Chapter Quiz: BA118ch08
Started: Apr 22 at 6:52pm
Quiz Instructions
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Question 12 pts
1. One of the major objectives of financial plans is to buildtraffic.
2. Which of the following is a type of financial statementfraud?
| All of these answers are correct |
| Taking advantage of the accounting cutoff period to boostsales |
| Concealing paperwork related to expenses |
| Overstating inventory value |
| Not disclosing all changes in accounting procedures |
3. The income statement includes which of the following?
| All of these answers are correct. |
4. Which is a category of assets?
| Long-term assets and current assets |
| None of these answers is correct |
5. Blockbuster Video and the Borders Group, Inc. are companiesthat have successfully reorganized after declaring bankruptcy.
6. If current assets are $50,000 and current liabilities are$68,000 then the current ratio is .27 to 1.
7. Gross profit is the difference between the retailer’s netsales and the cost of goods sold.
8. Primary statements or reports found in a retail accountingsystem include which of the following?
| None of these answers is correct. |
| A report on growth management |
9. A retail accounting system
| is a storage center for laws related to running thebusiness |
| helps a retailer account for each employee |
| houses information related to site location |
| can only be accessed by upper management |
| None of these answers is correct. |
10. Liquidity ratios reflect management’s control of
| current assets and current liabilities |
| All of these answers are correct |
