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Which one of these equations is an accurate expression of the balance sheet?

• Assets ≡ Liabilities - Stockholders' equity

• Stockholders' equity ≡ Assets + Liabilities

• Liabilities ≡ Stockholders' equity −Assets

• Assets ≡ Stockholders' equity −Liabilities

• Stockholders' equity ≡ Assets -Liabilities

Which one of these accounts is classified as a current asset on the balance sheet?

• intangible asset

• accounts payable

• preferred stock

• inventory

• net plant and equipment

On a balance sheet, deferred taxes are classified as:

• stockholders' equity.

• a current asset.

• a long-term liability.

• a fixed asset.

• a current liability.

Net working capital is defined as:

• current assets plus fixed assets.

• current assets plus stockholders' equity.

• fixed assets minus long-term liabilities.

• total assets minus total liabilities.

• current assets minus current liabilities.

An asset that can be quickly converted into cash without significant loss in value is referred to as being:

• marketable.

• tangible.

• intangible.

• liquid.

• fixed.

The financial statement summarizing a firm's accounting performance over a period of time is the:

• income statement.

• balance sheet.

• statement of cash flows.

• tax reconciliation statement.

• statement of equity.

Noncash items refer to:

• the credit sales of a firm.

• the accounts payable of a firm.

• the costs incurred for the purchase of intangible fixed assets.

• expenses charged against revenues that do not directly affect cash flow.

• all accounts on the balance sheet other than cash on hand.

For a firm with long-term debt, net income is equal to:

• Pretax income (đã trừ I rồi) - Interest expense - Taxes.

• EBIT - Taxes.

• Taxes + Addition to retained earnings.

• Pretax income × (1 - Marginal tax rate).

• Dividends + Addition to retained earnings.

Which term defines the tax rate that applies to the next dollar of taxable income earned?

• deductible

• residual

• total

• average

• marginal

U.S. corporate taxes switch to a constant flat-rate tax once the average tax rate reaches:

• 32 percent.

• 33 percent.

• 28 percent.

• 40 percent.

• 35 percent.