Accounting: Chapter 7 Review
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9th - 12th Grade
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The net income calculated for the income statement and the net income on the work sheet must be the same.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A balance sheet has three sections: heading, assets, and liabilities.
3.
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.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Component percentages on an income statement are calculated by dividing sales and total expenses by net income.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The date on a monthly income statement prepared on July 31 is written as
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a business has two different sources of revenue, a separate income statement should be prepared for each kind of revenue.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Information needed to prepare an income statement's revenue section is obtained from a work sheet's Account title column and
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