The key documents and forms required in opening and using a checking account are the signature card, deposit tickets, checks, and bank statements.
a. True
b. False
Indicate whether the statement is true or false
(
Q. 2) Supplies expense on the Team Shirts' income statement represents only supplies that were used to earn revenue during the accounting period. The accounting rule that applies is the ________.
A) going-concern assumption
B) historical-cost principle
C) revenue-recognition principle
D) matching principle
(
Q. 3) Dollar Co sold merchandise to Pound Co on account, 25,500, terms 2/15, net 45 . The Pound Co paid the invoice within the discount period. What is amount of sales from the above transactions?
a. 25,500
b. 26,010
c. 24,990
d. 16,000
(
Q. 4) Match each of the following firms with the one type of business it is considered to be. Each firm can be only one type of business.
a. Service
b. Merchandising
c. Manufacturing
d. Financial services
_____ 1. Bug-a-boo Pest Control
_____ 2. Toyota
_____ 3. American Express
_____ 4. Huntington Bank
_____ 5. Abercrombie & Fitch
_____ 6. Merry Maids
(
Q. 5) Under the Sarbanes Oxley Act of 2002, the section on Corporate Tax Returns conveys a sense of the Senate that the corporate federal income tax returns be signed by the treasurer.
Indicate whether the statement is true or false
(
Q. 6) The revenue reported on the Team Shirts' income statement has been earned during the accounting period. The accounting rule that applies is the ________.
A) going-concern assumption
B) historical-cost principle
C) revenue-recognition principle
D) matching principle
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