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Accounting Principles Exam Questions With All Correct Answers
Accounting Principles Exam Questions With All Correct Answers Which of the following expressions is incorrect? Sales revenue - cost of goods sold - Operating expenses = Net income Operating expenses - Cost of goods sold = Gross profit Net income + Operating expenses = Gross profit Gross profit - Operating expenses = Net income - ANSWER Operating expenses - Cost of goods sold = Gross profit Net income - ANSWER gross profit - operating expenses or Sales revenue - cost of goods sold...
- Examen
- • 8 páginas •
Accounting Principles Exam Questions With All Correct Answers Which of the following expressions is incorrect? Sales revenue - cost of goods sold - Operating expenses = Net income Operating expenses - Cost of goods sold = Gross profit Net income + Operating expenses = Gross profit Gross profit - Operating expenses = Net income - ANSWER Operating expenses - Cost of goods sold = Gross profit Net income - ANSWER gross profit - operating expenses or Sales revenue - cost of goods sold...
Accounting Equations Test Questions And Answers
Accounting Equations Test Questions And Answers Account - ANSWER- an accounting device used in summarizing the effects of transactions (increases/ decreases) on element of the financial statement. Chart of Accounts - ANSWER- a listing of all account titles used by an entity. Purpose of the Financial Statements? - ANSWER- to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economi...
- Examen
- • 5 páginas •
Accounting Equations Test Questions And Answers Account - ANSWER- an accounting device used in summarizing the effects of transactions (increases/ decreases) on element of the financial statement. Chart of Accounts - ANSWER- a listing of all account titles used by an entity. Purpose of the Financial Statements? - ANSWER- to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economi...
Accounting Cycle Actual Exam Questions With All Correct Answers
Accounting Cycle Actual Exam Questions With All Correct Answers Accounting process - ANSWER- is a sequence of interrelated procedures. Its primary purpose is to produce the entity's financial statements for a given reporting period Accounting cycle - ANSWER- refers to a series of sequential steps or procedures performed to accomplish the accounting process. Chart of Accounts - ANSWER- It is a list of account titles with corresponding account codes used by the business. This l...
- Examen
- • 3 páginas •
Accounting Cycle Actual Exam Questions With All Correct Answers Accounting process - ANSWER- is a sequence of interrelated procedures. Its primary purpose is to produce the entity's financial statements for a given reporting period Accounting cycle - ANSWER- refers to a series of sequential steps or procedures performed to accomplish the accounting process. Chart of Accounts - ANSWER- It is a list of account titles with corresponding account codes used by the business. This l...
Accounting 201 Test Questions And Answers
Accounting 201 Test Questions And Answers Accounting - ANSWER- The art of recording, classifying, reporting, and interpreting the financial data of an organization. Accounting equation - ANSWER- An expression in dollar amounts of the equivalency of the assets and equities of an enterprise, stated as Assets=Liabilities+Owner's equity. Accounting principle - ANSWER- A broad rule adopted by the accounting profession as a guide in measuring, recording, and reporting the financial aff...
- Examen
- • 3 páginas •
Accounting 201 Test Questions And Answers Accounting - ANSWER- The art of recording, classifying, reporting, and interpreting the financial data of an organization. Accounting equation - ANSWER- An expression in dollar amounts of the equivalency of the assets and equities of an enterprise, stated as Assets=Liabilities+Owner's equity. Accounting principle - ANSWER- A broad rule adopted by the accounting profession as a guide in measuring, recording, and reporting the financial aff...