Which of the following is unlikely to be correct?

A$.$ Net Income that is greater than Income $($revenue$)$

B$.$ negative expenses on the Profit & Loss Statement.

C$.$ assets with a negative value on the balance sheet

D$.$ All of these.

To simplify the recording of expenses in QuickBooks, make frequent use of the Uncategorized Expense account.

A$.$ True

B$.$ False

If the trial balance is in balance, it can be assumed that all entries are correct, and no errors were made.

A$.$ True

B$.$ False

Which of the following types of accounts have a normal credit balance?

A$.$ capital and drawing

B$.$ revenues and owner's equity

C$.$ liabilities and expenses

D$.$ assets and liabilities

Which of the following accounts have a normal debit balance?

A$.$ assets and expenses

B$.$ assets and liabilities

C$.$ expenses and liabilities

D$.$ drawing and liabilities

An example of something on a financial statement that is unlikely to be correct is an expense account with a negative $($credit$)$ balance.

A$.$ True

B$.$ False

The system of accounting where revenues are recorded when they are earned, and expenses are recorded they are incurred is called cash basis accounting.

A$.$ True

B$.$ False

Financial accounting information must conform to certain accounting standards or principles called generally accepted accounting principles $($GAAP$).$

A$.$ True

B$.$ False

Generally accepted accounting principles require that companies use the of accounting.

A$.$ cash basis

B$.$ deferral basis

C$.$ accrual basis

D$.$ account basis

Revenue recognition concept requires that the reporting of revenue be included in the period when cash for the service is received.

A$.$ True

B$.$ False