_ 7. Profit is the difference between: a. assets and liabilities b. assets and equities c. the assets purchased with cash contributed by the operate the business d. the assets received for goods and services and the services
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- Profit is the difference between?a. Assets and liabilitiesb. Assets and equitiesc. The assets purchased with the cash contributed by the owner and the cash spent to operate the businessd. The assets received for goods and services and the amounts used to provide the goods and servicesQuestion: What is the formula for calculating the net profit margin? a. Net Profit / Revenue b. Revenue / Net Profit c. Net Profit / Total Assets d. Total Assets / Net ProfitMeaning of accounting principles with examples: i. Money measurement conceptii. Dual aspect concept iii. Objectivityiv. Historical cost
- Net income equals: Select one: a. Assets minus liabilities. b. Cash receipts minus cash payments. c. Revenues minus expenses. d. Revenues minus cost of goods sold.Which of the following is an expense? a.Purchases b.Dividend received c.Sales d.Rent receivedWhich of the following calculations of net income is correct? Select one: Cash receipts minus cash payments Assets minus liabilities Revenues minus cost of goods sold Revenues and gains minus expenses and losses
- Using accrual accounting, when is revenue recognized?A. When cash transfers B. When the performance obligation is fulfilled C. When products is received FOB shipping point D. When the products is shipped FOB destinSales of products or services are referred to as a. Assets. b. Revenues. c. Liabilities. d. Expenses.Which of the following has a different effect on net profit than it does on cashflow? A.Cash sale to customer B.Payment for wages C.Payment for rent D.Depreciation of equipment
- 4. _______ is the act of paying out includes money paid out to run abusiness, cash expenditure and etc.A. Disbursements C. PaymentB. Issuance of capital D. PayoutHow is cost of goods sold classified in the financial statements?a. As a revenueb. As an expensec. As an assetd. As a liabilityWhat is the difference between the cash basis and accrual basis of accounting as to the following: -Sales -Purchases -Income other than sales