Accounting Chapter 7
Flashcard
•
Other, Specialty
•
11th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
The date on a monthly statement of owner's equity prepared on May 31 is written as
Back
For Month Ended May 31, 20--
2.
FLASHCARD QUESTION
Front
Information needed to prepare a statement of owner's equity is obtained from a work sheet's Account Title column and
Back
Balance Sheet columns
3.
FLASHCARD QUESTION
Front
The amount of capital reported on a statement of owner's equity is calculated as
Back
Capital Account Balance + Net Income – Drawing Account Balance
4.
FLASHCARD QUESTION
Front
The date on a monthly balance sheet prepared on July 31 is written as
Back
July 31, 20--
5.
FLASHCARD QUESTION
Front
Information needed to prepare a balance sheet's Liabilities section is obtained from a work sheet's Account Title column and
Back
Balance Sheet Credit column.
6.
FLASHCARD QUESTION
Front
Dividing total expenses and net income by total revenue facilitates comparison of financial data between periods.
Back
True
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