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Home Page Flashcards Chapter 7 Audit Understanding - Flashcards

Chapter 7 Audit Understanding – Flashcards

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14 July 2022

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question
List the four sections of an income statement?
answer
Heading, Revenue, Expenses and net income or net loss.
question
What is the formula for calculating the total expense component percentage?
answer
Total expenses divided by Total Sales equals Total Expenses Component Percentage.
question
What is the formula for calculating the net income component percentage?
answer
Net Income divided by Total Sales equals Net Income Component Percentage.
question
List the four sections on a balance sheet.
answer
Heading, assets, liabilities, and owner's equity.
question
What is the formula for calculating current capital?
answer
Capital Account Balance plus Net Income minus Drawing Account Balance equals Current Capital.
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Question
What is the right structure for an essay
Answer
A paragraph is a related group of sentences that develops one main idea. Each paragraph in the body of the essay should contain:
  • a topic sentence that states the main or controlling idea
  • supporting sentences to explain and develop the point you’re making
  • evidence from your reading or an example from the subject area that supports your point
  • analysis of the implication/significance/impact of the evidence finished off with a critical conclusion you have drawn from the evidence.