BALANCE SHEET AND EXPENSES For each of the following questions, indicate the single best answer: 1. A basic assumption of accounting that requires activities of an entity be kept separate from the a
BALANCE SHEET AND EXPENSES For each of the following questions, indicate the single best answer: 1. A basic assumption of accounting that requires activities of an entity be kept separate from the a
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BALANCE SHEET AND EXPENSES
ABSTRACT
For each of the following questions, indicate the single best answer:
1. A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the
a. stand alone concept.
b. monetary unit assumption.
c. economic entity assumption.
d. corporate form of ownership
2. All of the financial statements are for a period of time except the
a. income statement.
b. balance sheet
c. owner's equity statement.
d. statement of cash flows
3. A trial balance will not balance if
a. a journal entry is posted twice.
b. a wrong amount is used in journalizing.
c. incorrect account titles are used in journalizing.
d. a journal entry is only partially posted.