/* Please refer to readme.html for full Instructions Text[...]=[title,text] Style[...]=[TitleColor,TextColor,TitleBgColor,TextBgColor,TitleBgImag,TextBgImag,TitleTextAlign,TextTextAlign, TitleFontFace, TextFontFace, TipPosition, StickyStyle, TitleFontSize, TextFontSize, Width, Height, BorderSize, PadTextArea, CoordinateX , CoordinateY, TransitionNumber, TransitionDuration, TransparencyLevel ,ShadowType, ShadowColor] */ var FiltersEnabled = 0 // if your not going to use transitions or filters in any of the tips set this to 0 Text[1]=["

Right!",""] Text[2]=["

Wrong!",""] Text[3]=["

Wrong!","The Net Worth of a business is calculated by subtracting liabilities from assets using the Balance Sheet."] Text[4]=["

Right!","The Income Statement also called a Profit and Loss Statement does measure profitability."] Text[5]=["

Wrong!","The liquidity (cash and near cash assets) of a business is determined using the Balance Sheet."] Text[6]=["

Wrong!","An indication of ability to pay creditors is determined using the Balance Sheet."] Text[7]=["

Wrong!","Assets, Liabilities, and Capital appear in a Balance Sheet - Cash, Equipment, and Accounts Payable would all appear."] Text[8]=["

Wrong!","Assets, Liabilities, and Capital appear in a Balance Sheet - Cash, Equipment, and Accounts Payable would all appear. "] Text[9]=["

Wrong!","Assets, Liabilities, and Capital appear in a Balance Sheet - Cash, Equipment, and Accounts Payable would all appear. "] Text[10]=["

Right!","Depreciation Expense appears in the Income Statement."] Text[11]=["

Wrong!","The cash basis of accounting records income when cash is received and expenses when cash is paid withot regard to matching when the revenue is earned or expense is incurred."] Text[12]=["

Right!","The accrual basis matches the income earned with the expenses incurred to generate the income."] Text[13]=["

Wrong!","The double entry method is only concerned with recording the transactions and not with identifying when they are recorded. "] Text[14]=["

Wrong!","I just made up this term to try and confuse ya."] Text[15]=["

Wrong!","Nominal accounts are the temporary accounts and are reset to zero by closing the books at the end of an accounting period."] Text[16]=["

Correct!","Nominal accounts are the temporary revenue, expense, and draw accounts."] Text[17]=["

Wrong!","They are used to record the revenue, expenses, and draws for a period prior to being closed."] Text[18]=["

Wrong!","Nominal accounts are the temporary accounts and are reset to zero by closing the books at the end of an accounting period."] Text[19]=["

Correct!","The accrual basis is considered better than the cash basis because it does more accurately reflect income than the cash basis."] Text[20]=["

Wrong!","The cash basis is actually easier to use"] Text[21]=["

Wrong!","While GAAP does require the use of the accrual basis, the best answe is it more accurately reflects net income."] Text[22]=["

Wrong!","The accrual basis is considered better than the cash basis because it does more accurately reflect income than the cash basis."] Text[23]=["

Wrong!","Whether a contra account's balance is a debit or credit depends on its related account."] Text[24]=["

Wrong!","Whether a contra account's balance is a debit or credit depends on its related account."] Text[25]=["

Correct!",""] Text[26]=["

Wrong!","A contra account's balance is the opposite of the balance of its related account."] Text[27]=["

Wrong!","Yes they are but the other answers are also correct"] Text[28]=["

Wrong!","Yes they are but the other answers are also correct"] Text[29]=["

Wrong!","Yes they are but the other answers are also correct"] Text[30]=["

Correct!","Adjusting entries are used to close the books, correct errors, and record accruals."] Text[31]=["

Correct!","Yes they are called assets and also are sometimes referred to as property."] Text[32]=["

Wrong!","Liabilities are amounts owed to others."] Text[33]=["

Wrong!","Revenue is the amount earned by selling products and/or services."] Text[34]=["

Wrong!","Capital is original and additional amounts invested by the owners and the cumulative profits, losses, and withdrawals of a business."] Text[35]=["

Wrong!","Net Revenue is gross sales less sales returns and allowances and sales discounts."] Text[36]=["

Wrong!","Gross Profit is Net Sales less the Cost Of Goods Sold."] Text[37]=["

Wrong!","I made this term up to try and trick ya."] Text[38]=["

Correct!","Net Assets, Net Worth, and Owner's Equity are all terms used to describe the difference between total assets and total liabilities. "] Text[39]=["

Correct!",""] Text[40]=["

Wrong!","A loss results when expenses exceed revenues."] Text[41]=["

Wrong!","Assets and Liabilities are Balance Sheet Accounts and are not directly used to calculate net income or profit."] Text[42]=["

Wrong!","Assets and Liabilities are Balance Sheet Accounts and are not directly used to calculate net income or profit."] Text[43]=["

Correct!","The cost principle (rule) states that assets must be recorded at their actual cost."] Text[44]=["

Wrong!","While market value is sometimes used to adjust the value of some types of assets, assets are originally recorded at their actual cost."] Text[45]=["

Wrong!","While appraisals may be useful, assets are originally recorded at their actual cost."] Text[46]=["

Wrong!","Boy, letting managemnt set their own values would really muddy the the water."] Text[47]=["

