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2.The rules and guidelines that accountants must follow are Generally Accepted Accounting Principles (GAAP)

Group of answer choices

True

False

3.If a customer purchases a Prime Subscription in November, for $120, how much revenue will be recognized in the following year?

Group of answer choices

$80

$100

$120

$0

4.Cost of goods sold are incurred on each sale

Group of answer choices

True

False

5. Cost of goods sold are 100% accurate

Group of answer choices

True

False

6. The calculation of Revenue minus Cost of Goods Sold is:

Group of answer choices

net income

net loss

profit before income

gross profit

7. Gross profit is what is leftover in a business after all expenses have been paid

Group of answer choices

True

False

8.___ is an approved accounting methodology that gives a company a way of estimating the value of an asset over time

9.___ is an approved accounting methodology that gives a company a way of estimating the value of an asset over time

10.

11.Net profit margins assess the liquidity of a company

Group of answer choices

True

False

12. If a company has $500,000 in revenue this period, that means $500,000 has been added to cash

Group of answer choices

True

False

13. Operating costs occur regardless of whether there are any sales

Group of answer choices

True

False

14. A healthy gross profit margin for a technology company is around 20%

Group of answer choices

True

False

15. A _________ expense is something that is paid upfront for a service that covers several months

16. If you account for a salary expense in the current period that has not actually been paid to the employee, then this is an _________ expense

Group of answer choices

Accruing expenses

Cheating

Theft

Insider trading

17.If you do not have gross profit showing on an income statement, you will have to _______ the gross profit

Group of answer choices

Guess

Estimate

Round Up

Calculate Back Into

18. Rent can be depreciated

Group of answer choices

True

False

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