Quiz 1 - ACC 311 Quiz 1 February 5 2008 Name Multiple...

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ACC 311 Quiz 1 February 5, 2008 Name _________________________ Multiple Choice (2 points each) 1. Indicate which of the following statements is correct: a. Revenues are credited to the revenue accounts b. Owners’ investments are debited to the contributed capital accounts c. Expenses are debited to the expense accounts d. A and C are correct e. All of the above 2. Which group of accounts contains only those that normally have a credit balance? a. Accounts Payable (Liability-Credit); Prepaid Insurance (Asset-Debit); Sale revenue (Revenue-Credit) b. Contributed Capital (Stockholders’ Equity-Credit); Operating expenses (Expense-Debit); Unearned revenue (Revenue-credit) c. Note payable (Liability-Credit); Prepaid Insurance (Asset-Debit); Retained earnings (Stockholders’ Equity-Credit) d. Wages payable (Liability-Credit); Fee revenue (Revenue- Credit); Unearned revenue (Revenue-Credit) e. none of the above 3. Trey Painting had the following transactions for February: 1) Received $1000 cash for painting services provided to a customer during February—
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Quiz 1 - ACC 311 Quiz 1 February 5 2008 Name Multiple...

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