QUESTION Which two types of income statements are allowed under GAAP? A) cash and accrual B) inflow and outflow C) credit and debit D) receivable and payable ANSWER A
Date: September 3rd, 2020
QUESTION In your business, you record revenue when money comes in from customers, and record expenses when you pay bills. What basis of accounting are you using? A) cash B) income C) accrual D) debit ANSWER A
Date: September 3rd, 2020
QUESTION Owners’ equity can be also known as ________ equity. a. current b. long-term c. shareholders’ d. asset ANSWER c
Date: September 3rd, 2020
QUESTION In your business, you record income when you deliver a good or provide a service, and record expenses when they are incurred, not necessarily when you pay the bills. What basis of accounting are you using? A) cash B) income C) accrual D) debit ANSWER C
Date: September 3rd, 2020
QUESTION A record of a company’s assets and liabilities at a fixed point in time is known as a(n) ________. a. cash flow statement b. balance sheet c. account payable d. income statement ANSWER b
Date: September 3rd, 2020
QUESTION Accounts receivable is _______. a. any money that you or a business are owed b. property, manufacturing plants, and equipment c. any money that you owe to a business d. credit that is extended to a business for necessary purchases ANSWER a
Date: September 3rd, 2020
QUESTION What are accounts receivable? A) paid bills for products or services a company has sold B) unpaid bills for products or services a company has sold C) unpaid bills for expenses a company has incurred D) paid bills for expenses a company has incurred ANSWER B
Date: September 3rd, 2020
QUESTION A portfolio is a collection of several different types of investments. Indicate whether the statement is true or false ANSWER TRUE
Date: September 3rd, 2020
QUESTION In the equation for calculating a company’s net profit, what do expenses refer to? A) the invoices sent to the company by the suppliers it is buying from B) the cash flowing out of the company during the current period C) the amount of money the company spent on something during a certain time […]
Date: September 3rd, 2020
QUESTION Vertical diversification is the situation in which you have assets that address different aspects of the same situation. Indicate whether the statement is true or false ANSWER FALSE
Date: September 3rd, 2020
