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Listed Below Are Five Terms Followed by a List of Phrases

Question 151

Matching

Listed below are five terms followed by a list of phrases that describe or characterize the terms. Match each phrase with the best term placing the number designating the term in the space provided.

Premises:
Recording all losses in one year to make a bad year even worse.
Net sales divided by average total assets; which measures the sales per dollar of assets invested.
Net income divided by average total assets; measures the amount of net income generated for each dollar invested in assets.
Net income divided by net sales; indicates the earnings per dollar of sales.
Occurs when the future cash flows (future benefits) generated for a long-term asset fall below its book value (cost minus accumulated depreciation).
Responses:
Asset turnover
Profit margin
Impairment
Return on assets
Big bath

Correct Answer:

Recording all losses in one year to make a bad year even worse.
Net sales divided by average total assets; which measures the sales per dollar of assets invested.
Net income divided by average total assets; measures the amount of net income generated for each dollar invested in assets.
Net income divided by net sales; indicates the earnings per dollar of sales.
Occurs when the future cash flows (future benefits) generated for a long-term asset fall below its book value (cost minus accumulated depreciation).
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