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Chapter 7 Quiz

Select the Answer that corresponds to the displayed Question.
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1. No company should have a vertical analysis ratio for total expenses higher than 48.0%. (p. 196)




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2. An amount written in parentheses on a financial statement indicates a negative amount. (p. 197)




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3. The income statement's account balances are obtained from the work sheet's Income Statement columns. (p. 192)




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4. A balance sheet reports information about the elements of the accounting equation. (p. 201)




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5. The position of the total asset line on the balance sheet is determined after the Equities section is prepared. (p. 202)




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6. The income statement for a service business has five sections: heading, Revenue, Expenses, Net Income or Net Loss, and Capital. (p. 192)




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7. The net income on an income statement is verified by checking the balance sheet. (p. 194)




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8. Double lines are ruled across the balance sheet columns to show that the column totals have been verified as correct. (p. 202)




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9. Financial ratios on an income statement are calculated by dividing sales and total expenses by net income. (p. 195)




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10.  The area of accounting that focuses on reporting information to internal users.




Select the Question that corresponds to the displayed Answer.
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11. true




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12. true




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13. surplus




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14. budget




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15. Capital Account Balance + Net Income – Drawing Account Balance




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16. financial accounting




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17. false




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18. true




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19. July 31, 20--




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20. false





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