Accounting Exam 2 True or False Prep
Accounting Exam 2 Prep Quiz
Prepare for your upcoming Accounting Exam with this comprehensive quiz designed to help you solidify your knowledge on key accounting principles and concepts. Each question will test your understanding and application of essential topics, ensuring you're well-equipped for exam success.
Features:
- True or False format for quick responses
- Diverse range of accounting topics
- Self-assessment to gauge your readiness
Increasing operating revenue while keeping cost of merchandise sold the same will increase gross profit.
True
False
Alpha Company’s benchmark total operating expense ratio is between 28.0% and 30.0%. A decline in its operating expense ratio from 32.1% to 30.8% is a favorable trend.
True
False
The column totals of an employee earnings record provide the debit and credit amounts needed to journalize a payroll.
True
False
Investors are willing to pay a higher price-earnings ratio for growth stocks than for income stocks.
True
False
A corporation has the legal rights of a person.
True
False
Interest income is recorded only if a note receivable is collected.
True
False
Income stocks typically have a higher dividend yield than growth stocks.
True
False
Preparing the general ledger for the next fiscal period is an application of the Business Entity accounting concept.
True
False
The closing entry for income statement accounts with debit balances closes only the expense accounts.
True
False
A temporary account is closed by transferring its balance out of the account.
True
False
The book value of accounts receivable at year end is an estimate of the amount of accounts receivable the business expects to collect during the next fiscal year.
True
False
The amount of dividends declared during the year is presented on the income statement.
True
False
The purpose of the post-closing trial balance is to prove the general ledger equality of debits and credits.
True
False
A corporation having a net income before federal income tax of $190,000.00 will pay a higher rate of tax than a company having $40,000.00 of net income before federal income tax.
True
False
A company having earnings per share of $14.50 is always more profitable than a company having earnings per share of $3.25.
True
False
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