ACC419
Question: ___________ is the power to participate in the financial and operating policies of the investee but not control or joint control over those policies
Answer: Significant influence
Question: Using the information in question five above, calculate the Quick ratio
Answer: 0.82
Question: Using the information above, calculate how many times inventory turned over.
Answer: 5.4 times
Question: _________ is an enterprise in which the investor has significant influence and which is neither a subsidiary nor a joint venture of the investor.
Answer: Associated company
Question: Okoro Ltd. ended the year 2019 with an average collection period of 42 days. The firm’s credit sales for 2019 were N66 million. What is the year-end 2019 balance in accounts receivable for Okoro Ltd?
Answer: #7,594,521
Question: The reported sales of Alinco Enterprises for 2019 was #30million. while the inventory on its Statement of Financial Position was N 6.6. Using a 365 day year, calculate how many days inventory stay on the premises?
Answer: 80.3 days
Question: Using the information in question five above, calculate the current ratio
Answer: 1.82
Question: In respect of its general insurance business, an insurance company cannot invest more than ______ of its assets in real property.
Answer: 0.25
Question: ____________ is described as an account opened to record the purchase of a business so as to determine whether the business is being purchased ‘at a profit or at a loss
Answer: Cost of control account
Question: The following balances were extracted from the statement of financial position of Ajasco Enterprise: Cash and marketable securities = N500,000, Accounts receivable = N1,300,000, Inventory = N2,200,000, Accrued wages and taxes = N600,000, Accounts payable = N900,000, and Notes payable = N700,000. Calculate cash ratio
Answer: 0.26
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