Acc 201 Sample Test 1form 1 page 6

Acc 201 Sample Test 1form 1 page 6 - specific information...

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After recoding these adjustments, net income for March is: a. $118,000 b. 119,000 c. 112,400 NI= Rev and Exp. d. 118,400 e. 117,000 19. On Lisa’s records, which of the following accounts is a contra account? a. buildings b. notes payable c. accumulated depreciation d. accounts receivable e. accrued wages 20. The financial statements of Laura’s Corporation are designed primarily to: a. Provide managers with detailed information tailored to the their
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Unformatted text preview: specific information needs. b. Provide people outside the business organization with information about the companys financial position and operating results . c. Report to the Internal Revenue Service the companys taxable income. d. Indicate to investors the current market values of their investment....
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This note was uploaded on 03/19/2008 for the course ACCT 201 taught by Professor Anothony during the Fall '07 term at Michigan State University.

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