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Quiz 3 - If ledger accounts are maintained in three-column...

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View My Grades HOMEWORK MANAGER > STUDENTS > VIEW MY GRADES > ALL QUESTIONS Return to Previous Main Menu Exit Current Session Help Question 1: Score 1/1 A CEO or CFO associated with fraudulent financial reporting could be fined but not imprisoned under the Sarbanes Oxley act. Your Answer: Choice Selected True False Question 2: Score 1/1 The running balance form or the T account form is typically used in the trial balance to display the accounts and their amounts. Your Answer: Choice Selected True False Question 3: Score 1/1 Dividends are an expense of a corporation and appear on the income statement. Your Answer: Choice Selected True False Question 4: Score 1/1 The matching concept refers to the relationship between revenues and expenses.
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Your Answer: Choice Selected True False Question 5: Score 0/1 A business that is profitable and liquid will have more accounts with credit balances than with debit balances. Your Answer: Choice Selected True Selected False Question 6: Score 1/1
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Unformatted text preview: If ledger accounts are maintained in three-column, running balance form, the journal should be maintained in the same format. Your Answer: Choice Selected True False Question 7: Score 0/1 When making a general journal entry, there can only be one debit and one credit. Your Answer: Choice Selected True Selected False Question 8: Score 1/1 A credit to a ledger account refers to the entry of an amount on the right side of an account. Your Answer: Choice Selected True False Question 9: Score 0/1 The accrual basis of accounting recognizes expenses only when they are paid. Your Answer: Choice Selected True Selected False Question 10: Score 1/1 A trial balance cannot be distributed to stockholders in lieu of a balance sheet. Your Answer: Choice Selected True False Question 11: Score 1/1 Revenue increases owners' equity and is recorded by a credit. Your Answer: Choice Selected True False...
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