chap 11 - 1. Which primary financial statement shows a...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
1. Which primary financial statement shows a business enterprise's excess of revenues over expenses? c. Income statement _______________________________________ 2. The idea that a business is considered to be separate from its individual owners is known as the: b. entity concept. ________________________________________ 3. Which of the following accounts would normally have a debit balance? b. Expenses ________________________________________ 4. At year-end, Grundwerk Company's supplies account had a debit balance of $4,200. However, a count of the supplies revealed that the actual balance was $2,300. The adjusting entry to record supplies used would include a: b. debit of $1,900 to the supplies expense account. ________________________________________ 5. Which of the following is NOT a valid control procedure? d. Management assurances ________________________________________
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
6. The ratio that measures how many times during a year accounts receivable are collected is the: b. accounts receivable turnover. ________________________________________ 7. When the allowance method is used to account for uncollectible accounts, the net amount of
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 6

chap 11 - 1. Which primary financial statement shows a...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online