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标题: FINANCE ACCOUTING 的练习和 QUIZ的交流与请教贴(MASTER OF ACCOUTING) CURTIN [打印本页]

作者: enjoy 时间: 2007-3-30 00:21
标题: FINANCE ACCOUTING 的练习和 QUIZ的交流与请教贴(MASTER OF ACCOUTING) CURTIN
谁做了 FINANCE ACCOUTING 的 QUIZ的?(MASTER OF ACCOUTING) 都来交流下~~ 这里以后可以成为大家考试和练习交流的场所不懂的题目大家都拿上问吧~~~

作者: bluecici321 时间: 2007-3-30 12:17
对阿队啊！我们也来弄个鸡精好了~~~~~~ [s:2]

作者: enjoy 时间: 2007-3-30 13:51
呵呵鸡经~..

作者: enjoy 时间: 2007-3-30 14:01
Self-Study Quiz: True/false

To receive instant feedback for this self-study quiz, click the Check Answers button. Self-study quizzes are not recorded in your course gradebook, and you may take them as many times as you like. These questions are specific to your textbook and have been provided to reinforce chapter materials.
This activity contains 10 questions.

Management accounting focuses on information for external decision-makers such as creditors and investors.
   True
  False





The sole trader is responsible for settling the debts of the business if there are insufficient proceeds from the sale of the business.
   True
  False





In 1970 a company purchased a piece of land for $2 000. The accountant believes that the current market value of the land is $100 000. The amount reported on the current balance sheet for land should be $100 000 according to the cost principle.
   True
  False





All receivables are assets and all payables are liabilities.
   True
  False





The balance sheet reports revenues and expenses, and net profit.
   True
  False





A business becomes a company when it fulfils certain legal requirements and is registered by the ASIC.
   True
  False





Under the going concern principle, accountants assume that a business will cease to operate in the foreseeable future.
   True
  False





The International Accounting Standards Board (IASB) sets international financial reporting standards (IFRSs) which are used as the basis for equivalent Australian Accounting Standards (AIFRSs).
   True
  False





Because economic booms and downturns affect a business, an accountant needs to record them as transactions.
   True
  False





The cash flow statement reports the amount of cash coming in and the amount of cash going out during a period.
   True
  False

________________________________________
1.
Management accounting focuses on information for external decision-makers such as creditors and investors.
Your Answer: True
Correct Answer: False

Incorrect. Management accounting focuses on information for internal decision-makers such as top management.
________________________________________
2.
The sole trader is responsible for settling the debts of the business if there are insufficient proceeds from the sale of the business.
Your Answer: True

Correct
________________________________________
3.
In 1970 a company purchased a piece of land for $2 000. The accountant believes that the current market value of the land is $100 000. The amount reported on the current balance sheet for land should be $100 000 according to the cost principle.
Your Answer: True
Correct Answer: False

Incorrect. The cost principle states assets should be recorded at their actual cost. In this situation, land should be recorded at $2 000 which is the actual cost when purchased.
________________________________________
4.
All receivables are assets and all payables are liabilities.
Your Answer: True

Correct
________________________________________
5.
The balance sheet reports revenues and expenses, and net profit.
Your Answer: True
Correct Answer: False

Incorrect. The balance sheet reports assets, liabilities, and owner\'s equity accounts while the income statement reports revenues, expenses, and net profit.
________________________________________
6.
A business becomes a company when it fulfils certain legal requirements and is registered by the ASIC.
Your Answer: True

Correct
________________________________________
7.
Under the going concern principle, accountants assume that a business will cease to operate in the foreseeable future.
Your Answer: True
Correct Answer: False

Incorrect. Under this principle, accountants assume that the business will continue operating for the foreseeable future.
________________________________________
8.
The International Accounting Standards Board (IASB) sets international financial reporting standards (IFRSs) which are used as the basis for equivalent Australian Accounting Standards (AIFRSs).
Your Answer: True

Correct
________________________________________
9.
Because economic booms and downturns affect a business, an accountant needs to record them as transactions.
Your Answer: True
Correct Answer: False

Incorrect. Accountants only record events with effects that can be measured reliably as transactions.
________________________________________
10.
The cash flow statement reports the amount of cash coming in and the amount of cash going out during a period.
Your Answer: True

Correct

Decision-makers need information. Which of the following groups rely on accounting information for decision-making?

Managers

Investors

Creditors

All of the above





Which type of business organisation is a separate legal entity whose owners are not personally liable for the debts of the business?

Proprietorship

Partnership

Company

All of the above





A car has an asking price of $20 000. The company representative is a good negotiator and only pays $18 000 for the car. Which accounting concept/principle requires the car be recorded at $18 000 in the accounting records of the business?

Cost principle

Stable-monetary-unit concept

Going-concern concept

Entity concept





The financial statement that reports assets, liabilities and owner\'s equity is the:

Statement of changes in equity

Cash flow statement

Balance sheet

Income statement





Events are recorded by a business if assets, liabilities, or owner\'s equity are affected. Select the event(s) that should be recorded in the business records from those listed below.

Customer purchases merchandise and pays cash

Customer purchases inventory on account

Company hires an employee who starts next month

Both (a) and (b)





Select the transaction(s) that result(s) in increasing total assets for Company ABC.

Company ABC purchases office supplies on account

Company ABC pays rent expense with cash

Company ABC purchases land for cash

Both (b) and (c) increase total assets





Select the transaction(s) that result(s) in increasing total owner\'s equity for a child care company.

The owner invests $10 000 of her own money to start the business.

The child care company provides child care services and earns $5 000 of revenue

Company ABC pays rent expense of $2 000

Both (a) and (b) increase total owner\'s equity





Using the following information, calculate total assets: cash $10 000, accounts receivable $3 000, accounts payable $4 000, and equipment $20 000.

$26 000

$33 000

$29 000

$37 000





Using the following information, calculate net profit: sales revenues $10 000, wage expense $4 000, accounts payable $1 000, and rent expense $2 000.

