FINAL EXAM - FINAL EXAM ACC362 Instructions: Submit your...

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ACC362 Instructions: Submit your ANSWERS ONLY with a cover sheet to your individual forum by Monday! DO NOT repeat the questions please! True or False: 1. A debit to an account indicates an increase in that account. 2. If a revenue account is credited, the revenue account is increased. 3. If an expense account is credited, the expense account is increased. 4. Debit and credit can be interpreted to mean increase and decrease, respectively. 5. The double-entry system of accounting refers to the placement of a double line at the end of a column of figures. 6. Liability accounts are increased by debits and have normal debit balances. Multiple Choice: 7. An accounting time period that is one year in length, but does not begin on January 1, is referred to as a. a fiscal year. b. an interim period. c. the time period assumption.
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This note was uploaded on 03/22/2010 for the course ACC 423 taught by Professor Trinahall during the Spring '08 term at University of Phoenix.

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FINAL EXAM - FINAL EXAM ACC362 Instructions: Submit your...

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