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Unformatted text preview: Question 1 (1 point) A firm with a fiscal year ending December 31, purchased a 6-month insurance policy for $1,200 on November 1. What amount of the insurance cost should be expensed for the year ended on December 31. Student response: Student Response Answer Choices a. None b. $100 c. $400 d. $1,200 Score: 1 / 1 Question 2 (1 point) Fiber-Optics Company had an office supplies inventory of $800 at the end of its first year of operation. Office supplies costing $3,000 had been purchased during the year. What is the amount of office supplies expense for the year? Student response: Student Response Score: 1 / 1 Question 3 (1 point) Which set of accounts below is correctly listed under the financial statement upon which it is usually reported? Income Statement Balance Sheet Student response: Student Response Score: 1 / 1 Question 4 (1 point) If an end-of-period adjusting entry is made to accrue wages, it means that Student response:...
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