Business Math Test 3 Review A

A balance sheet is used to record net sales, gross profit, expenses, and net profit.

• True

• False

The income from sales minus the cost of goods sold yields the net sales.

• True

• False

Tags

CCSS.7.NS.A.1B

An increase in assets is recorded under the credit column.

• True

• False

Tags

CCSS.6.NS.C.5

An increase in income is recorded under the credit column.

• True

• False

Tags

CCSS.6.NS.C.5

Net sales equals income from sales minus returns and allowances.

• True

• False

Tags

CCSS.7.NS.A.1D

Net profit equals net sales minus cost of goods sold.

• True

• False

Tags

CCSS.6.EE.B.6

If the Jeffersons had a cash deficit for the month, their cash payments must have been larger than their cash receipts.

• True

• False

Tags

CCSS.6.NS.C.7C

An income statement is used to compare total assets with total capital and liability.

• True

• False

An increase in liability is recorded under the debit column of the general journal.

• True

• False

A debit entry is a dollar amount that is recorded in the left column.

• True

• False

Tags

CCSS.6.NS.C.5