Jackson Plumbing Services earned $ by completing a job for Smith Company. The $
earned by Jackson Plumbing Services is its
A equity
B revenue
C debt
D gain
GAAP refer to guidelines for accounting information in the United States. The acronym
GAAP in this statement refers to
A Globally Accepted and Accurate Policies
B Generally Accredited Accounting Policies
C Global Accommodation Accounting Principles
D Generally Accepted Accounting Principles
Which is a true statement regarding the accounting equation?
A The equation does not need to balance during a specific period.
B The equation consists of three parts: assets, liabilities, and net income.
C The equation can be stated as assets minus liabilities equals equity.
D The equation is an optional tool for accountants to use.
Which of the following statements is true of a trial balance?
A A trial balance is also known as the chart of accounts.
B A trial balance is a list of all accounts with their balances.
C A trial balance is the first step in the accounting cycle.
D A trial balance is also known as a balance sheet.
