash             Long-term assets with no physical existence, such as patents, copyrights, trademarks, and goodwill             The amount a company earns after paying to produce or buy its products but before deducting operating expenses             A financial statement that summarizes a firm’s revenues and expenses and shows its total profit or loss over a period of time         liabilities            [ Choose ]             The total dollar amount of a company’s sales             What a firm owes to its creditors; also called debts             The speed with which an asset can be converted to cash             Long-term assets with no physical existence, such as patents, copyrights, trademarks, and goodwill             The amount a company earns after paying to produce or buy its products but before deducting operating expenses             A financial statement that summarizes a firm’s revenues and expenses and shows its total profit or loss over a period of time         liquidity            [ Choose ]             The total dollar amount of a company’s sales             What a firm owes to its creditors; also called debts             The speed with which an asset can be converted to cash             Long-term assets with no physical existence, such as patents, copyrights, trademarks, and goodwill             The amount a company earns after paying to produce or buy its products but before deducting operating expenses             A financial statement that summarizes a firm’s revenues and expenses and shows its total profit or loss over a period of time5 Match the terms with the right definitions.Group of answer choiceslong-term liabilities            [ Choose ]             The amount obtained by subtracting all of a firm’s expenses from its revenues, when the revenues are more than the expenses             Claims that come due more than one year after the date of the balance sheet             Accounting that provides financial information that managers inside the organization can use to evaluate and make decisions about current and future operations             The ratio of net profit to net sales; also called return on sales. It measures the percentage of each sales dollar remaining after all expenses, including taxes, have been deducted             The amount obtained by subtracting all of a firm’s expenses from its revenues, when the expenses are more than the revenues             The amount left after deducting sales discounts and returns and allowances from gross sales         managerial accounting            [ Choose ]             The amount obtained by subtracting all of a firm’s expenses from its revenues, when the revenues are more than the expenses             Claims that come due more than one year after the date of the balance sheet             Accounting that provides financial information that managers inside the organization can use to evaluate and make decisions about current and future operations             The ratio of net profit to net sales; also called return on sales. It measures the percentage of each sales dollar remaining after all expenses, including taxes, have been deducted             The amount obtained by subtracting all of a firm’s expenses from its revenues, when the expenses are more than the revenues             The amount left after deducting sales discounts and returns and allowances from gross sales         net loss            [ Choose ]             The amount obtained by subtracting all of a firm’s expenses from its revenues, when the revenues are more than the expenses             Claims that come due more than one year after the date of the balance sheet             Accounting that provides financial information that managers inside the organization can use to evaluate and make decisions about current and future operations             The ratio of net profit to net sales; also called return on sales. It measures the percentage of each sales dollar remaining after all expenses, including taxes, have been deducted             The amount obtained by subtracting all of a firm’s expenses from its revenues, when the expenses are more than the revenues             The amount left after deducting sales discounts and returns and allowances from gross sales         net profit (net income)            [ Choose ]             The amount obtained by subtracting all of a firm’s expenses from its revenues, when the revenues are more than the expenses             Claims that come due more than one year after the date of the balance sheet             Accounting that provides financial information that managers inside the organization can use to evaluate and make decisions about current and future operations             The ratio of net profit to net sales; also called return on sales. It measures the percentage of each sales dollar remaining after all expenses, including taxes, have been deducted             The amount obtained by subtracting all of a firm’s expenses from its revenues, when the expenses are more than the revenues             The amount left after deducting sales discounts and returns and allowances from gross sales         net profit margin            [ Choose ]             The amount obtained by subtracting all of a firm’s expenses from its revenues, when the revenues are more than the expenses             Claims that come due more than one year after the date of the balance sheet             Accounting that provides financial information that managers inside the organization can use to evaluate and make decisions about current and future operations             The ratio of net profit to net sales; also called return on sales. It measures the percentage of each sales dollar remaining after all expenses, including taxes, have been deducted             The amount obtained by subtracting all of a firm’s expenses from its revenues, when the expenses are more than the revenues             The amount left after deducting sales discounts and returns and allowances from gross sales         net sales            [ Choose ]             The amount obtained by subtracting all of a firm’s expenses from its revenues, when the revenues are more than the expenses             Claims that come due more than one year after the date of the balance sheet             Accounting that provides financial information that managers inside the organization can use to evaluate and make decisions about current and future operations             The ratio of net profit to net sales; also called return on sales. It measures the percentage of each sales dollar remaining after all expenses, including taxes, have been deducted             The amount obtained by subtracting all of a firm’s expenses from its revenues, when the expenses are more than the revenues             The amount left after deducting sales discounts and returns and allowances from gross sales 6 Match the terms with the right definitions.Group of answer choicesnet working capital            [ Choose ]             The total amount of investment in the firm minus any liabilities; also called net worth             The amount obtained by subtracting total current liabilities from total current assets; used to measure a firm’s liquidity             The calculation and interpretation of financial ratios using data taken from the firm’s financial statements in order to assess its condition and performance             The expenses of running a business that are not directly related to producing or buying its products.             