Accounting
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| The Full Disclosure accounting concept is applied when a company always prepares financial statements at the end of each monthly fiscal period. (p. 190) | show 🗑
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| Internal users of accounting information include company managers, officers, and creditors. (p. 190) | show 🗑
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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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| show | true
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| show | false
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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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| 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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| No company should have a vertical analysis ratio for total expenses higher than 48.0%. (p. 196) | 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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| show | true
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| show | true
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| show | false
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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 | July 31, 20--
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| show | Balance Sheet Debit column
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| show | Balance Sheet Credit column.
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| show | Capital Account Balance + Net Income – Drawing Account Balance
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| If a business wanted to show how the current capital balance was calculated, it would... | show 🗑
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| A negative balance that remains after total expenses are subtracted from total income. | show 🗑
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| show | return on sales
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| show | vertical analysis
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| show | stakeholder
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| The area of accounting that focuses on reporting information to internal users | show 🗑
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| The calculation and interpretation of a financial ratio. | show 🗑
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| The area of accounting that focuses on reporting information to external users. | show 🗑
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| A budgeting strategy of setting aside at least 10% of after-tax income for saving and investing. | show 🗑
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| show | budget
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| A comparison between two components of financial information. | show 🗑
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| show | surplus
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