Name: ________________________ Perm # Class: ___________________ Date: __________ TEST VERSION: AANSWER ALL MULTIPLE CHOICE ON YOUR SCANTRON AND WRITE YOUR TEST COLOR ON THE SCANTRON.THERE IS ONLY ONE PROBLEM-- ANSWER IT IN THE SPACE PROVIDED ON THIS EXAM. PUT AWAY ANY BLUE-BOOKS!13a S05 mt2Multiple ChoiceIdentify the letter of the choice that best completes the statement or answers the question. PLEASE ANSWER ALL MULTIPLE CHOICE ON A GREEN SCANTRON.____ 1. The payment of employee salaries has what effect on the accounting equation?a.Assets decrease and owners' equity decreaseb.Liabilities decrease and owners' equity decreasesc.Assets decrease and liabilities increased.Assets increase and liabilities decrease____ 2. Which of the following statements regarding the activities of St. Jean Corp. is true?____ 3. The Kelly Company purchased a building for $75,000 in cash. What is the effect on current assets?____ 4. A credit means____ 5. A list of all accounts, including their assigned account numbers, used by a company is called aa.general journal.b.trial balance.c.chart of accounts.d.general ledger.____ 6. An abbreviated version of an account which is useful for analyzing the effects of business transactions is the____ 7. Debit entries are used to
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