Which of the following is true regarding business transactions?
a. Business transactions are not recorded in the books of an organization.
b. Business transactions are recorded in the books of an organization only when the transaction is over $1,000.
c. Business transactions do not have to be recorded in the books of the organization.
d. All business transactions can be stated in terms of changes in the elements of the accounting equation.
d
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Based on the following data, what is the quick ratio, rounded to one decimal point? Accounts payable $ 30,000 Accounts receivable 60,000 Accrued liabilities 5,000 Cash 30,000 Intangible assets 50,000 Inventory 69,000 Long-term investments 80,000 Long-term liabilities 100,000 Marketable securities 30,000 Fixed assets 670,000 Prepaid expenses 1,000
a. 3.4 b. 3.0 c. 2.2 d. 1.8
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What will be an ideal response?
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