Profitability ratios measure
A. liquidity.
B. leverage.
C. performance.
D. turnover.
Answer: C
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A merchandiser uses a perpetual inventory system. The third step in the process of closing the accounts of a merchandiser is to ________.
A) make the revenue accounts equal to zero via the Income Summary account B) make the Income Summary account equal to zero via the Dividends account C) make the expense accounts equal to zero via the Income Summary account D) make the Income Summary account equal to zero via the Retained Earnings account
Describe the type of homework you should do prior to an interview. Why is this important?
What will be an ideal response?
If a company uses LIFO for tax purposes, it need not use LIFO for financial reporting purposes
Indicate whether the statement is true or false
Which of the following companies is most likely to avoid the formation of sales territories?
A. A large distributor of books B. A global consumer products manufacturer C. A small company that makes custom architectural pieces D. A leading manufacturer of small engines E. A company that supplies the inventory for convenience stores in 35 states