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

This preview shows page 1 - 3 out of 4 pages.

ACCT105 Week 1 Quiz Return 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: True
Question 2 of 1010.0/ 10.0 PointsAssets are generally recorded at cost because this amount is the objective price determined in the exchange process.
Question 3 of 1010.0/ 10.0 PointsGomex Company collected $600 of its $12,000 accounts receivable. How is the balance sheet affected?
510426ACCT105 Week 1

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture