ACCT 251

Question 1.

(TCO 1) The balance sheet lists:

assets, liabilities, and capital of a business.

revenues and expenses of a business.

the percentage of revenue at the end of the year.

the percentage of debt at the end of the year.

cash disbursements.

Question 2.

Question: (TCO 1) Business managers and owners depend on financial statements because:

Peachtree automatically calculates accurate financial statements.

financial statements are for internal use only.

they have primary responsibility for the business.

they can evaluate cash and make appropriate decisions.

they can use account balances to customize financial statements.

Question 3.

Question: (TCO 1) To go from the income statement to an original entry, use this function:

Drill down.

Options, ACCT251 specifiying the range.





Question 4.

Question: (TCO 2) The sample company ACCT 251 chart of accounts that you use as the model for ACCT251quiz Chapter 9’s business is:

accounting practice.

general contractor.

gift shop.

service company.

retail company.

Question 5.

Question: (TCO 2) The chart of accounts is:

the accounts shown on the income statement.

the accounts shown on the balance sheet.

a list of accounts in the general ledger.

a list of accounts in the general journal.

a list showing account beginning balances.

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