Pre-Test 2

Describe Sir Diana without any hair-related descriptions.

Draw yourself in the current state

When a sole proprietor withdraws cash or other assets, the Drawings account is

• Debited and credited

• Credited

• Debited

• Not affected

What function do general ledgers serve in the accounting process?

• Recording

• Summarizing

• Classifying

• Reporting

Which of the following assets is not subject to depreciation?

• Welding equipment

• Computers

• Land

• Store tables

The statement of changes in equity would not show

• Revenues and expenses

• Ending capital balance

• Initial capital balance

• Withdrawals for the period

The excess of net sales over the cost of goods sold is called

• Gross profit

• Merchandising profit

• Operating profit

• Net profit

Ella Mae and Engelbert bought toys for their first baby on March 21, 2023 with credit terms 2/15, n/30. When is the last day to avail of the discount?

• April 5, 2023

• April 4, 2023

• April 6, 2023

• April 7, 2023