ACCT251Ch3Quiz - ACCT 251 In termediate Accounting I Chapter 3 Quiz Name 1 The double-entry accounting system means a Each t ransaction is recorded

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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 a. cash receipts. b. dividends. c. revenues. d. expenses. 3. An adjusting entry should never include a. a debit to an expense account and a credit to a liability account. b. a debit to an expense account and a credit to a revenue account. c. a debit to a liability account and a credit to revenue account. d. a debit to a revenue account and a credit to a liability account. 4. Which of the following is an example of an accrued expense? a. Office supplies purchased at the beginning of the year and debited to an expense account. b.
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This note was uploaded on 11/04/2009 for the course ACCTG 301 taught by Professor Staff during the Spring '08 term at University of Washington.

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ACCT251Ch3Quiz - ACCT 251 In termediate Accounting I Chapter 3 Quiz Name 1 The double-entry accounting system means a Each t ransaction is recorded

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