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A Recycling Proposal for a Tim Hortons Store

In: Business and Management

Submitted By likun917
Words 9404
Pages 38
Import Settings:
Base Settings: Brownstone Default
Information Field: Difficulty
Information Field: LO
Highest Answer Letter: E
Multiple Keywords in Same Paragraph: No

Chapter: Chapter 2: Financial Statements and Accounting Transactions

True/False

1. A balance sheet covers a period of time such as a month or year.

Ans: False
Difficulty: Easy
LO: 1

2. The legitimate claims of a business's creditors take precedence over the claims of the business owner or owners.

Ans: True
Difficulty: Easy
LO: 1

3. The income statement is a financial statement that shows revenues earned and expenses incurred by a business over a specified period of time.

Ans: True
Difficulty: Easy
LO: 1

4. Net income is the excess of expenses over revenues, whereas net loss is the excess of revenues over expenses.

Ans: False
Difficulty: Easy
LO: 1

5. The natural business year for most businesses is always the same as the calendar year.

Ans: False
Difficulty: Moderate
LO: 1

6. The balance sheet shows whether or not the firm achieved its primary objective of earning a profit.

Ans: False
Difficulty: Easy
LO: 1

7. Expenses are costs incurred or the using up of assets from generating revenue.

Ans: True
Difficulty: Easy
LO: 1

8. Liabilities are defined as "the residual interest in the assets of an entity that remains after deducting its equity."

Ans: False
Difficulty: Easy
LO: 1

9. A characteristic of assets is their ability to provide current benefits to the business.

Ans: False
Difficulty: Hard
LO: 1

10. The cash flow statement measures the net effect of revenues and expenses for a specified period.

Ans: False
Difficulty: Easy
LO: 1

11. A liability expressed by a written promise to make a…...

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