LLS6e Ch 03 MC Quizzes

LLS6e Ch 03 MC - Libby/Libby/Short6e 1 , A B C matchingprinciple D continui

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Chapter 3 – Multiple-Choice Quizzes 1 Although income is earned continuously, companies measure income for a specific period of time.  Accountants refer to this practice as: A) unit of measure assumption. B) time period assumption. C) matching principle. D) continuity assumption. Answer B 2 Consider the following totals: Revenues $100,000 Cost and expenses    45,000 Other revenues       5,000 Income taxes    18,000 Net income  $42,000 What was the total of  operating income ? A) $42,000 B) $55,000 C) $60,000 D) $37,000 Answer B 3 Which of the following is a peripheral transaction? A) income tax expense B) interest expense C) general and administrative expenses Answer B  D) depreciation expense 4 Current year sales revenues total $1,250,000. The total assets at the end of the previous year totaled  $900,000. Total assets at the end of the current year totaled $980,000. What is the asset turnover ratio? A)
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This note was uploaded on 01/19/2012 for the course ACC 211 taught by Professor Sicre during the Spring '07 term at University of Miami.

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LLS6e Ch 03 MC - Libby/Libby/Short6e 1 , A B C matchingprinciple D continui

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