$3 000

$4 000

$6 000

None of the above





The two financial statement reporting net profit are the:

Income statement and statement of changes in equity

Balance sheet and cash flow statement

Income statement and balance sheet

Statement of changes in equity and cash flow statement

1.
Decision-makers need information. Which of the following groups rely on accounting information for decision-making?
Your Answer: Investors
Correct Answer: All of the above

Incorrect. Investors use accounting information for decision-making but so do managers and creditors.
________________________________________
2.
Which type of business organisation is a separate legal entity whose owners are not personally liable for the debts of the business?
Your Answer: Partnership
Correct Answer: Company

Incorrect. Partners are personally liable for business debts.
________________________________________
3.
A car has an asking price of $20 000. The company representative is a good negotiator and only pays $18 000 for the car. Which accounting concept/principle requires the car be recorded at $18 000 in the accounting records of the business?
Your Answer: Entity concept
Correct Answer: Cost principle

Incorrect. The cost principle requires assets to be recorded at their actual cost.
________________________________________
4.
The financial statement that reports assets, liabilities and owner\'s equity is the:
Your Answer: Balance sheet

Correct
________________________________________
5.
Events are recorded by a business if assets, liabilities, or owner\'s equity are affected. Select the event(s) that should be recorded in the business records from those listed below.
Your Answer: Customer purchases merchandise and pays cash
Correct Answer: Both (a) and (b)

Incorrect. Both transactions (a) and (b) should be recorded since both affect assets, liabilities or owner\'s equity.
________________________________________
6.
Select the transaction(s) that result(s) in increasing total assets for Company ABC.
Your Answer: Company ABC pays rent expense with cash
Correct Answer: Company ABC purchases office supplies on account

Incorrect. The payment of cash decreases assets.
________________________________________
7.
Select the transaction(s) that result(s) in increasing total owner\'s equity for a child care company.
Your Answer: The child care company provides child care services and earns $5 000 of revenue
Correct Answer: Both (a) and (b) increase total owner\'s equity

Incorrect. The answer is both (a) and (b). Earning revenues increases total owner\'s equity, but so does the owner\'s investment in (a).
________________________________________
8.
Using the following information, calculate total assets: cash $10 000, accounts receivable $3 000, accounts payable $4 000, and equipment $20 000.
Your Answer: $37 000
Correct Answer: $33 000

Incorrect. Accounts payable is a liability and not an asset.
________________________________________
9.
Using the following information, calculate net profit: sales revenues $10 000, wage expense $4 000, accounts payable $1 000, and rent expense $2 000.
Your Answer: $6 000
Correct Answer: $4 000

Incorrect. Revenues of $10 000 less expenses of $6 000 equal net profit of $4 000.
________________________________________
10.
The two financial statement reporting net profit are the:
Your Answer: Income statement and balance sheet
Correct Answer: Income statement and statement of changes in equity

Incorrect.

The type of business organisation that has two or more owners and does not issue ordinary shares is the __________.

Partnership

Proprietorship

Proprietorships and partnerships

Company





Accounts payable, rent payable, and wages payable are all classified as __________ on the balance sheet.

Liabilities

Payables

Assets

Owner\'s equity





Accounts receivable and interest receivable are both classified as __________ on the balance sheet.

Liabilities

Assets

Expenses

Owner\'s equity





An investor wants to review the cash inflows and cash outflows of an entity. The financial statement the investor should consult is the ___________.

Balance sheet

Statement of changes in equity

Cash flow statement

Income statement





An investor wants to review the revenues and expenses of a business. The financial statement the investor should consult is the __________.

Statement of changes in equity

Cash flow statement

Balance sheet

Income Statement





The concept that defines the period of time for which accounting data is collected is __________.

Matching

Accounting period

Cost

Entity





The economic resources of a business that are expected to be of benefit in the future are ________________________.

Revenues

Cash inflows

Owner\'s equity

Assets





Amounts that are earned by delivering goods and services to customers are called _______________.

Revenues

Cash inflows

Owner\'s equity

Assets





The financial statement that lists the entity\'s assets, liabilities and owner\'s equity as of a specific date, usually the end of a month or a year, is called ______________________.

The balance sheet

The statement of changes in equity

The income statement

The cash flow statement





Management accounting focuses on information for internal decision-makers such as _______________.

Individuals and creditors

Top executives, department heads, university deans and hospital administrators.

Taxing authorities

Government regulatory agencies

Summary of Results
20% Correct of 10 questions:
2 correct:    20%

8 incorrect:    80%

________________________________________
1.
The type of business organisation that has two or more owners and does not issue ordinary shares is the __________.
Your Answer: Partnership

Correct
________________________________________
2.
Accounts payable, rent payable, and wages payable are all classified as __________ on the balance sheet.
Your Answer: Payables
Correct Answer: Liabilities

Incorrect. Payable accounts are classified as liabilities.
________________________________________
3.
Accounts receivable and interest receivable are both classified as __________ on the balance sheet.
Your Answer: Expenses
Correct Answer: Assets

Incorrect. Receivable accounts are classified as assets.
________________________________________
4.
An investor wants to review the cash inflows and cash outflows of an entity. The financial statement the investor should consult is the ___________.
Your Answer: Income statement
Correct Answer: Cash flow statement

Incorrect. The income statement presents a summary of an entity\'s revenue and expenses while cash inflows and outflows are reported on the cash flow statement.
________________________________________
5.
An investor wants to review the revenues and expenses of a business. The financial statement the investor should consult is the __________.
Your Answer: Statement of changes in equity
Correct Answer: Income Statement

Incorrect. The statement of changes in equity presents a summary of changes that occurred in the entity owner\'s equity during a specific time. Revenues and expenses are reported on the income statement.
________________________________________
6.
The concept that defines the period of time for which accounting data is collected is __________.
Your Answer: Cost
Correct Answer: Accounting period

Incorrect. The cost principle states that accounting measures are based upon transaction costs. The time period concept defines the period of time for which accounting data are collected.
________________________________________
7.
The economic resources of a business that are expected to be of benefit in the future are ________________________.
Your Answer: Cash inflows
Correct Answer: Assets

Incorrect. Assets are the economic resources of a business that are expected to be of benefit in the future.
________________________________________
8.
Amounts that are earned by delivering goods and services to customers are called _______________.
Your Answer: Assets
Correct Answer: Revenues

Incorrect. Assets are the economic resources of a business that are expected to be of benefit in the future. Revenues are the amounts that are earned by delivering goods and services to customers.
________________________________________
9.
The financial statement that lists the entity\'s assets, liabilities and owner\'s equity as of a specific date, usually the end of a month or a year, is called ______________________.
Your Answer: The income statement
Correct Answer: The balance sheet

Incorrect. The income statement presents a summary of an entity\'s revenue and expenses. The balance sheet lists the entity\'s assets, liabilities and owner\'s equity as of a specific date, usually the end of a month or a year.
________________________________________
10.
Management accounting focuses on information for internal decision-makers such as _______________.
Your Answer: Top executives, department heads, university deans and hospital administrators.

