accounting chapter 7

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Author:
melissag94
ID:
124555
Filename:
accounting chapter 7
Updated:
2011-12-19 20:54:37
Tags:
accounting
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Description:
chapter 7 test
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  1. T or F: the net income on an income statement is verified by checking the balance sheet?
    false
  2. T or F: the position of the total asset line on the balance sheet is determined after the equities section is prepared?
    true
  3. T or F: the owners equity section of a balance sheet may report different kinds of details about owners equity, depending on the needs of the buisness?
    true
  4. the amount of net income calculated on an income statement is correct if?
    it is the same as net income shown on the worksheet
  5. % of sales?
    expense divided by sales times 100
  6. find net income on balance sheet?
    • given net income- given drawing = new net income
    • capital + new net income = new capital
  7. find net loss on balance sheet?
    • given net loss + given drawing = new net loss
    • capital - new net loss = new capital

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