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1
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 |
Expert Solution
Answer:
Part 1)A. Asset
Explanation:
Cash is a current asset
Part 2)True
Explanation:
Depreciation is basically the cost of asset distributed over its useful life during which the assets earns revenue.
Part 3)C. Cost of Goods Sold
Explanation:
In cookie baking company, sugar and flour will be direct material for manufacturing of final product which is cookie. Direct material forms part of cost of goods sold.
Part 4)C. Income Statement
Explanation:
Income statement is essentially a summary of all revenues and expenses.
Part 5)A. Gross Profit
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