Accounting Chapter 7

Accounting Chapter 7

9th - 12th Grade

28 Qs

quiz-placeholder

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Accounting Chapter 7

Accounting Chapter 7

Assessment

Quiz

Specialty, Professional Development

9th - 12th Grade

Practice Problem

Medium

Created by

Tina Gummo

Used 215+ times

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28 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For a service business, the revenue reported on an income statement is often compared to two items: total expenses and net income.

True 
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The net income calculated for the income statement and the net income on the worksheet can be different because of adjusting entries.

True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

 An amount written in parentheses on a financial statement indicates an estimate.

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The formula for calculating the net income ratio is net income divided by total sales.

True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The area of accounting that focuses on reporting information to internal users is called managerial accounting.

True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a business has two different sources of revenue, a separate income statement should be prepared for each kind of revenue.

True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Owner’s Equity section of a balance sheet may report different kinds of details about owner’s equity, depending on the need of the business.

True
False

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