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1. Cash is considered a(an) _____. A. asset B. liability C. both of the above D. none of the above 2. Depreciation involves the recording
1. Cash is considered a(an) _____.
A. | asset | |
B. | liability | |
C. | both of the above | |
D. | none of the above |
2. Depreciation involves the recording of assets and how the cost is spread our over a number of years.
True False
3. In a cookie baking company, sugar and flour are categorized as which of the following expenses?
A. | operating expenses | |
B. | fixed expenses | |
C. | cost of goods sold | |
D. | none of the above |
4. Revenue and Expenses are found on which financial statement?
A. | Balance Sheet | |
B. | Statement of Owner's Equity | |
C. | Income Statement | |
D. | all of the above |
5. Sales minus Cost of Goods Sold = ______
A. | Gross profit | |
B. | Net Profit | |
C. | Operating Profit | |
D. | After tax profit |
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