quiz 1 - 100 % 1.

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100 % 1. For Brief Exercise 1-8, the answers for (a) Total Assets and (b) Total Liabilities are: D. $320,000 (Total assets); $80,000 (Total liabilities) 2. In preparing the Financial Statements, the first Statement that is prepared is the: A. Income Statement. 3 Modern Accounting can be said to have begun with the: _______. C. passage of the Securities Act of 1933 and the Securities and Exchange 4 SEC stands for: D. Securities Exchange Commission 5 If total Assets are $10,000 and total Liabilities are $6,000, then total Stockholders’  Equity is ________ shown in the _______.  C. $4,000; Balance Sheet 6 If total Revenues is $10,000 and total Expenses are $7,000, then the Net Income is  ________ shown in the _______. D. $3,000; Income Statement 7   A financial statement that reports accounting data at a specific date is the A. balance sheet. 8
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quiz 1 - 100 % 1.

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