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ACC 212 QUIZ QUESTIONS AND
CORRECT ANSWERS 2025-2026.
GRADED A
A= L + SE - ANS A-L= SE
L-SE=A
A-SE=L
accrual accounting - ANS revenue and expenses are recorded when a
transaction occurs instead of when payment is made
current assets are - ANS cash/ inventory/ accounts receivable
current liabilities - ANS accounts payable/ short term debt/ unearned
revenue/ deferred credit/ payroll taxes/ accrued liabilities/ interest payable
financial statement ratios support informed judgments and decision making
most effectively: - ANSA) viewed for a single year.
B) viewed as a trend of entity data.
C) compared to an industry average for the most recent year.
D) the trend of entity data is compared to the trend of industry data.
E) the trend of entity data is compared to industry data for the most recent
year.
1
ACC 212 QUIZ QUESTIONS AND
CORRECT ANSWERS 2025-2026.
GRADED A
A= L + SE - ANS A-L= SE
L-SE=A
A-SE=L
accrual accounting - ANS revenue and expenses are recorded when a
transaction occurs instead of when payment is made
current assets are - ANS cash/ inventory/ accounts receivable
current liabilities - ANS accounts payable/ short term debt/ unearned
revenue/ deferred credit/ payroll taxes/ accrued liabilities/ interest payable
financial statement ratios support informed judgments and decision making
most effectively: - ANSA) viewed for a single year.
B) viewed as a trend of entity data.
C) compared to an industry average for the most recent year.
D) the trend of entity data is compared to the trend of industry data.
E) the trend of entity data is compared to industry data for the most recent
year.
1
