ACCT105 WK2 Quiz AMU - 10.0 10.0 Points Question 1 of 10 Since a particular journal entry has equal debits and credits this entry must be correct A True

ACCT105 WK2 Quiz AMU - 10.0 10.0 Points Question 1 of 10...

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Question 1 of 10 10.0/ 10.0 Points Since a particular journal entry has equal debits and credits, this entry must be correct. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points A purchase of an asset for immediate consumption that will not be paid for until next month would cause liabilities to increase and stockholders’ equity to decrease this month. A. True B. False Answer Key: True Question 3 of 10 10.0/ 10.0 Points A debit to the Dividends account would indicate an increase in expenses. A. True B. False Answer Key: False Question 4 of 10 10.0/ 10.0 Points Transactions are recorded in the journal in chronological order. A. True B.
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False Answer Key: True Question 5 of 10 10.0/ 10.0 Points Which of the following statements about the accounting equation is not true? A.A transaction may add to both sides of the equation. B.A transaction may add to two items on the same side of the equation. C.A transaction may transfer between the terms on one side of the equation and have no effect on the other side of the equation.
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