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Business · Accounting
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浙江工业大学20182019第一学期 Course: Accounting Student No. Student Name Total Scores I.MitbleCholoeQuestons. ONLY ONE answer is comoct. ๙X10-20) I. Which of the folowing does not describe accounting? Language of buainess b. Is an end rather ameans to an end e Useful for decision making 2 Waerworld Shop purchased a ruck for $12,000, making a down payment of $5,000 cash and signing 7,000 ote paysble due in 60 days Asa result of this tranaction Totalasets increased by $12.000 Total liahlities ncresed by $7,000 From the poist of vew of stho-i,ranaction makes the business more liqal rsaction had an imediate efect on the owners equity in the business J. The bollowingecity describe net income escept Ne income is oqual to neve mius the sm of expenses and dividends h. Net lacome is aqual to revene mins expenses c Net income increases ownes equity d. Net ncome is repoted by s compuny for a specific period of time iss tpe of coun crvdised when customers pay in advance for services to be rendered inthe b. Accrued expenses d. Unrecorded revenue Uneamed evenue - ia de medod used to cord the cost of goods sold when each unit in the Inventory ln a Specific identification LIFO method b. FIFO method Average method Cas, Salaries Payabie, and Capital Cant, Service Revu and Salaries Expense & Cash Salaries Payable, and Salaries E The Sarb-Oley Act creatnd the Private Company Accouting Board
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