Quiz Answer Key and Fun Facts
1. A group of accounts with a common characteristic, such as all customer accounts is a...?
2. Net credit sales are normally sold on terms of n/30 (net in 30 days). Net credit sales total $50,000, and the average net accounts receivable is $5,000 in the current period. The collection period ratio is...?
3. The Canadian Institute of Chartered Accountants assumes responsibility for establishing broad reporting guidelines of general applicability as well as specific accounting rules.
4. Which of the following is *not* an acceptable statement of the basic accounting equation?
5. Which of the following accounts would be increased with a debit?
Source: Author
jdrr22
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Brainyblonde before going online.
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