Examen
Accounting Chapter 7 questions with actual answers.
- Grado
- Institución
Accounting Chapter 7 questions with actual answers.
[Mostrar más]Vista previa 1 fuera de 3 páginas
Vista previa 1 fuera de 3 páginas
Añadir al carrito
Añadir al carrito
Vendedor
Seguir
Professorkaylee
Vista previa del contenido
Accounting Chapter 7 questions withactual answers.
A balance sheet has three sections: heading, assets, and liabilities. ANS - False.
The owner's capital amount reported on a balance sheet is calculated as: capital account balance plus
drawing account balance less net income. ANS - False.
The formula for calculating net income is: total revenue minus total expenses equals net income. ANS -
True.
The net income calculated for the income statement and the net income on the work sheet must be the
same. ANS - True.
The Adequate Disclosure accounting concept is applied when financial statements contain all
information necessary to understand a business's financial condition. ANS - True.
On an income statement, double lines are ruled across both amount columns to indicate that debits
equal credits. ANS - False.
For a service business, the revenue reported on an income statement includes components for total
expenses and net income. ANS - True.
The formula for calculating the total expenses component percentage is: total expenses divided by total
sales equals total expenses component percentage. ANS - True.
The financial condition of a business refers to its financial strength. ANS - True.
The current capital to be reported on a balance sheet is calculated as: the capital account balance plus
net income equals current capital. ANS - False.
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable. Así llegas a la conclusión rapidamente!
Preguntas frecuentes
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Professorkaylee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for $9.29. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
45,681 summaries were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now