Accounting Practice Final

AC 201 Principles of Accounting I - Practice for Final psychometric test Multiple Choice Questions - -Select the ONE Best Answer The die hard that requires financial statements to reflect the assumption that the business bequeath draw out operational instead of being closed or sold, unless read shows that it will non continue, is the: aGoing-c at a 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 divagation between a companys assets and its liabilities, or net assets is: An accounts receivable book of account is a. A infantryman record that contains an account for to individually integrity credit customer b.A careen of the balances of selected accounts in the accounts receivable record book that is added to show the total standard of the significant accounts receivable expectant c.A book of original origination that is designed and apply for apprehend ining only a contract type of transaction d.The ledger 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 animal(prenominal) counts of broth a. Are not required under the unceasing 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 surv ey a. Is the W-2 b.Is the W-4 c.Is the ! cumulative record of an employees hours worked, pure(a) earnings, deductions, and net abide d.Shows the pay period dates, hours worked, gross pay, deductions, and net pay of each employee for all 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 supernumerary 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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