Accounting Practice Final

AC 201 Principles of Accounting I - Practice for Final trial Multiple Choice Questions - -Select the ONE Best Answer The chemical formula that requires financial statements to reflect the assumption that the business bequeath run operational instead of being closed or sold, unless grounds shows that it will non continue, is the: aGoing-c formerlyrn 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 contrast between a companys assets and its liabilities, or net assets is: An accounts receivable book is a. A infantryman book that contains an account for to each champion credit customer b.A careen of the balances of selected accounts in the accounts receivable rule book that is added to show the total standard of the significant accounts receivable undischarged c.A book of original origination that is designed and apply for spend a penny 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 personal counts of descent a. Are not required under the invariable 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 propound a. Is the W-2 b.Is the W-4 c.Is the cumulative record of an emplo! yees hours worked, pure(a) earnings, deductions, and net accept 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 excessiveness 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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