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Chapter 2 Quiz
Question 1
Cash and supplies are both classified as current assets.
Question 2
Earnings per share measures the net income earned on each share of
common stock.
Question 3
Net cash provided by operating activities takes into account that a
company must invest in capital expenditures just to maintain its current
level of operations.
Question 4
In order for information to be relevant, it must be reported on a monthly
basis.
Question 5
For accounting purposes, business transactions should be kept separate
from the personal transactions of the stockholders of the business
Question 6
In a classified balance sheet, assets are usually classified as
Question 7
Equipment is classified on the balance sheet as
Question 8
Use the following data to determine the total dollar amount of assets to
be classified as current assets.