Wrongt!","The Balance Sheet reports financial results as of a specific point in time and not for a period of time."] Text[48]=["

Wrong!","The Trial Balance is just a tool to help prepare the formal financial statements."] Text[49]=["

Correct!","Yes the income summarizes the results of operation for a period of time such as a month or year."] Text[50]=["

Wrong!","Only one answer, the income statement is correct."] Text[51]=["

Correct!","By definition, this is exactly what the double entry system is."] Text[52]=["

Wrong!","The name double entry should have been a clue."] Text[53]=["

Wrong!","The type of accounts affected are irrelevant - only the fact that two or more accounts are affected by a transaction is relevant."] Text[54]=["

Wrong!","The type of accounts affected are irrelevant - only the fact that two or more accounts are affected by a transaction is relevant."] Text[55]=["

Wrong!","While this is true, it's also called the Accounting Equation."] Text[56]=["

Wrong!","While this is true, it's also called the Balance Sheet Equation."] Text[57]=["

Wrong!","This expression is not directly related to the calculation of net income."] Text[58]=["

Correct","The expression is referred to as both the accounting equation and the balance sheet equation."] Text[59]=["

Wrong!","Property is an asset not a debt."] Text[60]=["

Wrong!","While an expense is incurred, the debt portion of this transaction is called accounts payable."] ///// error below Text[61]=["

Correct!","Accounts Payable is the term used to describe the debt portion of this transaction."] Text[62]=["

Wrong!","The term Accounts Receivable refers to amounts that customers owe the business."] Text[63]=["

Wrong!","While revenue is recognized, the debt portion of this transaction is called accounts receivable."] Text[64]=["

Wrong!","An expense is not a debt but a cost (expenditure) of doing business."] Text[65]=["

Wrong!","The term Accounts Payable refers to amounts that suppliers owe the business."] Text[66]=["

Correct!","Accounts Receivable is the term used to describe the debt portion of this transaction."] Text[67]=["

Wrong!","The Cost Principle states that all assets are initially recorded at their actual cost."] Text[68]=["

Wrong!","The Business Entity Principle distinguishes and separately accounts for the owners personal and business transactions."] Text[69]=["

Wrong!","The Realization Principle requires that revenue is recognized when earned."] Text[70]=["

Correct!","The Going Concern Principle is the rule that assumes a business will continue in business indefinitely."] Text[71]=["

Wrong!","While property could be distributed, the more correct answer is dividends."] Text[72]=["

Wrong!","The term draws refers to sole proprietorshipls and partnerships."] Text[73]=["

Correct!","Dividends are distributions of assets to corporate owners."] Text[74]=["

Wrong!","Stock is a corporate certificate that represent ownership in a corporation."] Text[75]=["

Correct!",""] Text[76]=["

Wrong!","A partnership is made up of business owners called partners."] Text[77]=["

Wrong!","The owner of a one person sole proprietorship is called a sole proprietor."] Text[78]=["

Wrong!","Owners of an LLC are called members."] Text[79]=["

Wrong!","A regular corporation has its own legal existence and the personal assets of the owners are not at risk."] Text[80]=["

Wrong!","A Sub S corporation also has its own legal existence and the personal assets of the owners are not at risk."] Text[81]=["

Wrong!","One of the reasons for the creation of the relatively new LLc type of organization was to establish limited liabilty for the owners."] Text[82]=["

Correct!","An owner of a sole proprietorship has little if any protection of his personal asets from creditors."] Style[0]=["white","black","#000099","#E8E8FF","","","","","","","","","","",200,"",2,2,10,10,51,1,0,"",""] Style[1]=["white","black","#cc0000","#f4f4f4","","","","","","","center","",2,2,350,"",2,2,10,15,"","","","",""] Style[2]=["white","black","#cc0000","#f4f4f4","","","","","","","center","",2,2,590,"",2,2,10,10,"","","","",""] Style[3]=["white","black","#cc0000","#f4f4f4","","","","","","","center","",2,2,100,"",2,2,0,15,"","","","",""] Style[4]=["white","black","#cc0000","#f4f4f4","","","","","","","center","",2,2,700,"",2,2,10,10,"","","","",""] Style[5]=["white","black","#cc0000","#f4f4f4","","","","center","","","","",2,2,250,"",2,2,5,15,"","","","",""] Style[6]=["white","black","#cc0000","#f4f4f4","","","","center","","","","",2,2,150,"",2,2,5,5,"","","","",""] Style[7]=["white","black","#cc0000","#f4f4f4","","","","","","","","",2,2,350,"",2,2,0,20,"","","","",""] Style[8]=["white","black","#cc0000","#f4f4f4","","","","","","","","",2,2,350,"",2,2,5,20,"","","","",""] Style[9]=["white","black","#cc0000","#f4f4f4","","","","","","","center","",2,2,100,"",2,2,10,10,"","","","",""] Style[10]=["white","black","#cc0000","#f4f4f4","","","","center","","","","",2,2,175,"",2,2,5,15,"","","","",""] Style[11]=["white","black","#cc0000","#f4f4f4","","","","center","","","","",2,2,350,"",2,2,5,15,"","","","",""] Style[12]=["white","black","#000099","#E8E8FF","","","","","","","","","","",200,"",2,2,40,10,"","","","",""] applyCssFilter()