Correct

activity contains 10 questions.

The cash account contains a grouping of all accounts.
   True
  False





Assets are on the opposite side of the equation from liabilities and owner\'s equity.
   True
  False





The normal balance of an account can be either a debit or a credit, whichever increases the account.
   True
  False





Debits in the journal are posted as credits in the ledger.
   True
  False





The trial balance is a financial statement.
   True
  False





Posting means transferring the amounts from the ledger to the trial balance.
   True
  False





Owner\'s equity accounts normally have a credit balance.
   True
  False





Each transaction affects at least two accounts.
   True
  False





Entering the transactions in the journal is also known as making the journal entry.
   True
  False





In the journal, the title of the account debited should be indented slightly.
   True
  False

________________________________________
1.
The cash account contains a grouping of all accounts.
Your Answer: False

Correct
________________________________________
2.
Assets are on the opposite side of the equation from liabilities and owner\'s equity.
Your Answer: True

Correct
________________________________________
3.
The normal balance of an account can be either a debit or a credit, whichever increases the account.
Your Answer: True

Correct
________________________________________
4.
Debits in the journal are posted as credits in the ledger.
Your Answer: False

Correct
________________________________________
5.
The trial balance is a financial statement.
Your Answer: True
Correct Answer: False

Incorrect. The trial balance is not a financial statement presented to investors and creditors outside the firm. It is only a tool for summarising ending account balances for internal use.
________________________________________
6.
Posting means transferring the amounts from the ledger to the trial balance.
Your Answer: True
Correct Answer: False

Incorrect. Posting means transferring the amounts from the journal to the accounts in the ledger.
________________________________________
7.
Owner\'s equity accounts normally have a credit balance.
Your Answer: True

Correct
________________________________________
8.
Each transaction affects at least two accounts.
Your Answer: False
Correct Answer: True

Incorrect. The double-entry system means that each transaction affects at least two accounts.
________________________________________
9.
Entering the transactions in the journal is also known as making the journal entry.
Your Answer: True

Correct
________________________________________
10.
In the journal, the title of the account debited should be indented slightly.
Your Answer: True
Correct Answer: False

Incorrect. The title of the account credited should be indented slightly.

After posting is complete, a summary of all ending account balances can be found by consulting the ________________________________.

Trial balance

Normal balance

Journal

Chart of accounts





Using the following information, calculate total assets: Accounts receivable $3 000, accounts payable $4 000, equipment $20 000, and sales revenue $50 000.

$23 000

$27 000

$77 000

None of the above





Which of the following account type(s) have a normal debit balance?

Asset

Liability

Expense

Both (a) and (c)





Which of the following account(s) have a normal credit balance?

Asset

Liability

Expense

Both (a) and (c)





A purchase of office supplies results in recording a decrease in cash and which of the following?

An increase in office supplies

A decrease in office supplies

A debit to office supplies

Both (a) and (c)





The payment of rent expense for this month results in a decrease in cash and which of the following?

An increase in rent expense

A decrease in rent expense

A credit to rent expense

Both (b) and (c)





Company ABC provides accounting services for a client and collects $1 000 in cash. Proving this service results in Company ABC recording an increase in cash and which of the following?

A credit to accounts receivable

A credit to service revenue

A debit to service revenue

A debit to accounts receivable





Leyton Company has a beginning cash balance of $10 000. During the accounting period, $20 000 of services were provided. $15 000 cash was received from customers and the remaining $5 000 owed was put in accounts receivable. Leyton Company paid bills totalling $8 000. Calculate the balance in the cash account at the end of the accounting period.

$17 000 debit

$7 000 debit

$22 000 credit

None of the above





McGuyver Company has a beginning credit balance in accounts payable of $200 000. During the accounting period, $50 000 of accounts payable is paid off with cash. Calculate the balance in accounts payable at the end of the accounting period.

Credit balance of $250 000

Credit balance of $50 000

Debit balance of $50 000

Credit balance of $150 000





A trial balance is a summary of all accounts and their ending balances listed either as a debit or a credit. The trial balance accounts listed below all have normal balances. Using the following information, calculate the total for the debit column: cash $1 000, sales revenue $10 000, wages expense $3 000, and accounts payable $2 000.

$4 000

$6 000

$14 000

None of the above


After posting is complete, a summary of all ending account balances can be found by consulting the ________________________________.
Your Answer: Journal
Correct Answer: Trial balance

Incorrect. The trial balance is a list of all accounts and their balances. Immediately after posting, the trial balance is up to date.
________________________________________
2.
Using the following information, calculate total assets: Accounts receivable $3 000, accounts payable $4 000, equipment $20 000, and sales revenue $50 000.
Your Answer: $27 000
Correct Answer: $23 000

Incorrect. The only asset accounts are accounts receivable and equipment, which total $23 000.
________________________________________
3.
Which of the following account type(s) have a normal debit balance?
Your Answer: Both (a) and (c)

Correct
________________________________________
4.
Which of the following account(s) have a normal credit balance?
Your Answer: Liability

Correct
________________________________________
5.
A purchase of office supplies results in recording a decrease in cash and which of the following?
Your Answer: A decrease in office supplies
Correct Answer: Both (a) and (c)

Incorrect. Both (a) and (c) are correct. As a result of the purchase, office supplies will increase. In addition, a debit is used to record the increase in office supplies, an asset account.
________________________________________
6.
The payment of rent expense for this month results in a decrease in cash and which of the following?
Your Answer: A decrease in rent expense
Correct Answer: An increase in rent expense

Incorrect. Additional rent expense will increase the rent expense account.
________________________________________
7.
Company ABC provides accounting services for a client and collects $1 000 in cash. Proving this service results in Company ABC recording an increase in cash and which of the following?
Your Answer: A credit to service revenue

Correct
________________________________________
8.
Leyton Company has a beginning cash balance of $10 000. During the accounting period, $20 000 of services were provided. $15 000 cash was received from customers and the remaining $5 000 owed was put in accounts receivable. Leyton Company paid bills totalling $8 000. Calculate the balance in the cash account at the end of the accounting period.
Your Answer: None of the above
Correct Answer: $17 000 debit

Incorrect. $10 000 + $15 000 - $8 000 = $17 000 ending debit balance.
________________________________________
9.
McGuyver Company has a beginning credit balance in accounts payable of $200 000. During the accounting period, $50 000 of accounts payable is paid off with cash. Calculate the balance in accounts payable at the end of the accounting period.
Your Answer: Credit balance of $50 000
Correct Answer: Credit balance of $150 000

Incorrect. $200 000 credit + $50 000 debit (decrease) = $150 000 ending credit balance.
________________________________________
10.
A trial balance is a summary of all accounts and their ending balances listed either as a debit or a credit. The trial balance accounts listed below all have normal balances. Using the following information, calculate the total for the debit column: cash $1 000, sales revenue $10 000, wages expense $3 000, and accounts payable $2 000.
Your Answer: $14 000
Correct Answer: $4 000

Incorrect. The only accounts with a normal debit balance are cash and wage expense, which total $4 000.

