Assignment1 - INTERMEDIATE ACCOUNTING Assignment#1(CH3 Due date(Tuesday Student name Student ID 1 The double-entry accounting system means a Each

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INTERMEDIATE ACCOUNTING Assignment #1 (CH3) Due date: Sep 29, 2009 (Tuesday) Student name: _______________________________________ Student ID: __________________________________________ 1. The double-entry accounting system means a. Each transaction is recorded with two journal entries. b. Each item is recorded in a journal entry, then in a general ledger account. c. The dual effect of each transaction is recorded with a debit and a credit. d. More than one of the above. 2. Which of the following is not an internal event? a. Depreciation b. Using raw materials in the production process c. Dividend declaration and subsequent payment d. All of these are internal transactions. 3. A trial balance may prove that debits and credits are equal, but a. an amount could be entered in the wrong account. b. a transaction could have been entered twice. c. a transaction could have been omitted. d. all of these. 4. Which of the following is a real (permanent) account? a. Goodwill
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This note was uploaded on 03/29/2010 for the course FINANCE 0011100110 taught by Professor Shentingchun during the Spring '10 term at Nashville State Community College.

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Assignment1 - INTERMEDIATE ACCOUNTING Assignment#1(CH3 Due date(Tuesday Student name Student ID 1 The double-entry accounting system means a Each

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