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Financial Accounting Week 2

Authored by Nicole Chuchmach

Mathematics

Professional Development

Used 2+ times

Financial Accounting Week 2
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9 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Receipts or increases in cash

Source

Use

WT$

Liability

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Spending or a decrease in cash

Asset

WT$

Use

Source

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tells you how well you are operating your event business on a day-to-day basis

Income Statement

Balance Sheet

Statement of Retained Earnings

Expenses

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assets = Liabilities + Owner's Equity

Income Statement

Statement of Retained Earnings

Statement of Cash Flows

Balance Sheet

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An owner's personal expenses should be kept separate from the business

Full Disclosure Principle

Business Entity Principle

Going Concern Principle

Accrual Accounting

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business is a going concern if it does not plan to go bankrupt and liquidate its assets

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Records revenue before payment is received

Accrual Accounting

Cash Accounting

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