Chapter 7 Financial Statements

Chapter 7 Financial Statements

9th - 12th Grade

26 Qs

quiz-placeholder

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Chapter 7 Financial Statements

Chapter 7 Financial Statements

Assessment

Quiz

Life Skills

9th - 12th Grade

Medium

Created by

Yvonne Royce

Used 3+ times

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26 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The Full Disclosure accounting concept is applied when a company always prepares financial statements at the end of each monthly fiscal period.

true

false

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Internal users of accounting information include company managers, officers, and creditors.

true

false

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

An income statement reports information on a specific date indicating the financial condition of a business.

true

false

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The Matching Expenses with Revenue accounting concept is applied when the revenue earned and the expenses incurred to earn that revenue are reported in the same fiscal period.

true

false

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Information needed to prepare an income statement comes from the Account Title column and the income Statement columns of a work sheet.

true

false

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The income statement for a service business has five sections: heading, Revenue, Expenses, Net Income or Net Loss, and Capital.

true

false

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The income statement’s account balances are obtained from the work sheet’s Income Statement columns.

true

false

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