ACC 307 Week 2 Homework 2.docx - ACC 307 Week 2 Homework...

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ACC 307 Week 2 Homework 2-21.Which of the following correctly represents the expanded accounting equation usingthe ten elements of financial accounting?
2.Which of the following is anincorrectdescription of the account and its behavior?
3.The five major steps in the accounting cycle include all of the following except:
4.Transactions in an Accounting System. For each of the following, select an item that is example of the transaction:5.Transactions in an Accounting SystemFor each of the following, select an item that is example of the transaction:
6.A trial balance:a.Is used to verify that the total of debit balances is equal to the total of credit balances.b.Lists all the company's general ledger accounts and their balances.A and B7.Adjusting entriesAre necessary because not all accounts are up to date at the end of the accounting period.8.Definitions and Examples

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