A chronological record of all transactions is found in the _______________.

Ledger

Trial balance

Journal

Chart of accounts





A list of all ledger accounts and their account numbers is called a _________.

Chart of accounts

Trial balance

Journal

Ledger





NY Company completed a tax return for a client and received $500 in cash. To record this transaction for NY Company the cash account is debited and the _________________ account is credited.

Service revenue

Tax expense

Accounts payable

Accounts receivable





NY Company purchased $300 of office supplies on account. To record this transaction for NY Company the office supplies account is debited and the ________________ account is credited.

Service revenue

Cash

Accounts receivable

Accounts payable





NY Company pays off $200 of the account payable created in Question 4. To record this transaction for NY the cash account is credited and the _________ is debited.

Service revenue

Accounts receivable

Cash

Accounts payable





The _________________ account is a record of the bills of exchange that the business expects to collect in cash.

Prepaid expenses

Cash at bank

Bills receivable

Accounts receivable





The statement that reports the business\' assets, liabilities and equity is the _______.

The trial balance

Balance sheet

Income statement

The cash flow statement





Drawings is an example of a(n) _______________ account.

Asset

Liability

Owner\'s equity

None of the above





The prepaid rent account is a(n) _________ account?

Revenue

Expense

Asset

Liability





An example of a normal credit-balance account would be_____.

Depreciation

Service revenue

Accounts receivable

Property, plant and equipment

________________________________________
1.
A chronological record of all transactions is found in the _______________.
Your Answer: Trial balance
Correct Answer: Journal

Incorrect. The trial balance is a list of all accounts with their balances. The journal provides a chronological record of all transactions.
________________________________________
2.
A list of all ledger accounts and their account numbers is called a _________.
Your Answer: Chart of accounts

Correct
________________________________________
3.
NY Company completed a tax return for a client and received $500 in cash. To record this transaction for NY Company the cash account is debited and the _________________ account is credited.
Your Answer: Accounts payable
Correct Answer: Service revenue

Incorrect. The service revenue account is credited.
________________________________________
4.
NY Company purchased $300 of office supplies on account. To record this transaction for NY Company the office supplies account is debited and the ________________ account is credited.
Your Answer: Accounts receivable
Correct Answer: Accounts payable

Incorrect. The accounts payable account is credited.
________________________________________
5.
NY Company pays off $200 of the account payable created in Question 4. To record this transaction for NY the cash account is credited and the _________ is debited.
Your Answer: Accounts receivable
Correct Answer: Accounts payable

Incorrect. The accounts payable account is debited.
________________________________________
6.
The _________________ account is a record of the bills of exchange that the business expects to collect in cash.
Your Answer: Bills receivable

Correct
________________________________________
7.
The statement that reports the business\' assets, liabilities and equity is the _______.
Your Answer: The trial balance
Correct Answer: Balance sheet

Incorrect. This lists all the accounts and their balances.
________________________________________
8.
Drawings is an example of a(n) _______________ account.
Your Answer: Asset
Correct Answer: Owner\'s equity

Incorrect. Drawings account is an example of an owner\'s equity account which decreases owner\'s equity.
________________________________________
9.
The prepaid rent account is a(n) _________ account?
Your Answer: Revenue
Correct Answer: Asset

Incorrect. Prepaid rent account is an asset account.
________________________________________
10.
An example of a normal credit-balance account would be_____.
Your Answer: Service revenue

Correct

Self-Study Quiz: True/false

To receive instant feedback for this self-study quiz, click the Check Answers button. Self-study quizzes are not recorded in your course gradebook, and you may take them as many times as you like. These questions are specific to your textbook and have been provided to reinforce chapter materials.
This activity contains 10 questions.

The cash basis of accounting has no need for adjusting entries.
   True
  False





The accrual basis is optional in Australia as stated in AASB 101 Presentation of Financial Statements.
   True
  False





All contra asset accounts have normal credit balances.
   True
  False





Carrying amount (Book value) refers to the selling price of an asset in the current market.
   True
  False





The amounts reported on the financial statements are from the adjusted trial balance.
   True
  False





In cash-basis accounting, transactions are not recorded until cash is received or paid.
   True
  False





Adjusting entries assign revenues to the period in which they are incurred and expenses to the period in which they are earned.
   True
  False





A prepaid expense is an account reported on the income statement.
   True
  False





To reflect the decline in usefulness of a non-current asset, the cost of such an asset, except land, is spread over the years of its useful life.
   True
  False





The accrual accounting system provides more complete information than a cash-basis accounting system.
   True
  False

________________________________________
1.
The cash basis of accounting has no need for adjusting entries.
Your Answer: False
Correct Answer: True

Incorrect. Because all cash transactions would be recorded during the accounting period, there are no adjusting entries needed to assign revenues and expenses to a different accounting period.
________________________________________
2.
The accrual basis is optional in Australia as stated in AASB 101 Presentation of Financial Statements.
Your Answer: True
Correct Answer: False

Incorrect. AASB 101 Presentation of Financial Statements states that the accrual basis must be used in the preparation of financial reports.
________________________________________
3.
All contra asset accounts have normal credit balances.
Your Answer: False
Correct Answer: True

Incorrect. Assets have a normal debit balance. A contra asset account has the opposite normal balance which is a credit balance.
________________________________________
4.
Carrying amount (Book value) refers to the selling price of an asset in the current market.
Your Answer: False

Correct
________________________________________
5.
The amounts reported on the financial statements are from the adjusted trial balance.
Your Answer: True

Correct
________________________________________
6.
In cash-basis accounting, transactions are not recorded until cash is received or paid.
Your Answer: True

Correct
________________________________________
7.
Adjusting entries assign revenues to the period in which they are incurred and expenses to the period in which they are earned.
Your Answer: False
Correct Answer: True

Incorrect. Adjusting entries assign revenues to the period in which they are incurred and expenses to the period in which they are earned.
________________________________________
8.
A prepaid expense is an account reported on the income statement.
Your Answer: False

Correct
________________________________________
9.
To reflect the decline in usefulness of a non-current asset, the cost of such an asset, except land, is spread over the years of its useful life.
Your Answer: False
Correct Answer: True

Incorrect. The decline in usefulness of a non-current asset is spread over the years of its useful life. This allocation is known as depreciation.
________________________________________
10.
The accrual accounting system provides more complete information than a cash-basis accounting system.
Your Answer: True

Correct

Self-Study Quiz: Multiple choice

To receive instant feedback for this self-study quiz, click the Check Answers button. Self-study quizzes are not recorded in your course gradebook, and you may take them as many times as you like. These questions are specific to your textbook and have been provided to reinforce chapter materials.
This activity contains 10 questions.

