Accounting_Questions - Question 1 (True/False Worth 4.16...

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Question 1 (True/False Worth 4.16 points) Accounts receivable are the result of cash and credit sales. True False Question 2 (True/False Worth 4.16 points) When special journals are employed, all postings must be monthly or daily but cannot be both. True False Question 3 (Multiple Choice Worth 4.16 points) The principles of developing an accounting information system do not include usefulness. flexibility. cost effectiveness. elimination of human involvement. Question 4 (Multiple Choice Worth 4.16 points) A partnership is dissolved only by the withdrawal of a partner. is dissolved upon the acceptance of a new partner. dissolution means the business must liquidate. has unlimited life. Question 5 (True/False Worth 4.16 points) A promissory note is a written promise by the maker to the payee to pay a specified amount of money at a definite time.
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True False Question 6 (Multiple Choice Worth 4.16 points) Partners Don and Ron have agreed to share profits and losses in an 80:20 ratio respectively, after Don is allowed a salary allowance of $80,000 and Ron is allowed a salary allowance of $40,000. If the partnership had net income of $80,000 for 2010, Ron’s share of the income would be $40,000 $32,000 $48,000 $8,000 Question 7 (Multiple Choice Worth 4.16 points) Postings are made daily to the
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This note was uploaded on 01/08/2012 for the course BUSN 310 taught by Professor Alex during the Spring '11 term at American Public University.

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Accounting_Questions - Question 1 (True/False Worth 4.16...

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