Principles of Accounting I AO2V - Principles of Accounting...

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Principles of Accounting IAO2V1) The journal entry to record a purchase of inventory on credit under the perpetualSystem include : a) a debit to Merchandise Inventoryb) a debit to Purchasesc) a credit to Accounts Payable d) Both A and C
2) The Allowance for Doubtful Accounts is listed on the balance sheet under the
3) Which of the following is an operating expense ?
4) Which of the following situations would more likely not result in bad debts ?
5) The cost of a plant asset did not include installation costs that were expensed .This error would cause : a) the period’s net income to be overstated .b) thePeriod’s net income to be understatedc) the period’s end assets to be understatedd) Both B and C
6) An item that can be converted into cash or used up during the normal operating
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Term
Three
Professor
N/A
Tags
Balance Sheet, Personal Finance, Net Income, strict credit policy, payroll tax expenses, Workers Compensations insurance

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