1.Which of the following items might a management team want on their P&L that a CPA doesnt add?

-Revenue

-Cost of Goods Sold

-Total Expenses

-EBITDA

-Net Income

2.What does a negative amount on the Accounts Payable Aging report indicate?

A miscoded expense

An amount owed to a vendor

A credit with a vendor

Bank fees

3.XYZ Inc., a US based company, has an Australian based subsidiary ABC Company. XYZ Inc. just paid an expense for ABC Company that will be paid back at a future date. How should this show on the balance sheet?

-An increase to a liability account, Due to ABC Co

-An increase to an asset account, Due from ABC Co

-An increase to Accounts Payable

-Not recorded on the balance sheet, instead it is recorded on the profit and loss