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mid1-2008 Fall - UGBA102A EXAM 1 Fall 2008 Multiple...

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UGBA102A EXAM 1 Fall 2008 Multiple choice (30) NAME: Problem 1 (33) GSI: Problem 2 (25) Problem 3 (12) Section TOTAL MULTIPLE CHOICE (3 points each) – Put the correct answer on the scantron sheet: 1. Which of the following best describes a liability? a. Liabilities are a form of contributed capital. b. Liabilities are future economic benefits to which a company is entitled. c. Liabilities are accounts receivable of a company. d. Liabilities are legal obligations to creditors to be paid at some future date by a company. e. Liabilities are only those obligations to banks and other lending institutions. 2. The General Ledger (t-accounts) for the notes receivable account showed a debit entry for $1,000 and the cash account showed a corresponding credit entry for $1,000. What is the likely explanation for this entry? 3. The primary responsibility for preparing the financial statements rests with: 4. Which of the following is the correct order of the steps in the accounting cycle?
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