$100 000 of revenue was earned this accounting period. $90 000 was collected in cash and $10 000 remains in accounts receivable. $45 000 of expense was incurred this accounting period. $40 000 of the expense was paid for with cash and $5 000 remains in accounts payable. Using cash-basis accounting, calculate net profit for the accounting period.

$60 000

$50 000

$45 000

$55 000





When using accrual-basis accounting, which of the following principles explains in which accounting period to record an expense?

Matching principle

Cost principle

Revenue principle

Reliability principle





During the accounting period Child Care Company earned $20 000 by providing child care services. $18 000 cash was received from parents and the remaining $2 000 owed was recorded in accounts receivable. Using accrual accounting what amount of revenue should be reported for the accounting period?

$18 000

Not enough information provided

$2 000

$20 000





Bicycle Company purchased 10 bicycles for $100 each which totalled $1 000. During the accounting period six bicycles were sold. According to the matching principle, what amount of expense should be reported for the accounting period?

$1 000

$600

No expense should be reported

Not enough information provided





On 1 January, Book Store Company pays $2 400 for 12 months of insurance coverage. Which of the following is the best answer regarding the 31 January adjusting entry?

A credit to prepaid insurance for $200

A credit to cash for $200

A debit to insurance expense for $200

Both (a) and (c)





On 1 January, Book Store Company purchases equipment costing $4 000 with an estimated four-year useful life. The 31 December adjusting entry will include which of the following?

A credit to accumulated depreciation-equipment for $1 000

A credit to depreciation expense for $1 000

A credit to equipment for $1 000

A debit to equipment for $1 000





Book Store Company has a weekly payroll of $5 000 which gets paid every Friday. If 31 January falls on a Wednesday, the 31 January adjusting entry will include which of the following?

No adjustment is needed for wages on January 31

A debit to wage expense for $5 000

A debit to wage expense for $2 000

A credit to wages payable for $3 000





On 1 January, Cleaning Company received an advance payment of $3 000 for three months of cleaning services. The $3 000 was recorded as unearned cleaning revenue because the services have not yet been provided. The 31 January adjusting entry will include which of the following?

A credit to cleaning revenue for $2 000

A credit to unearned cleaning revenue for $2 000

A debit to cleaning expense for $1 000

A debit to unearned cleaning revenue for $1 000





An adjusted trial balance is a summary of all accounts and their adjusted balances listed either as a debit or a credit. Assume the following adjusted trial balance accounts all have normal balances. Calculate the total for the credit column: equipment $10 000, accumulated depreciation-equipment $4 000, sales revenue $50 000, and wage expense $8 000.

$50 000

$54 000

$58 000

None of the above





Below are selected adjusted trial balance accounts all with normal balances. Using the following information, calculate net profit: accounts receivable $10 000, land $20 000, unearned revenue $5 000, sales revenue $50 000, salary expense $8 000 and supply expense $4 000.

$38 000

$43 000

$53 000

None of the above

$100 000 of revenue was earned this accounting period. $90 000 was collected in cash and $10 000 remains in accounts receivable. $45 000 of expense was incurred this accounting period. $40 000 of the expense was paid for with cash and $5 000 remains in accounts payable. Using cash-basis accounting, calculate net profit for the accounting period.
Your Answer: $45 000
Correct Answer: $50 000

Incorrect. Cash-basis revenues of $90 000 less cash-basis expenses of $40 000 result in cash-basis net profit of $50 000.
________________________________________
2.
When using accrual-basis accounting, which of the following principles explains in which accounting period to record an expense?
Your Answer: Matching principle

Correct
________________________________________
3.
During the accounting period Child Care Company earned $20 000 by providing child care services. $18 000 cash was received from parents and the remaining $2 000 owed was recorded in accounts receivable. Using accrual accounting what amount of revenue should be reported for the accounting period?
Your Answer: $2 000
Correct Answer: $20 000

Incorrect. $20 000 of revenue should be reported. The revenue principle says to record revenue in the accounting period earned. This may not be the same accounting period cash is received.
________________________________________
4.
Bicycle Company purchased 10 bicycles for $100 each which totalled $1 000. During the accounting period six bicycles were sold. According to the matching principle, what amount of expense should be reported for the accounting period?
Your Answer: $1 000
Correct Answer: $600

Incorrect. $600. The matching principle says to match expense against the revenue earned during the accounting period. Because only six bicycles earned revenue, only the cost of six bicycles ($600) should be expensed.
________________________________________
5.
On 1 January, Book Store Company pays $2 400 for 12 months of insurance coverage. Which of the following is the best answer regarding the 31 January adjusting entry?
Your Answer: A credit to prepaid insurance for $200
Correct Answer: Both (a) and (c)

Incorrect. The answer is both (a) and (c). The adjusting entry will debit insurance expense and also credit prepaid insurance for $200.
________________________________________
6.
On 1 January, Book Store Company purchases equipment costing $4 000 with an estimated four-year useful life. The 31 December adjusting entry will include which of the following?
Your Answer: A credit to accumulated depreciation-equipment for $1 000

Correct
________________________________________
7.
Book Store Company has a weekly payroll of $5 000 which gets paid every Friday. If 31 January falls on a Wednesday, the 31 January adjusting entry will include which of the following?
Your Answer: A debit to wage expense for $5 000
Correct Answer: A credit to wages payable for $3 000

Incorrect. The adjusting entry will debit wage expense and credit wages payable for the $3 000 earned by employees during the month of January that has not yet been recorded or paid.
________________________________________
8.
On 1 January, Cleaning Company received an advance payment of $3 000 for three months of cleaning services. The $3 000 was recorded as unearned cleaning revenue because the services have not yet been provided. The 31 January adjusting entry will include which of the following?
Your Answer: A debit to cleaning expense for $1 000
Correct Answer: A debit to unearned cleaning revenue for $1 000

