Set 1 MCQ Questions and Answers
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11) The process of entering all transactions from the Journal to Ledger is called
12) The following is a statement showing the financial status of the comapany at any given time
13) The following is a statement of revenues and expenses for a specific period of time
14) Balance sheet is a statement of
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15) Balance sheets are prepared
16) The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources
17) The measure of how efficiently the assets resources are employed by the firm is called
18) The following is (are) the current liability (ies)
19) Current ratio =
Answer : B Discuss
20) Liquid or Quick assets =
Answer : A Discuss
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