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ACC 300-Final - ACC 300 Final Exam Name Please select the...

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ACC 300 Final Exam Name ___________________________________________ Please select the BEST answer to the questions far below and annotate it next to the appropriate number below. PLEASE answer in CAPITAL LETTERS. You will earn one point for using Capital letters. 1. _____ 2. _____ 3. _____ 4. _____ 5. _____ 6. _____ 7. _____ 8. _____ 9. _____ 10. _____ 11. _____ 12. 13. _____ 14. _____ 15. _____ 16. _____ 17. _____ 18. _____ 19. _____
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20. _____ 21. _____ 22. _____ 23. _____ 24. _____ 25. _____ 26. _____ 27. _____ 28. _____ 29. _____ 30. _____ 31. _____ 32. _____ 33. _____
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********************************************* ACC 300 Final Exam _____ 1. The accounting process involves all of the following except a. identifying economic transactions that are relevant to the business. b. communicating financial information to users by preparing financial reports. c. recording non-quantifiable economic events. d. analyzing and interpreting financial reports. _____ 2. The origins of accounting are generally attributed to the work of _____ 3. Generally accepted accounting principles are _____ 4. Joan and Sara met at law school and decide to start a small law practice after graduation. They agree to split revenues and expenses evenly. The most common form of business organization for a business such as this would be a _____ 5. The basic accounting equation may be expressed as a. Assets –Owner’s Equity = Liabilities. b. Assets – Liabilities = Owner's Equity. c. Assets = Liabilities + Owner's Equity. d. all of these. _____ 6. If the owner's (shareholder’s) equity account increases from the beginning of the year to the end of the year, then
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