Incorrect. The adjusting entry will debit unearned cleaning revenue a liability account for the $1 000 of services provided, and credit cleaning revenue for the $1 000 of revenues earned during January.
________________________________________
9.
An adjusted trial balance is a summary of all accounts and their adjusted balances listed either as a debit or a credit. Assume the following adjusted trial balance accounts all have normal balances. Calculate the total for the credit column: equipment $10 000, accumulated depreciation-equipment $4 000, sales revenue $50 000, and wage expense $8 000.
Your Answer: None of the above
Correct Answer: $54 000

Incorrect. The only accounts with a normal credit balance are accumulated depreciation-equipment and sales revenue which total $54 000.
________________________________________
10.
Below are selected adjusted trial balance accounts all with normal balances. Using the following information, calculate net profit: accounts receivable $10 000, land $20 000, unearned revenue $5 000, sales revenue $50 000, salary expense $8 000 and supply expense $4 000.
Your Answer: $43 000
Correct Answer: $38 000

Incorrect. Revenues of $50 000 less expenses of $12 000 equal net profit of $38 000. Unearned revenue is a liability for services/products not yet provided.

Self-Study Quiz: Fill in the blanks

To receive instant feedback for this self-study quiz, click the Check Answers button. Self-study quizzes are not recorded in your course gradebook, and you may take them as many times as you like. These questions are specific to your textbook and have been provided to reinforce chapter materials.
This activity contains 10 questions.

The ____________ basis provides more complete accounting reports than the cash basis.

Revenue

Cash

Accrual

Adjusted





Accrued revenue is _____________.

Rent paid in advance

A revenue that has been earned but not yet received in cash.

When businesses receive cash in advance from customers

Revenue that the business has incurred but not yet paid





Equipment has a useful life of 10 years. Each year the equipment is used, a portion of the cost is expensed on the income statement. The title of this expense is ____________ expense.

Prepaid

Accumulated

Equipment

Depreciation





Unearned revenue is classified as a(n) __________ account.

Asset

Owner\'s equity

Liability

Revenue





Prepaid Rent is classified as a(n) _______________ account.

Asset

Revenue

Owner\'s equity

Liability





The _________________ standard/principle/concept states that in Australia the accrual basis must be used in the preparation of financial reports.

Cost principle

Revenue

Matching

AASB 101 Presentation of Financial Statements





Adjusting entries are needed to _____________.

Properly measure the period\'s cash-basis profit on the income statement

Make credits and debits balance if there are small discrepancies at the end of the year

Bring related asset and liability accounts to correct cash-basis balances for the balance sheet

Properly measure the period\'s accrual-basis profit on the income statement





A contra account\'s normal balance is __________.

The opposite to that of the companion account

The same as that of the companion account

Always a credit balance

Always a debit balance





_________________ is a tangible non-current asset.

A patent

Machinery

A trademark

Goodwill





Carrying amount (Book value) is __________________.

The cost of equipment minus accumulated depreciation

Initial purchase price of equipment

The current market value of this particular piece of equipment

Initial purchase price of equipment plus the cost of setting it up for production

________________________________________
1.
The ____________ basis provides more complete accounting reports than the cash basis.
Your Answer: Accrual

Correct
________________________________________
2.
Accrued revenue is _____________.
Your Answer: Rent paid in advance
Correct Answer: A revenue that has been earned but not yet received in cash.

Incorrect. Accrued revenue is revenue that has been earned but not yet received in cash.
________________________________________
3.
Equipment has a useful life of 10 years. Each year the equipment is used, a portion of the cost is expensed on the income statement. The title of this expense is ____________ expense.
Your Answer: Equipment
Correct Answer: Depreciation

Incorrect. Depreciation expense is the allocation of equipment cost to expense over the useful life of the asset.
________________________________________
4.
Unearned revenue is classified as a(n) __________ account.
Your Answer: Owner\'s equity
Correct Answer: Liability

Incorrect. Unearned revenues are created when a business collects cash from customers in advance of providing a service or product. Because the business is obligated to provide future services or products, unearned revenue is classified as a liability.
________________________________________
5.
Prepaid Rent is classified as a(n) _______________ account.
Your Answer: Owner\'s equity
Correct Answer: Asset

Incorrect. Rent paid for in advance provides a future benefit for the business and is therefore properly classified as an asset.
________________________________________
6.
The _________________ standard/principle/concept states that in Australia the accrual basis must be used in the preparation of financial reports.
Your Answer: Revenue
Correct Answer: AASB 101 Presentation of Financial Statements

Incorrect. The AASB 101 Presentation of Financial Statements standard states that in Australia the accrual basis must be used in the preparation of financial reports.
________________________________________
7.
Adjusting entries are needed to _____________.
Your Answer: Make credits and debits balance if there are small discrepancies at the end of the year
Correct Answer: Properly measure the period\'s accrual-basis profit on the income statement

Incorrect. Adjusting entries are needed to properly measure the period\'s accrual-basis profit on the income statement.
________________________________________
8.
A contra account\'s normal balance is __________.
Your Answer: Always a debit balance
Correct Answer: The opposite to that of the companion account

Incorrect. The contra account\'s normal balance is the opposite to that of the companion account.
________________________________________
9.
_________________ is a tangible non-current asset.
Your Answer: A trademark
Correct Answer: Machinery

Incorrect. A trademark is an intangible asset. Machinery is a tangible non-current asset.
________________________________________
10.
Carrying amount (Book value) is __________________.
Your Answer: Initial purchase price of equipment
Correct Answer: The cost of equipment minus accumulated depreciation

Incorrect. Carrying amount (Book value) is the cost of equipment minus accumulated depreciation

