财务会计模拟试卷..docVIP

TRUE/FALSE 1. The excess of revenue over the expenses incurred in earning the revenue is called capital. ANS: F DIF: 2 OBJ: 08 2. Drawings are an example of an expense. ANS: F DIF: 2 OBJ: 01 3. An adjusting entry would adjust revenue so it is reported when earned and not when cash is received. ANS: T DIF: 2 OBJ: 02 4. A company depreciates its equipment $350 a year. The adjusting entry for December 31 is debit Depreciation Expense, $350 and credit Equipment, $350. ANS: F DIF: 4 OBJ: 03 5. After Net Income or Loss is entered on the work sheet, the debit column total must equa