Quiz 1–Review before Mid-ExamName: Introductory Financial AccountingNIM: 8 May 2019 Multiple Choices 1.The equity section of a statement of financial position has two components: a.share capital and liablities. b.assets and liablities. c.share capital and retained earnings. d.share capital and assets.
3. The normal balance of any account is the
4. The revenue recognition principle dictates that revenue should be recognized in the accounting records
5. A candy factory's employees work overtime to finish an order that is sold and shipped on February 28. The office sends a statement to the customer in early March and payment is received by mid-March. The overtime wages should be expensed in a.February. b.March. c.the period when the workers receive their checks. d.either in February or March depending on when the pay period ends.
6.Root Company provided consulting services and billed the client $2,500. As a result of this event,
