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Chapter 3 CPA Adapted Questions

Chapter 3 CPA Adapted Questions - ACIS 3115 Exam 1 Review...

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ACIS 3115 Exam 1 Review Spring 2009 Chapter 3 - CPA Adapted Questions 1. As commonly used, the term “net assets” represents: a. Retained earnings of a corporation b. Current assets minus current liabilities c. Total paid-in (contributed) capital of a corporation d. Total assets minus total liabilities 2. A chart of account is 3. Closing entries 4. To calculate net sales, <List A> must be <List B> cash receipts from customers List A ______ List B
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