The ratio of net profit to total owners’ equity; measures the return that owners receive on their investment in the firm             The amounts left over from profitable operations since the firm’s beginning; equal to total profits minus all dividends paid to stockholders         operating expenses            [ Choose ]             The total amount of investment in the firm minus any liabilities; also called net worth             The amount obtained by subtracting total current liabilities from total current assets; used to measure a firm’s liquidity             The calculation and interpretation of financial ratios using data taken from the firm’s financial statements in order to assess its condition and performance             The expenses of running a business that are not directly related to producing or buying its products.             The ratio of net profit to total owners’ equity; measures the return that owners receive on their investment in the firm             The amounts left over from profitable operations since the firm’s beginning; equal to total profits minus all dividends paid to stockholders         owners’ equity            [ Choose ]             The total amount of investment in the firm minus any liabilities; also called net worth             The amount obtained by subtracting total current liabilities from total current assets; used to measure a firm’s liquidity             The calculation and interpretation of financial ratios using data taken from the firm’s financial statements in order to assess its condition and performance             The expenses of running a business that are not directly related to producing or buying its products.             The ratio of net profit to total owners’ equity; measures the return that owners receive on their investment in the firm             The amounts left over from profitable operations since the firm’s beginning; equal to total profits minus all dividends paid to stockholders         ratio analysis            [ Choose ]             The total amount of investment in the firm minus any liabilities; also called net worth             The amount obtained by subtracting total current liabilities from total current assets; used to measure a firm’s liquidity             The calculation and interpretation of financial ratios using data taken from the firm’s financial statements in order to assess its condition and performance             The expenses of running a business that are not directly related to producing or buying its products.             The ratio of net profit to total owners’ equity; measures the return that owners receive on their investment in the firm             The amounts left over from profitable operations since the firm’s beginning; equal to total profits minus all dividends paid to stockholders         retained earnings            [ Choose ]             The total amount of investment in the firm minus any liabilities; also called net worth             The amount obtained by subtracting total current liabilities from total current assets; used to measure a firm’s liquidity             The calculation and interpretation of financial ratios using data taken from the firm’s financial statements in order to assess its condition and performance             The expenses of running a business that are not directly related to producing or buying its products.             The ratio of net profit to total owners’ equity; measures the return that owners receive on their investment in the firm             The amounts left over from profitable operations since the firm’s beginning; equal to total profits minus all dividends paid to stockholders         return on equity (ROE)            [ Choose ]             The total amount of investment in the firm minus any liabilities; also called net worth             The amount obtained by subtracting total current liabilities from total current assets; used to measure a firm’s liquidity             The calculation and interpretation of financial ratios using data taken from the firm’s financial statements in order to assess its condition and performance             The expenses of running a business that are not directly related to producing or buying its products.             The ratio of net profit to total owners’ equity; measures the return that owners receive on their investment in the firm             The amounts left over from profitable operations since the firm’s beginning; equal to total profits minus all dividends paid to stockholders  7 Match the terms with the right definitions.Group of answer choicescredit unions            [ Choose ]             Not-for-profit, member-owned financial cooperatives             The purchase or sale of U.S. government bonds by the Federal Reserve to stimulate or slow down the economy             Depository institutions formed specifically to encourage household saving and to make home mortgage loans             The interest rate that the Federal Reserve charges its member banks             An independent, quasi-public corporation backed by the full faith and credit of the U.S. government that insures deposits in commercial banks and thrift institutions for up to a ceiling of $250,000 per account             Large pools of money set aside by corporations, unions, and governments for later use in paying retirement benefits to their employees or members         discount rate            [ Choose ]             Not-for-profit, member-owned financial cooperatives             The purchase or sale of U.S. government bonds by the Federal Reserve to stimulate or slow down the e