Bookkeeping Exam (105 Questions And Answers) Great Solutions

Accounts Receivable Turnover Ratio {Ans: net credit sales/average net accounts receivable}External Reports {Ans: reports or other output produced for use by people outside the organization}Once and customer has paid an invoice it goes to {Ans: Receive payment}One or more but no single person or group owns a nonprofit. A public organization governed by a board of directors. No personal liability, A founder can become a staff employee or executive director in order to get paid a reasonable salary. Paid out of wages and will show on the balance sheet {Ans: Nonprofit Corporation}What's is the accounting Equation? {Ans: Assets = Liabilities + Equity}Sole Proprietorship {Ans: a business owned and managed by a single individual}Cash Flow Margin Ratio {Ans: cash flow from operations/net sales}Gross profit margin formula {Ans: (Sales Revenue - Cost of Goods Sold) / Sales Revenue}First-In, First-Out (FIFO) {Ans: Method to assign cost to inventory that assumes items are sold in the order acquired; earliest items purchased are the first sold.}COGS equation {Ans: BI(Beginning Inventory) + COGP (Cost of Goods Purchased) - EI (Ending Inventory) = COGS}Non-current liabilities {Ans: Money owed by the business for more than one year,