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Luis D.
Tutor, academician for five years. Specializes in accounting and business.
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Personal Finance
TutorMe
Question:

How do you describe a current ratio?

Luis D.
Answer:

Current ratio is a liquidity ratio that measures a firm's ability meet its maturing obligations. It is computed as current assets over current liabilities. The higher the ratio is, the better as it implies that a firm has enough resources to cover maturing obligations.

Economics
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Question:

What is the formula to compute GDP?

Luis D.
Answer:

GDP is the sum of a country's Government spending, investment, consumption and net exports or net imports.

Accounting
TutorMe
Question:

What is the purpose of preparing an adjusting entry?

Luis D.
Answer:

An adjusting entry is prepared at the end of each accounting period to update the balances of assets, liabilities, revenues and expenses, before financial statements are prepared.

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