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 a. A flowchart of all transactions b. An accounting procedures manual c. A journal d. A list of names of all account titles 3. Closing entries a. Transfer the balances in all of the nominal accounts to equity b. Must be made after the reversing entries but before the adjusting entries c. Close out all of the accounts in the general ledger d. Must be followed by reversing entries 4. To calculate net sales, <List A> must be <List B> cash receipts from customers List A ______ List B a. An increase in net AR Added to b. An increase in net AR Subtracted from c. An increase in net AP Added to d. An increase in net AP Subtracted from 5. On April1, Julie began operating a service proprietorship with an initial cash
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This note was uploaded on 02/21/2009 for the course ACIS 3115 taught by Professor Cmeasterwood during the Spring '08 term at Virginia Tech.

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

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