Accouting
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| The income statement's account balances are obtained from the work sheet's Income Statement columns. (p. 192) | show 🗑
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| show | false
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| show | true
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| The position of the total asset line on the balance sheet is determined after the Equities section is prepared. (p. 202) | show 🗑
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| show | false
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| show | false
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| show | false
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| The Matching Expenses with Revenue accounting concept is applied when the revenue earned and the expenses incurred to earn that revenue are reported in the same fiscal period. (p. 192) | show 🗑
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| Information needed to prepare an income statement comes from the Account Title column and the Income Statement columns of a work sheet. (p. 192) | show 🗑
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| show | false
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| The net income on an income statement is verified by checking the balance sheet. (p. 194) | show 🗑
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| Double lines ruled across both amount columns of an income statement indicate that the amount has been verified. (p. 194) | show 🗑
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| show | true
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| Financial ratios on an income statement are calculated by dividing sales and total expenses by net income. (p. 195) | show 🗑
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| When a business has two different sources of revenue, both revenue accounts are listed on the income statement. (p. 197) | show 🗑
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| An amount written in parentheses on a financial statement indicates a negative amount. (p. 197) | show 🗑
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| A balance sheet reports information about the elements of the accounting equation. (p. 201) | show 🗑
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| show | false
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| show | true
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| show | false
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| The date on a monthly balance sheet prepared on July 31 is written as | show 🗑
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| show | Balance Sheet Debit column
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| Information needed to prepare a balance sheet's Liabilities section is obtained from a work sheet's Account Title column and | show 🗑
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| show | Capital Account Balance + Net Income – Drawing Account Balance
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| show | list the beginning capital balance, the net income, the withdrawals, and the ending capital balance on the balance sheet.
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| show | deficit
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| The ratio of net income to total sales. | show 🗑
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| show | vertical analysis
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| Any persons or groups who will be affected by an action. | show 🗑
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| The area of accounting that focuses on reporting information to internal users. | show 🗑
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| A positive balance that remains after total expenses are subtracted from total income. | show 🗑
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| A comparison between two components of financial information. | show 🗑
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| show | budget
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| show | pay yourself first
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| The area of accounting that focuses on reporting information to external users | show 🗑
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| show | ratio analysis
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Created by:
kyleighjordyne
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