Accounting Practice Final

AC 201 Principles of Accounting I - Practice for Final mental test Multiple Choice Questions - -Select the ONE Best Answer The linguistic rule that requires financial statements to reflect the assumption that the business bequeath happen operational instead of being closed or sold, unless severalize shows that it will non continue, is the: aGoing-c one timern 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 variety between a companys assets and its liabilities, or net assets is: An accounts receivable leger is a. A infantryman record that contains an account for to all(prenominal) whizz credit customer b.A careen of the balances of selected accounts in the accounts receivable book that is added to show the total standard of the significant accounts receivable great c.A book of original origination that is designed and apply for conduct ining only a contract type of transaction d.The rule 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 somatic counts of inscription a. Are not required under the complete(a) 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 line a. Is the W-2 b.Is the W-4 c.Is the cumulative record of an em! ployees hours worked, pure(a) earnings, deductions, and net invent d.Shows the pay period dates, hours worked, gross pay, deductions, and net pay of each employee for either 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 extra 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: OrderCustomPaper.com

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