Which of the following ratios is used to analyze a company's liquidity?
a. Return on assets ratio
b. Inventory turnover ratio
c. Earnings per share
d. Asset turnover ratio
b
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Monty Enterprises, a subsidiary of Kerry Company based in Delaware, reported the following information at the end of its first year of operations (all in British pounds): assets--483,000; expenses--360,000; liabilities--105,000; capital stock--90,000, revenues--648,000 . Relevant exchange rates are as follows: On date subsidiary stock was purchased ................ $2.07 Average rate for the year
............................. 1.86 At year end ........................................... 1.82 As a result of the translation process, what amount is recorded on the financial statements as the translation adjustment? a. $34,020 debit adjustment b. $34,020 credit adjustment c. $11,520 debit adjustment d. $11,520 credit adjustment
Effective writing requires ________ thinking.
A) complicated B) nonlinear C) traditional D) logical E) extraordinary
What is an association relationship and how does it differ from an N:M relationship?
What will be an ideal response?
An entity's financial statements were misstated over a period of years due to large amounts of revenue being recorded in journal entries that involved debits and credits to an illogical combination of accounts. The auditor could most likely have been alerted to this fraud by
A. Scanning the general journal for unusual entries. B. Performing a revenue cutoff test at year-end. C. Tracing a sample of journal entries to the general ledger. D. Examining documentary evidence of sales returns and allowances recorded after year-end.