ACCT105 Week 1 QuizReturn to Assessment ListPart 1 of 1 -90.0/ 100.0 PointsQuestion 1 of 1010.0/ 10.0 PointsCash is increased when an outstanding account receivable is collected.A. TrueB. FalseAnswer Key: True510426ACCT105 Week 1

Question 2 of 1010.0/ 10.0 PointsAssets are generally recorded at cost because this amount is the objective price determined in theexchange process.

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Question 3 of 1010.0/ 10.0 PointsGomex Company collected $600 of its $12,000 accounts receivable. How is the balance sheet affected?

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D.There is no change in total assets, liabilities, or stockholders’ equity.E.There is no change in any of the balance sheet items.Answer Key: D

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ACCT105 Week 1 Quiz - ACCT105 Week 1 Quiz Return to...