作者: enjoy 时间: 2007-3-30 14:09
 <div align=\"center\"><table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 7.5pt 7.5pt 7.5pt 7.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 1\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">1.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shapetype id=\"_x0000_t75\" stroked=\"f\" filled=\"f\" path=\"m@4@5l@4@11@9@11@9@5xe\" o:preferrelative=\"t\" o:spt=\"75\" coordsize=\"21600,21600\"><stroke joinstyle=\"miter\" /><formulas><f eqn=\"if lineDrawn pixelLineWidth 0\" /><f eqn=\"sum @0 1 0\" /><f eqn=\"sum 0 0 @1\" /><f eqn=\"prod @2 1 2\" /><f eqn=\"prod @3 21600 pixelWidth\" /><f eqn=\"prod @3 21600 pixelHeight\" /><f eqn=\"sum @0 0 1\" /><f eqn=\"prod @6 1 2\" /><f eqn=\"prod @7 21600 pixelWidth\" /><f eqn=\"sum @8 21600 0\" /><f eqn=\"prod @7 21600 pixelHeight\" /><f eqn=\"sum @10 21600 0\" /></formulas><path o:connecttype=\"rect\" gradientshapeok=\"t\" o:extrusionok=\"f\" /><lock aspectratio=\"t\" v:ext=\"edit\" /></shapetype><shape id=\"_x0000_i1035\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Incorrect\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/incorrect.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\01clip_image001.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Management accounting focuses on information for external decision-makers such as creditors and investors.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">True</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">False</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 2\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. Management accounting focuses on information for internal decision-makers such as top management. </td></tr><tr style=\"mso-yfti-irow: 3\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 4\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">2.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1036\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Correct\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/correct.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\01clip_image001.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">In 1970 a company purchased a piece of land for $2 000. The accountant believes that the current market value of the land is $100 000. The amount reported on the current balance sheet for land should be $100 000 according to the cost principle.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">True</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">False</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 8\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. The cost principle states assets should be recorded at their actual cost. In this situation, land should be recorded at $2 000 which is the actual cost when purchased. </td></tr><tr style=\"mso-yfti-irow: 9\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 10\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">4.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1040\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Correct\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/correct.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\01clip_image001.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">The balance sheet reports revenues and expenses, and net profit.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">True</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">False</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 14\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. The balance sheet reports assets, liabilities, and owner\'s equity accounts while the income statement reports revenues, expenses, and net profit. </td></tr><tr style=\"mso-yfti-irow: 15\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 16\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">6.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1042\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Correct\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/correct.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\01clip_image001.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Under the going concern principle, accountants assume that a business will cease to operate in the foreseeable future.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">True</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">False</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 20\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. Under this principle, accountants assume that the business will continue operating for the foreseeable future. </td></tr><tr style=\"mso-yfti-irow: 21\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 22\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">8.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1044\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Correct\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/correct.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\01clip_image001.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Because economic booms and downturns affect a business, an accountant needs to record them as transactions.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">True</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">False</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 26\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. Accountants only record events with effects that can be measured reliably as transactions. </td></tr><tr style=\"mso-yfti-irow: 27\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 28\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">10.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1038\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Correct\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/correct.gif\" src=\"file:///C

作者: enjoy 时间: 2007-3-30 14:11
<div align=\"center\"><table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 7.5pt 7.5pt 7.5pt 7.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"98%\" color=\"#aca899\" noshade=\"true\" size=\"43\" /></div></td></tr><tr style=\"mso-yfti-irow: 1\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">1.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shapetype id=\"_x0000_t75\" stroked=\"f\" filled=\"f\" path=\"m@4@5l@4@11@9@11@9@5xe\" o:preferrelative=\"t\" o:spt=\"75\" coordsize=\"21600,21600\"><stroke joinstyle=\"miter\" /><formulas><f eqn=\"if lineDrawn pixelLineWidth 0\" /><f eqn=\"sum @0 1 0\" /><f eqn=\"sum 0 0 @1\" /><f eqn=\"prod @2 1 2\" /><f eqn=\"prod @3 21600 pixelWidth\" /><f eqn=\"prod @3 21600 pixelHeight\" /><f eqn=\"sum @0 0 1\" /><f eqn=\"prod @6 1 2\" /><f eqn=\"prod @7 21600 pixelWidth\" /><f eqn=\"sum @8 21600 0\" /><f eqn=\"prod @7 21600 pixelHeight\" /><f eqn=\"sum @10 21600 0\" /></formulas><path o:connecttype=\"rect\" gradientshapeok=\"t\" o:extrusionok=\"f\" /><lock aspectratio=\"t\" v:ext=\"edit\" /></shapetype><shape id=\"_x0000_i1035\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Correct\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/correct.gif\" src=\"file:///C

artnership </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 2\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Correct </td></tr><tr style=\"mso-yfti-irow: 3\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 4\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">2.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1036\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Incorrect\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/incorrect.gif\" src=\"file:///C

ayables </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Liabilities </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 5\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. Payable accounts are classified as liabilities. </td></tr><tr style=\"mso-yfti-irow: 6\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 7\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">3.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1037\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Incorrect\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/incorrect.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\01clip_image002.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Accounts receivable and interest receivable are both classified as __________ on the balance sheet.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Expenses </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Assets </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 8\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. Receivable accounts are classified as assets. </td></tr><tr style=\"mso-yfti-irow: 9\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 10\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">4.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1038\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Incorrect\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/incorrect.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\01clip_image002.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">An investor wants to review the cash inflows and cash outflows of an entity. The financial statement the investor should consult is the ___________.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Income statement </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Cash flow statement </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 11\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. The income statement presents a summary of an entity\'s revenue and expenses while cash inflows and outflows are reported on the cash flow statement. </td></tr><tr style=\"mso-yfti-irow: 12\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 13\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">5.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1039\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Incorrect\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/incorrect.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\01clip_image002.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">An investor wants to review the revenues and expenses of a business. The financial statement the investor should consult is the __________.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Statement of changes in equity </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Income Statement </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 14\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. The statement of changes in equity presents a summary of changes that occurred in the entity owner\'s equity during a specific time. Revenues and expenses are reported on the income statement. </td></tr><tr style=\"mso-yfti-irow: 15\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 16\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">6.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1040\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Incorrect\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/incorrect.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\01clip_image002.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">The concept that defines the period of time for which accounting data is collected is __________.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Cost </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Accounting period </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 17\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. The cost principle states that accounting measures are based upon transaction costs. The time period concept defines the period of time for which accounting data are collected. </td></tr><tr style=\"mso-yfti-irow: 18\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 19\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">7.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1041\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Incorrect\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/incorrect.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\01clip_image002.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">The economic resources of a business that are expected to be of benefit in the future are ________________________.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Cash inflows </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Assets </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 20\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. Assets are the economic resources of a business that are expected to be of benefit in the future. </td></tr><tr style=\"mso-yfti-irow: 21\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 22\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">8.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1042\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Incorrect\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/incorrect.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\01clip_image002.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Amounts that are earned by delivering goods and services to customers are called _______________.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Assets </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Revenues </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 23\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. Assets are the economic resources of a business that are expected to be of benefit in the future. Revenues are the amounts that are earned by delivering goods and services to customers. </td></tr><tr style=\"mso-yfti-irow: 24\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 25\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">9.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1043\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Incorrect\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/incorrect.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\01clip_image002.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">The financial statement that lists the entity\'s assets, liabilities and owner\'s equity as of a specific date, usually the end of a month or a year, is called ______________________.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">The income statement </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">The balance sheet </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 26\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. The income statement presents a summary of an entity\'s revenue and expenses. The balance sheet lists the entity\'s assets, liabilities and owner\'s equity as of a specific date, usually the end of a month or a year. </td></tr><tr style=\"mso-yfti-irow: 27\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 28\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">10.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1044\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Correct\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/correct.gif\" src=\"file:///C

