QUESTION: 33

When expenses used to produce income- all of them- should be matched in a consistent manner against that income, this is referred to:

Equity
Accrual basis accounting
Expense
Financial record

Answer(s): B

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QUESTION: 34

Depreciation is especially applicable when companies try to overvalue their assets and net worth; the lower their depreciation expense, the higher the company's profits.

True
False

Answer(s): A

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QUESTION: 35

Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, are called:

Accruals
Depreciations
Expenses
Financial record

Answer(s): A

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QUESTION: 36

The heart of book keeping system is the ___________.

Asset
Liability
Checkbook
Journal

Answer(s): C

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QUESTION: 33

QUESTION: 34

QUESTION: 35

QUESTION: 36

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