TRUE OR FALSE 1. Sales Discount decreases revenue 2. Drawings, expenses and revenues are accounts that decreases the equity
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TRUE OR FALSE
1. Sales Discount decreases revenue
2. Drawings, expenses and revenues are accounts that decreases the equity
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- Multiple choice: 1. Which of the following is incorrect regarding profit? A. Profit is measured only indirectly as an arithmetical difference. B. Profit increases equity. C. Profit is the excess of total income over total expenses. D. Profit is earned if total income is less than total expenses. 2. An increase to an account is recorded A. in the debit side of that account. B. in the credit side of that account. C. beside the account. D. in the side of that account that represents its normal balance.Liabilities and Revenues O Are decreased by debits and increased by credits O Are decreased by both debits and credits O May be decreased by a debit or a credit, depending on the situation Are decreased by credits and increased by debitsMultiple choice: 1. Which if the following us correct concerning a T account? A. The left side is the decrease side for assets B. The right side is the decrease side for liabilities C. The right side is the increase side for revenue D. The left side is the decrease side for expenses 2. Which of the following is not true concerning T accounts? A. The right side of a revenue account is an increase B. The left side of an expense account is an increase C. The left side of an asset account is an increase D. The left side of a liability account is an increase
- Debit means decrease and credit means increase True or false? Please explainOwner's equity Select one: a. The resulting amount when total liabilities are subtracted from total assets b. When total liabilities are added to total assets c. None of Them d. The resulting amount when total revenue are subtracted from total cost of salesan increase in revenue is on the credit side hence a decrease in expense is also on credit side true or false
- Which situation indicates loss on the income statement a. Total debits exceed total credits b. Total credits exceed total debits c. None of the choices d. Total debits equal total creditsTrue or false Credits Increases in liabilities and revenue. Decrease in assets and expenses?Which of the following accounts is a temporary account? Multiple Choice Accounts receivable. Interest payable. Accounts payable. Cash Salaries expense. Profit margin is defined as: Multiple Choice Net sales divided by net income. Revenues divided by net sales. Net income divided by assets, Net sales divided by assets. Net income divided by net sales.
- | Owner's equity Select one: O a. The resulting amount when total revenue are subtracted from total cost of sales O b. When total liabilities are added to total assets c. None of Them d. The resulting amount when total liabilities are subtracted from total assetsMultiple choice: 1.Collection of an account receivable would: A.decrease liabilities B. have no effect on owner's equity C. decrease owner’s equity D. increase total assetsRecording bad debt expense under the allowance method will have what effect on the financial statements? Select one: a. Profit is unchanged and total assets decrease b. Profit decreases and total assets is unchanged c. Profit is unchanged and total assets is unchanged d. Profit increases and total assets decrease e. Profit decreases and total assets decrease
