Acc-321 - Unit Exam I - Sheet1 Page 1 1 > Which...

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Unformatted text preview: Sheet1 Page 1 1 > Which one of the steps below is not aided by the preparation of the worksheet? A > Posting to the general ledger 2> Revenue should be recognized when _______________. A > The service is performed 3> Which of the following describes the classification and normal balance of the fees earned account ? A > Revenue, credit 4> The business entity concept means that _______________. A> The entity is an individual economic unit for which data are recorded, analyzed, and reported 5> The balance in the office supplies account on June 1 was $5,200, supplies purchased during June were $2,500, and the s A> $5,700 6> The objectivity principle requires that ________________. A> Amounts recorded in the financial statements must be based on independently verifiable evidence 7> Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means A> Only the journal is accurate or All accounts have their correct balances in the ledger 8> After all of the account balances have been extended to the Balance Sheet columns of the worksheet, the totals of the deb...
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Acc-321 - Unit Exam I - Sheet1 Page 1 1 > Which...

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