4 multiple choice questions
4 multiple choice questions below
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Question 33 (2 points)The financial statements must be completed in the following order:
a
Balance sheet, trial balance, income statement, statement of owner's equity.
b
Income statement, statement of owner's equity, balance sheet.
c
Income statement, statement of owner's equity, adjusted trial balance.
d
Worksheet, trial balance, income statement, balance sheet.
e
Statement of owner's equity, income statement, balance sheet.
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Question 34 (2 points)A voucher system is a series of prescribed control procedures:
a
To ensure that the company sells on credit only to creditworthy customers.
b
Used almost exclusively by small companies.
c
Designed to control cash disbursements and the acceptance of obligations.
d
Designed to determine if the company is operating profitably.
e
Which eliminate the need for subsidiary ledgers.
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Question 35 (2 points)Net Income:
a
Represents owners' claims against assets.
b
Decreases equity.
c
Equals assets minus liabilities.
d
Is the excess of revenues over expenses.
e
Represents the amount of assets owners put into a business.
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Question 36 (2 points)The basis for adjusting entries is founded on these two principles:
a
Objectivity principle, matching principle.
b
Cost principle, revenue recognition.
c
Revenue recognition, matching principle.
d
Cost principle, matching principle.
e
Business entity, time period assumption.
Answers
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Posted 09 May 2017 06:05 AM
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