A172 Tutorial 2 Question.docx - BKAL1013 A172 TUTORIAL 2...

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BKAL1013 A172 TUTORIAL 2 TUTORIAL 2 DUE DATE: 25 MARCH 2018 PART A: 20 MULTIPLE-CHOICE QUESTIONS 1. After a business transaction has occurred, journal entries are recorded in the: A. general ledger B. general journal C. expense accounts D. balance sheet B 2. Which financial statement uses the expanded accounting equation? A. income statement B. balance sheet C. cash flow statement D. statement of stockholder’s equity B 3. Expenses accounts have what type of balance? A. Debit B. Credit C. Contra D. all of the above A 4. Which financial statement displays the revenues and expenses of a company for a period of time? A. income statement B. balance sheet C. cash flow statement D. statement of stockholder’s equity A 5. Which account is not a liability account? A. accounts payable B. accrued expenses C. loan to employee D. notes payable C 6. Which trial balance lists all the business accounts before year-end adjusting journal entries are made? A. adjusted trial balance B. unadjusted trial balance C. post-closing trial balance D. pre closing trial balance A 7. What is the main purpose of financial accounting? A. organize financial information B. provide useful, financial information to outsiders C. keep track of company expenses D. minimize company taxes B
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BKAL1013 A172 TUTORIAL 2 8. Which account increases equity?
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  • Spring '16
  • ungku
  • Balance Sheet, Generally Accepted Accounting Principles, Debit Cash account, credit cash account, Debit Owner

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