Business Education GACE
The break even point for a profit oriented enterprise is reached when -ANS-total revenue equals total
cost
The interest charge on $2,000 borrowed for one year at a simple interest rate of 12% is -ANS-$240
$2,000*0.12
The actual rate of interest received on a savings account is called the -ANS-effective rate
A balance sheet is best described as -ANS-condition statement noting assets and claims against the
assets
I. Preparing the worksheet
II. Journalizing
III. Posting
IV. Preparing the post closing trial balance
V. Making the closing entries
Which of the following is the correct order of the accounting cycle steps listed above? -ANS-II
III
I
V
IV
When the totals of a trial balance are equal. it can be determined that -ANS-equal amounts of debits
and credits have been posted
Which of the following would be classified as other income on an income statement? -ANS-Interest
earned
The break even point for a profit oriented enterprise is reached when -ANS-total revenue equals total
cost
The interest charge on $2,000 borrowed for one year at a simple interest rate of 12% is -ANS-$240
$2,000*0.12
The actual rate of interest received on a savings account is called the -ANS-effective rate
A balance sheet is best described as -ANS-condition statement noting assets and claims against the
assets
I. Preparing the worksheet
II. Journalizing
III. Posting
IV. Preparing the post closing trial balance
V. Making the closing entries
Which of the following is the correct order of the accounting cycle steps listed above? -ANS-II
III
I
V
IV
When the totals of a trial balance are equal. it can be determined that -ANS-equal amounts of debits
and credits have been posted
Which of the following would be classified as other income on an income statement? -ANS-Interest
earned
