Which of the following statements is not true?
a. Assets are available
resources for the owner of a sole proprietorship; b. Some steps in the
accounting cycle occur during the fiscal period; c. Information in one
financial statement may also appear in another financial statement;
d. After the closing process is completed, every account has a zero
balance; e. Collecting receivables is not part of the accounting cycle
D
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The financial statements contain detailed information of all of an organization's business event data
Indicate whether the statement is true or false
The _____________ test is also known as the Golden Rule.
a. Reliability b. Reciprocity c. Publicity test d. Universality
Why do you want to remove any fluff from your business plan?
a. Decorative language can be distracting. b. Direct language is best. c. Jargon can take away from the main message. d. all of these
A business collects cash from a customer for services that were performed one month earlier. Which of the following accounts is debited?
A) Cash B) Accounts Receivable C) Service Revenue D) Accounts Payable