Question 110 pts

What items should be matched according to the matching principle?

Group of answer choices

Debits with credits

Assets with liabilities

Expenses with revenues

Accruals with prepaids

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Question 210 pts

When is revenue recorded under the cash-basis system of accounting?

Group of answer choices

When cash is received

When revenue is earned

When cash is received only if related expenses have been incurred

In the period the related expenses are paid

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Question 310 pts

Sales Revenue......

Group of answer choices

Arise from delivering products in the ordinary course of business.

Arise from providing services in the ordinary course of business.

Dividends earned from investing in other companies.

Amounts earned by renting out company property.

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Question 410 pts

Service Revenue.......

Group of answer choices

Arise from delivering products in the ordinary course of business.

Arise from providing services in the ordinary course of business.

Amounts earned on savings and loans to others.

Dividends earned from investing in other companies.

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Question 510 pts

Time period assumption refers to breaking the long life of a company into shorter periods to measure the financial position of the company in a timely manner.

Group of answer choices

True

False

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Question 610 pts

Supplies expense is the cost of supplies used during the period.

Group of answer choices

True

False

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Question 710 pts

Utilities expense is the cost of power, heat, light, internet, and telephone for the period.

Group of answer choices

True

False

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Question 810 pts

Revenue in the Income Statement represents the Cash in the Balance Sheet

Group of answer choices

True

False

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Question 910 pts

Net profit margin equals net income divided revenue.

Group of answer choices

True

False

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Question 1010 pts

The net income statement provides the main measure of a company's operating performance. The key thing to look for is whether net income is positive.

Group of answer choices

True

False