
Chapter 7 - Accounting 1
Quiz
•
Life Skills
•
9th - 12th Grade
•
Practice Problem
•
Medium
Julie Keane
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29 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The date on a monthly income statement prepared on April 30 is written as
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The amount of net income calculated on an income statement is correct if
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Preparing financial statements at the end of each monthly fiscal period is an application of the accounting concept
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Information needed to prepare an income statement’s Expense section is obtained from a work sheet’s Account Title column and
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An income statement reports a business’s financial
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When preparing a balance sheet, the amount of owner’s capital is calculated using amounts obtained from
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The formula for calculating the net income ratio is
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