allie Carey: Attempt 1 Question 1 (2 points) Budgeted income statements are always created on a monthly format. True False Question 2 (2 points) Which of the following ratios is used to estimate the liquidity of a business? Quick ratic Current ratio Total assets to total liabilities ratic inventory turnover ratio Question 3 (2 points) Formal summaries of the content of an accounting system's records of transactions are called financial instruments. True False MacBook Air o0 F4 FS F3 aime Cdrey. Attempt Question 4 (2 points) Financial statements containing estimated or hypothetical informatin are called: Annual report statements Tentative balance sheets Assumed income statements Pro forma statements Question 5 (2 points) The first step in budgeting is to make a forecast of your future saies. True False False Question 6 (2 points) Breakeven point is the point at which: total costs equal gross revenue fixed costs equal variable costs total costs equal profit variable costs equal gross revenue Question 7 12 points) The primary reason to acquire and use a computerized accounting system in your business is ensure the accuracy of your accounting information True False Question 8 (2 points) Which of the following does the accounting equation state? False Question 8 (2 points) Which of the following does the accounting equation state? Revenue Expense Assets Liabilities + Owners' Equity Liabilities - Owners Equity Net income Long-term Liabilities Question 9 (2 points One reason why accounting is important to a small business is that it shows how much your business is worth. True False Question 10 (2 points) s concern concept states that Question 10 (2 points) The "going concern" concept states that: a business has an existence that is separate from its owner accounting information must be useful to the owners and managers of businesses the premise of revenue and expense are a part of business a successful business will stay in business Submit Qulz 0 of 10 questions saved