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A) It involves preparation of adjusting entries after the closing entries B) It ignores the beginning balances of accounts ng statements is TRUE of the accounting cycle? Qh is a process by which financial statements for a period anre produced. D) It takes place only at the ed of an accounting period. 17 The current ratio measures A) a company's ability to pay current liabilities from current assets ) a company's profitability during a particular period a company's ability to sell its long-term assets D) a company's ability to pay current liabilities from its total assets 18) A company has $120.000 in current assets 5550,000 in total assets 590,000 in curnent liabilim S110.000 in total liabilities. Calculate the current ratio of the company. (Round your answe decimal places.) A) 109 D) 172 9175 B) 133 9) The largest expense of a merchandiser is usually A) cost of goods sold O purchasing expense B) selling and administrative exp D) merchandise inventory ha perpetual inventory system, the physical count of inventory A) establishes the correct amount of ending inventory for the financial statements ) captures transactions that are not recorded by the electronic system. Oserves as a check of the perpetual records D) All the above statements are correct Which of the following entries would be made to record the purchase of inventory onpany uses the perpetual inventory system? A) a debit to Accounts Payable and a credit to Purchases B) a debit to Purchases and a credit to Accounts Payable Oa debit to Accounts Payable and a credit to Merchandise Inventory D) a debit to Merchandise Inventory and a credit to Accounts Payable 22) What does "2/10" mean, with respect to "credit terms of 2/10, n/30? A) A discount of 2 percent will be allowed if the invoice is paid within 10 da date B) Interest of 10 percent will be charged if invoice is paid after two days QA discount of 10 percent will be allowed if the invoice is paid within tw date D) Interest of 2 percent will be charged if the invoice is paid after 10 days invoice 3