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ACCT251Ch3Quiz - ACCT 251 In termediate Accounting I...

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ACCT 251 Intermediate Accounting I – Chapter 3 Quiz Name_______________________________________ 1. The double-entry accounting system means a. Each transaction is recorded with two journal entries. b. Each item is recorded in a journal entry, then in a general ledger account. c. The dual effect of each transaction is recorded with a debit and a credit. d. More than one of the above. 2. Stockholders’ equity is not affected by all 3. An adjusting entry should never include 4. Which of the following is an example of an accrued expense?
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