Principles of Accounting I - quiz week 1.docx - Principles...

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Principles of Accounting I-E-AH Gisselle M. MoshankoChapters 1 & 2 QuizQuestion 12 PointsEvery transaction affects at least two accounts.The purchase of land in exchange for cash is recorded with which of the followingentries?debit to Land and credit to CashQuestion 22 PointsThe accounting equation can be expressed in all of the following ways EXCEPT:Liabilities = Assets + Owner's Equity.Question 32 PointsA merchandising businesssells a finished product that was purchased in that same formQuestion 42 PointsA prepaid expense, such as the purchase of insurance for an upcoming period, is initiallyrecorded in the accounting system as:an assetQuestion 52 PointsA credit may represent a(n):increase in a liability account.
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Term
Fall
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Staff
Tags
Balance Sheet, Generally Accepted Accounting Principles, Double entry bookkeeping system, Gisselle M Moshanko

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