The missing name (a.) of Lox Stock & Bagel Company's financial statement above is the ________.
A) Balance sheet
B) Income statement
C) Statement of changes in shareholders' equity
D) Statement of cash flows
(
Q. 2) A tool designed to assist you in evaluating the potential effectiveness of controls in a business process by matching control goals with relevant control plans is:
a. ERM
b. control plans
c. control matrix
d. internal controls
(
Q. 3) A vendor offers terms of 4/10, n/30. What is the ANNUAL interest rate the vendor is charging a buyer who does not pay within 10 days? (Assume there are 360 days in the year.
A) 4
B) 72
C) 54
D) 144
(
Q. 4) The bank on which a check is drawn is known as the ____________________.
Fill in the blank(s) with correct word
(
Q. 5) Cash is found on the ________.
A) Income statement
B) Balance sheet
C) Statement of changes in shareholders' equity
D) Statement of operations
(
Q. 6) Under a periodic inventory system, closing entries will include
a. debits to Sales, Purchases Returns and Allowances, and Purchases Discounts
b. credits to Purchases and Sales Discounts
c. adjustments to Merchandise Inventory account to match physical inventory
d. all of these
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