IBT Accounting Unit Review Question Preview (ID: 23986)
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If revenues are greater than expenses, you have a net loss.
a) True
b) False
c)
d)
If expenses are greater than revenues, you have a net loss.
a) True
b) False
c)
d)
A balance sheet is prepared for a specific date.
a) True
b) False
c)
d)
An income statement is prepared for a period of time.
a) True
b) False
c)
d)
Temporary accounts are “closed out” at the end of the year.
a) True
b) False
c)
d)
If Assets total $500,000 and Liabilities total $450,000, Owner’s Equity is $950,000.
a) True
b) False
c)
d)
If Assets total $500,000 and Liabilities total $450,000, Owner’s Equity is $50,000.
a) True
b) False
c)
d)
Revenues - Expenses = Owner’s Equity
a) True
b) False
c)
d)
A balance sheet shows the net income or loss of a business.
a) True
b) False
c)
d)
An income statement shows the assets, liabilities, and owner’s equity of a business.
a) True
b) False
c)
d)
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