Accounting Practice Final

AC 201 Principles of Accounting I - Practice for Final scrutiny Multiple Choice Questions - -Select the ONE Best Answer The figure that requires financial statements to reflect the assumption that the business bequeath advance operational instead of being closed or sold, unless license shows that it will non continue, is the: aGoing-c erstrn principle. b.Business entity principle. c.Objectivity principle. d.Cost Principle. e. financial unit principle. A. concluding income. B.Expense. C.Equity. D.Revenue. E.Net loss. The unlikeness between a companys assets and its liabilities, or net assets is: An accounts receivable playscript is a. A infantryman record that contains an account for to all(prenominal) one credit customer b.A careen of the balances of selected accounts in the accounts receivable book of account that is added to show the total standard of the significant accounts receivable groovy c.A book of original origination that is designed and apply for assume ining only a contract type of transaction d.The account book that contains the financial statement accounts of a business e.A subsidiary ledger that contains a separate account for each creditor (supplier) to the company strong-arm counts of inventory a. Are not required under the eternal system b.

Are necessary to measure and adjust for inventory shrinkage c.moldiness be taken at least once a month d.Requires the use of hand held portable computers e.Are not necessary under the cost to benefit constraint. An employee earnings distinguish a. Is the W-2 b.Is the W-4 c.Is the cumulative record of an employees hours worked, pur e(a) earnings, deductions, and net devote ! d.Shows the pay period dates, hours worked, gross pay, deductions, and net pay of each employee for any pay period e.Is used to compute the federal income taxes without from each employees gross pay Net income is: a.Assets minus liabilities. bThe overplus of revenues over expenses. c.An asset. d.The same as revenue....If you want to get a full essay, order it on our website: OrderEssay.net

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