Wall Street Prep Accounting Exam 2023 – 2024
with complete solutions
1. Liquidity Ratios: measures of a firm's short-term ability to meet its current obligations
2. Profitability Ratios: measures of a firm's profitability relative to its assets (op- erating efficiency) and to its revenue ...
, 26.cash from operations (CFO): uses net income as a starting point
and con- verts accrual base net income into cash flow from
operations via a series of adjustments
27.cash from investing activities (CFI): capital expenditures / asset
sales and purchases
28.cash from financing activities (CFF): new borrowing / pay down of
debt / new issuance of stock / share repurchases / issuance of
dividends
29.working capital: -CFO
-increase in current assets = cash outflow
-increase in current liabilities = cash inflow
30.asset write downs / impairments: -added back to CFS via CFO
31.Increases in A/R, inventory, prepaid expenses, other current
assets should be net income to get to CFO: subtracted
32. increases in A/P, accrued expenses, other current liabilities should be
net income to get to CFO: added
33.gains on sale of assets: subtracted from CFO
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