作者: enjoy 时间: 2007-3-30 14:12
 <div align=\"center\"><table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 7.5pt 7.5pt 7.5pt 7.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 1\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">1.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shapetype id=\"_x0000_t75\" stroked=\"f\" filled=\"f\" path=\"m@4@5l@4@11@9@11@9@5xe\" o:preferrelative=\"t\" o:spt=\"75\" coordsize=\"21600,21600\"><stroke joinstyle=\"miter\" /><formulas><f eqn=\"if lineDrawn pixelLineWidth 0\" /><f eqn=\"sum @0 1 0\" /><f eqn=\"sum 0 0 @1\" /><f eqn=\"prod @2 1 2\" /><f eqn=\"prod @3 21600 pixelWidth\" /><f eqn=\"prod @3 21600 pixelHeight\" /><f eqn=\"sum @0 0 1\" /><f eqn=\"prod @6 1 2\" /><f eqn=\"prod @7 21600 pixelWidth\" /><f eqn=\"sum @8 21600 0\" /><f eqn=\"prod @7 21600 pixelHeight\" /><f eqn=\"sum @10 21600 0\" /></formulas><path o:connecttype=\"rect\" gradientshapeok=\"t\" o:extrusionok=\"f\" /><lock aspectratio=\"t\" v:ext=\"edit\" /></shapetype><shape id=\"_x0000_i1035\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Correct\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/correct.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\04clip_image001.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">The cash account contains a grouping of all accounts.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">False</td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 2\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Correct </td></tr><tr style=\"mso-yfti-irow: 3\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 4\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">2.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1036\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Correct\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/correct.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\04clip_image001.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Assets are on the opposite side of the equation from liabilities and owner\'s equity.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">True</td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 5\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Correct </td></tr><tr style=\"mso-yfti-irow: 6\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 7\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">3.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1039\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Correct\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/correct.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\04clip_image001.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">The normal balance of an account can be either a debit or a credit, whichever increases the account.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">True</td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 8\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Correct </td></tr><tr style=\"mso-yfti-irow: 9\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 10\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">4.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1040\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Correct\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/correct.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\04clip_image001.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Debits in the journal are posted as credits in the ledger.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">False</td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 11\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Correct </td></tr><tr style=\"mso-yfti-irow: 12\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 13\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">5.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1041\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Incorrect\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/incorrect.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\04clip_image002.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">The trial balance is a financial statement.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">True</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">False</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 14\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. The trial balance is not a financial statement presented to investors and creditors outside the firm. It is only a tool for summarising ending account balances for internal use. </td></tr><tr style=\"mso-yfti-irow: 15\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 16\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">6.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1042\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Incorrect\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/incorrect.gif\" src=\"file:///C

osting means transferring the amounts from the ledger to the trial balance.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">True</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">False</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 17\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. Posting means transferring the amounts from the journal to the accounts in the ledger. </td></tr><tr style=\"mso-yfti-irow: 18\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 19\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">7.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1043\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Correct\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/correct.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\04clip_image001.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Owner\'s equity accounts normally have a credit balance.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">True</td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 20\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Correct </td></tr><tr style=\"mso-yfti-irow: 21\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 22\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">8.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1044\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Incorrect\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/incorrect.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\04clip_image002.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Each transaction affects at least two accounts.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">False</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">True</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 23\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. The double-entry system means that each transaction affects at least two accounts. </td></tr><tr style=\"mso-yfti-irow: 24\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 25\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">9.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1037\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Correct\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/correct.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\04clip_image001.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Entering the transactions in the journal is also known as making the journal entry.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">True</td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 26\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Correct </td></tr><tr style=\"mso-yfti-irow: 27\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" colspan=\"3\"><div class=\"MsoNormal\" style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center\" align=\"center\"><hr align=\"center\" width=\"100%\" color=\"#aca899\" noshade=\"true\" size=\"1\" /></div></td></tr><tr style=\"mso-yfti-irow: 28\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\">10.</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\"><shape id=\"_x0000_i1038\" style=\"WIDTH: 60pt; HEIGHT: 9.75pt\" alt=\"Incorrect\" type=\"#_x0000_t75\"><imagedata o:href=\"http://wpscms.pearsoncmg.com/wps/media/styles/1480/_grader_/images/incorrect.gif\" src=\"file:///C

OCUME~1ENJOYZ~1LOCALS~1Tempmsohtml1\04clip_image002.gif\" /></shape></td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">In the journal, the title of the account debited should be indented slightly.<table class=\"MsoNormalTable\" style=\"WIDTH: 100%; mso-cellspacing: 0cm; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"><tbody><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Your Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">True</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr><tr style=\"mso-yfti-irow: 1; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" nowrap=\"true\">Correct Answer:</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">False</td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\"> </td></tr></tbody></table></td></tr><tr style=\"mso-yfti-irow: 29; mso-yfti-lastrow: yes\"><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" colspan=\"2\"> </td><td style=\"BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 7.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 7.5pt; PADDING-BOTTOM: 7.5pt; BORDER-LEFT: #ece9d8; WIDTH: 99%; PADDING-TOP: 7.5pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent\" valign=\"top\" width=\"99%\">Incorrect. The title of the account credited should be indented slightly. </td></tr></tbody></table></div>

作者: ewenbao 时间: 2007-4-13 15:43
[s:1]

作者: 粉吃小猪猡 时间: 2007-4-13 16:05
太密集了,看不清楚啊

作者: fionaloving 时间: 2007-6-22 17:42
这里真是好啊
大家这么团结

作者: pikpik 时间: 2007-10-17 23:07
咁我要睇睇la..thx

作者: asd33333 时间: 2009-1-21 11:04
看看~~~~~~~~~~~~~~~~

作者: adamsantiehu 时间: 2009-3-10 09:34
为什么不能保存页面

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[ A.U.PEOPLE 澳群澳洲珀斯Perth华人网官方网租房二手车招工二手买卖黄页退税税务Tax Return 珀斯 悉尼 墨尔本 布里斯班 阿德莱德 堪培拉]

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