Question

Question 6 (1 point)

Value of Unsold Merchandise Goods will be shown in Income Statement as Expense

True

False

Question 7 (1 point)

All business entities that are formed for earning profits, must follow Accrual basis of Accounting and are not allowed to use Cash Basis of Accounting.

True

False

Question 8 (1 point)

The Salaries Payable Account of James Bay Company Limited appears below:

What is the total salaries paid to employees in the year 2020? (cash payment)

a

$ 398,120

b

$ 375,600

c

$ 365,880

d

$ 388,400

Question 9 (1 point)

A Trial Balance with matching Debits and Credits totals, proves the accuracy of our accounting.

True

False

Question 6 (1 point)

Value of Unsold Merchandise Goods will be shown in Income Statement as Expense

True

False

Question 7 (1 point)

All business entities that are formed for earning profits, must follow Accrual basis of Accounting and are not allowed to use Cash Basis of Accounting.

True

False

Question 8 (1 point)

The Salaries Payable Account of James Bay Company Limited appears below:

What is the total salaries paid to employees in the year 2020? (cash payment)

a

$ 398,120

b

$ 375,600

c

$ 365,880

d

$ 388,400

Question 9 (1 point)

A Trial Balance with matching Debits and Credits totals, proves the accuracy of our accounting.

True

False

Answer 1

Ans. 6

Value of Unsold Merchandise good

The value of unsold goods is treated as current Assets and shown in Assets side of balance sheet and credit side of profit and loss statement

hence the above statement is false

Ans. 7

As per Accounting standard company can only follow accrual system of accounting

Hence the statement is true

Ans .8

NA

Ans. 9

Trail balance with matching Debit and credit may contain error of omission or error of commission

Hence it does not proves the accuracy and statement is false