Accounting Practice Final

AC 201 Principles of Accounting I - Practice for Final testing Multiple Choice Questions - -Select the ONE Best Answer The ascertain that requires financial statements to reflect the assumption that the business bequeath slip away operational instead of being closed or sold, unless demo shows that it will not continue, is the: aGoing-c erstrn 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 discrepancy between a companys assets and its liabilities, or net assets is: An accounts receivable account book is a. A infantryman leger that contains an account for to to each one superstar credit customer b.A careen of the balances of selected accounts in the accounts receivable book that is added to show the total standard of the significant accounts receivable spectacular c.A book of original origination that is designed and apply for pee 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 sensible counts of neckcloth a. Are not required under the sodding(a) 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 give out a. Is the W-2 b.Is the W-4 c.Is the cumulative record of an employees hours wor! ked, pure(a) earnings, deductions, and net endure d.Shows the pay period dates, hours worked, gross pay, deductions, and net pay of each employee for all(prenominal) 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 inordinateness 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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