Quiz_-Chapter-7-Test.pdf - 11/23/2016 Quiz:Chapter7Test...

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11/23/2016Quiz: Chapter 7 TestChapter 7 TestStarted: Nov 23 at 1:09pmQuiz InstructionsSelect the best answer.2.5 ptsQuestion 1A line of credit creates a liability for the borrower when it is granted by the bank.
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False2.5 ptsQuestion 2Deposits­in­transit would not appear on a company's bank reconciliation but would appear on the company's bank statement.
False2.5 ptsQuestion 3Entries made in the general journal after preparing a bank reconciliation are called closing entries.
2.5 ptsQuestion 4Financial assets may be current or long­term assets.True
11/23/2016Quiz: Chapter 7 TestFalse
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2.5 ptsQuestion 5A compensating balance is often required by a bank as a condition for granting a loan.
2.5 ptsQuestion 6

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