Answered: ACCOUNTING MULTIPLE CHOICE QUESTIONS.… | bartleby

SWFT Essntl Tax Individ/Bus Entities 2020

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter18: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 12P

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ACCOUNTING MULTIPLE CHOICE QUESTIONS. ANSWER ALL IF POSSIBLE
An account balance is:
A. The total of the credit side of the account
B. The total of the debit side of the account
C. The difference between the total debits and total credits for an account
including the beginning balance
D. Always a credit
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O
Businesses can take any of the following forms of business ownership except:
A. Sole proprietorship
C. Joint Offering
B. Partnership
D. Corporation
FOB shipping point means that the
A. goods are placed free on board to the buyer's place of business.
B. buyer pays the freight.
Show Transcribed Text
3
C. seller pays the freight.
D. common carrier pays the freight.
C
Show Transcribed Text
Income from operations is
A. Net sales less Cost of goods sold.
B. Net sales less Operating expenses.
C. Gross profit less Other expenses and losses.
D. Gross profit less Operating expenses.
When completing a bank reconciliation, what action should you take regarding "Outstanding
Checks".
A. Add the item to the Bank's side
B. Subtract the item from the Bank's side.
C. Add the item to the company Book's balance
D. Subtract the item from the company's Book balance.
When completing a bank reconciliation, what action should you take regarding
"Deposits-In-Transit".
A. Add the item to the Bank's side
B. Subtract the item from the Bank's side.
C. Add the item to the company Book's balance
D. Subtract the item from the company's Book balance.

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