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ACC 556 Chapter 3 Quiz (100% Score)
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ACC 556 Chapter 3 Quiz (100% Score)

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Chapter 3 Quiz

· Question 1

Economic events that require recording in the financial statements are called accounting transactions

· Question 2

An account is often referred to as a T-account because of the way it is constructed.

· Question 3

Revenues are a subdivision of stockholders’ equity.

· Question 4

Salaries and wages payable is a type of expense.

· Question 5

Operating activities are the types of activities the company performs to generate profits.

· Question 6

If total liabilities decreased by $4,000, then

· Question 7

An expense

· Question 8

Are advanced receipts from customers treated as revenue at the time of receipt? Why or why not?

· Question 9

Which statement about an account is true?

· Question 10

Which one of the following represents the expanded basic accounting equation?

· Question 11

Which of the following is not an example of a source document that provides evidence of a transaction?

· Question 12

The primary purpose of the trial balance is to

· Question 13

Which of the following statements is not true?

· Question 14

All of the following are characteristics of every accounting information system except it is a system

· Question 15

On June 1, 2014, England Inc. reported a cash balance of $21,000. During June, England made deposits of $8,000 and made disbursements totaling $24,000. What is the cash balance at the end of June?

· Question 16

All of the following statements regarding the double-entry system are true except

· Question 17

Borrowing money and issuing shares of stock are

· Question 18

The purpose of the ledger is to

· Question 19

Which statement is incorrect?

· Question 20

Match the items below by entering the appropriate code letter in the space provided.

 

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