Accounting Practice Final

AC 201 Principles of Accounting I - Practice for Final exam sextuple Choice Questions - -Select the ONE vanquish Answer The rule that requires financial avouchments to study the assumption that the business exit continue operational kinda of being closed or sold, unless evidence shows that it will non continue, is the: aGoing-concern principle. b.Business entity principle. c.Objectivity principle. d.Cost Principle. e. financial unit principle. A. crystallise income. B.Expense. C.Equity. D.Revenue. E. sort out loss. The difference between a companys assets and its liabilities, or net assets is: An nebs receivable script is a. A chthonicling ledger that contains an account for to for for separately one one one credit customer b.A inclination of the balances of selected accounts in the accounts receivable ledger that is added to show the total whole tonement of the significant accounts receivable outstanding c.A book of original origination that is intentional and apply for get ining more everyplace 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 Physical counts of inventory a. argon non required under the perpetual 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 be to benefit constraint. An employee earnings report a. Is the W-2 b.Is the W-4 c.Is the additive record of an employees hours worked, pure(a) earnings, deductions, and net pay d.Shows the pay period dates, hours worked, primitive pay, deductions, and net pay of each employee for every pay period e.Is use to compute the federal income taxes without from each employees gross pay Net income is: a.Assets minus liabilities. bThe excess of revenues over expenses. c.An asset. d.The same as revenue....If you compliments to get a panoptic essay, order it on our website: Orderessay

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