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2.The rules and guidelines that accountants must follow are Generally Accepted Accounting Principles (GAAP)
Group of answer choices
True
False
3.If a customer purchases a Prime Subscription in November, for $120, how much revenue will be recognized in the following year?
Group of answer choices
$80
$100
$120
$0
4.Cost of goods sold are incurred on each sale
Group of answer choices
True
False
5. Cost of goods sold are 100% accurate
Group of answer choices
True
False
6. The calculation of Revenue minus Cost of Goods Sold is:
Group of answer choices
net income
net loss
profit before income
gross profit
7. Gross profit is what is leftover in a business after all expenses have been paid
Group of answer choices
True
False
8.___ is an approved accounting methodology that gives a company a way of estimating the value of an asset over time
9.___ is an approved accounting methodology that gives a company a way of estimating the value of an asset over time
10.
11.Net profit margins assess the liquidity of a company
Group of answer choices
True
False
12. If a company has $500,000 in revenue this period, that means $500,000 has been added to cash
Group of answer choices
True
False
13. Operating costs occur regardless of whether there are any sales
Group of answer choices
True
False
14. A healthy gross profit margin for a technology company is around 20%
Group of answer choices
True
False
15. A _________ expense is something that is paid upfront for a service that covers several months
16. If you account for a salary expense in the current period that has not actually been paid to the employee, then this is an _________ expense
Group of answer choices
Accruing expenses
Cheating
Theft
Insider trading
17.If you do not have gross profit showing on an income statement, you will have to _______ the gross profit
Group of answer choices
Guess
Estimate
Round Up
Calculate Back Into
18. Rent can be depreciated
Group of answer choices
True
False
Answer & Explanation
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