ACC 556 STR help A Guide to career/uophelp.com ACC 556 STR help A Guide to career/uophelp.com | Page 52

A primary objective of the statement of cash flows is to show the income
or loss on investing and financing transactions.
Question 16
A master budget is most useful in evaluating a manager's performance in
controlling costs.
Question 17
The master budget reflects management's long-term plans encompassing
five years or more.
Question 18
The debt to assets ratio measures the percentage of the total assets
provided by creditors
Question 19
A company whose current liabilities exceed its current assets may have a
liquidity problem.
Question 20
During 2014, Phelps Corporation reported net sales of $3,000,000, net
income of $1,320,000, and depreciation expense of $80,000. Phelps also
reported beginning total assets of $1,000,000, ending total assets of
$1,500,000, plant assets of $800,000, and accumulated depreciation of
$500,000. Phelps’s asset turnover ratio is
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ACC 556 Final Part 1 and 2