Search Header Logo

Accounting Ch. 7

Life Skills

10th - 12th Grade

Used 76+ times

Accounting Ch. 7
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All financial information must be reported if good business decisions are going to be made. This is an application of which concept?

Business Entity

Matching Revenue with Expenses

Objective Evidence

Adequate Disclosure

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The _______________________ reports financial information over a specific period of time (a fiscal period), indicating the financial progress of a business.

Balance Sheet

Income Statement

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When revenue earned and the money spent (expenses) to earn that revenue are reported in the same fiscal period, this is an application of which concept?

Matching Expenses with Revenue

Objective Evidence

Business Entity

Adequate Disclosure

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Information for the income statement is obtained from where?

general ledger

work sheet

journal

source docs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For a service business, which of the following is an acceptable financial ratio for expenses?

75%

60%

90%

50%

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For a service business, which of the following is an acceptable financial ratio for net income?

55%

30%

10%

40%

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The _______________________ reports financial information on a specific date, indicating the financial condition (strength) of a business.

Balance Sheet

Income Statement

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?