1. A basic assumption of accounting that requires activities of an entity be kept separate from...
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1. A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the A) stand alone concept. B) C) D) monetary unit assumption. corporate form of ownership. economic entity assumption. 2. A net loss will result during a time period when A) assets exceed liabilities. B) assets exceed stockholders' equity. expenses exceed revenues. D) revenues exceed expenses. C) 3. Stockholders' equity can be described as A) creditorship claim on total assets. ownership claim on total assets. benefactor's claim on total assets. D) debtor claim on total assets. B) C) 4. An account will have a credit balance if the credits exceed the debits. A) B) first transaction entered was a credit. C) debits exceed the credits. D) last transaction entered was a credit. 5. The General ledger should be arranged in A) alphabetical order. B) chronological (time-line) order. C) dollar amount order. D) Accounting equation order.. 6. The left side of an account is A) blank. B) a description of the account. C) the debit side. D) the balance of the account. 7. An income statement B) presents the revenues and expenses at a specific date. A) summarizes the changes in stockholders' equity for a specific period of time. C) reports the assets, liabilities, and stockholders' equity at a specific date. D) presents the revenues and expenses for a specific period of time. 8. The balance sheet is frequently referred to as A) B) C) an operating statement. the statement of financial position. the statement of cash. D) the statement of stockholders' equity. 9. All of the financial statements are for a period of time except the A) income statement. B) retained earnings statement. C) balance sheet. D) statement of cash flows. 10. When a magazine company receives advance payment for a subscription, it A) debits Prepaid Subscriptions and credits Cash. B) debits Unearned Subscriptions Revenue and credits Cash. debits Cash and credits Unearned Subscriptions Revenue. D) debits Cash and credits Subscriptions Revenue. C) 1. A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the A) stand alone concept. B) C) D) monetary unit assumption. corporate form of ownership. economic entity assumption. 2. A net loss will result during a time period when A) assets exceed liabilities. B) assets exceed stockholders' equity. expenses exceed revenues. D) revenues exceed expenses. C) 3. Stockholders' equity can be described as A) creditorship claim on total assets. ownership claim on total assets. benefactor's claim on total assets. D) debtor claim on total assets. B) C) 4. An account will have a credit balance if the credits exceed the debits. A) B) first transaction entered was a credit. C) debits exceed the credits. D) last transaction entered was a credit. 5. The General ledger should be arranged in A) alphabetical order. B) chronological (time-line) order. C) dollar amount order. D) Accounting equation order.. 6. The left side of an account is A) blank. B) a description of the account. C) the debit side. D) the balance of the account. 7. An income statement B) presents the revenues and expenses at a specific date. A) summarizes the changes in stockholders' equity for a specific period of time. C) reports the assets, liabilities, and stockholders' equity at a specific date. D) presents the revenues and expenses for a specific period of time. 8. The balance sheet is frequently referred to as A) B) C) an operating statement. the statement of financial position. the statement of cash. D) the statement of stockholders' equity. 9. All of the financial statements are for a period of time except the A) income statement. B) retained earnings statement. C) balance sheet. D) statement of cash flows. 10. When a magazine company receives advance payment for a subscription, it A) debits Prepaid Subscriptions and credits Cash. B) debits Unearned Subscriptions Revenue and credits Cash. debits Cash and credits Unearned Subscriptions Revenue. D) debits Cash and credits Subscriptions Revenue. C)
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Related Book For
College Physics
ISBN: 978-0495113690
7th Edition
Authors: Raymond A. Serway, Jerry S. Faughn, Chris Vuille, Charles A. Bennett
Posted Date:
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