
Chapter 7 Financial Statements
Quiz
•
Life Skills
•
9th - 12th Grade
•
Medium
Yvonne Royce
Used 3+ times
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26 questions
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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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