Question 20 options the matching source documents the cash

Question 20 options the matching source documents the

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Question 20 options: the matching principle 19 20
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source documents the cash basis of accounting activity that has already been recorded in the proper accounts Save Question 21 (1 point) Which of the following statements is false regarding the closing process? Question 21 options: The Dividends account is closed to Income Summary. The closing of expense accounts results in a debit to Income Summary. The closing of revenues results in a credit to Income Summary. The Income Summary account is closed to the Retained Earnings account. Save Question 22 (1 point) Which of the following statements is true regarding the classified balance sheet? Question 22 options: Current assets include cash, accounts receivable, and equipment. Plant, property, and equipment is one category of long-term assets. 21 22
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Current liabilities include accounts payable, salaries payable, and notes receivable. Stockholders' equity is subdivided into current and long-term categories. Save Question 23 (1 point) The underlying assumptions of accounting include all the following except _______________. Question 23 options: business entity going concern matching money measurement and periodicity Save Question 24 (1 point) Malloy Company began the accounting period with $60,000 of merchandise, and the net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period. The cost of goods sold of Malloy Company for the period is _______________. Question 24 options: $300,000 $228,000 23 24
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$252,000 $168,000 None of the above Save Question 25 (1 point)A classified income statement consists of all of the following major sections except _______________.Question 25 options:Operating revenuesCost of goods soldOperating expensesNon-operating revenues and expensesCurrent assetsSaveQuestion 26 (1 point)A business purchased merchandise for $12,000 on account; terms are 2/10, n/30. If $2,000 of the merchandise was returned and the remaining amount due was paid within the discount period, the purchase discount would be _______________.Question 26 options: 25 26
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$240$200$1,200$1,000 $3,600 Save
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