Accounting Final - 1 Question Which of the following best...

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1. Question: Which of the following best describes accounting? Your Answer: records economic data but does not communicate the data to users according to any specific rules is an information system that provides reports to stakeholders CORRECT is of no use by individuals outside of the business is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements 2. Question: Which of the following is not a step in providing accounting information to stakeholders? Your Answer: 3. Question: Equipment with an estimated market value of $45,000 is offered for sale at $65,000. The equipment is acquired for $10,000 in cash and a note payable of $40,000 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is ________. Your Answer:
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4. Question: If total assets decreased by $47,000 during a period of time and owner's equity increased by $24,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is ________. Your Answer: 5. Question: Rivers Computer Makeover Company purchased $15,000 of Computer and Office Equipment. The company paid $3,000 in cash at the time of the purchase and signed a promissory note for the remainder to be paid in six monthly installments. How will this transaction affect the accounting equation? Your Answer: 6. Question: Which of the following applications of the rules of debit and credit is true? Your Answer: 7. Question: Joe Brown invests $10,000 into his new business. How would the journal entry for this transaction be entered in the journal? Your Answer: Cash 10,000 Brown, Capital 10,000 Invested cash in business
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CORRECT Cash 10,000 Brown, Capital 10,000 Invested cash in business Brown, Capital 10,000 Cash 10,000 Invested cash in business Brown, Capital 10,000 Cash 10,000 Invested cash in business 8. Question: June Which is the best explanation for this journal entry? Your Answer: 9. Question: The accounts in the ledger of Mickeys Park Co. are listed below. All accounts have normal balances. Accounts Payable
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Accounts Receivable Wages Payable Cash Withdrawals The total of all the assets is: Your Answer: 10. Question: An overpayment error was discovered in computing and paying the wages of a Bartson Repair Shop employee. When Bartson receives cash from the employee for the amount of the overpayment, which of the following entries will Bartson make? Your Answer: 11. Question:
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Accounting Final - 1 Question Which of the following best...

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