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Accounting Chpt2 q10

Authored by Diane Pires

Business

12th Grade

Accounting Chpt2 q10
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39 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Indicate whether the statement is true or false. Only businesses that earn a profit will have the economic resources to continue to operate.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is it true that owning your own business allows you to keep all the profits generated?

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Indicate whether the statement is true or false. For accounting purposes, a business is an entity separate from its owners.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Indicate whether the statement is true or false. Basic accounting rules and procedures differ from business to business.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Indicate whether the statement is true or false. A partnership can be owned by more than two individuals.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

GAAP stands for General Accounting and Audit Practices

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Identify the choice that best completes the statement or answers the question. The amount of money earned after the costs of operating a business are paid is ____.

revenue

profit

expense

capital

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