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Accounting Chapter 7

Authored by Lauren Bane

Professional Development

9th - 12th Grade

Used 11+ times

Accounting Chapter 7
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29 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A balance sheet has three sections: Heading, assets, and liabilities

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The owner's capital amount reported on a balance sheet is calculated as: capital account balance plus drawing account balance less net income.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The formula for calculating net income is: total revenue minus total expenses equals net income.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The net income calculated for the income statement and the net income on the worksheet must be the same.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Adequate Disclosure accounting concept is applies when financial statements contain all information necessary to understand a business's financial condition.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On an income statement, double lines are ruled across both amount columns to indicate that debits equal credits.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For a service business, the revenue reported on an income statement includes components for total expenses and net income.

True

False

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