final - 1. If total assets decreased by $88,000 during a...

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Unformatted text preview: 1. If total assets decreased by $88,000 during a period of time and stockholders’ equity increased by $65,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is Student Response Value Correct Answer Feedback 1. $153,000 increase 2. $23,000 increase 3. $88,000 decrease 4. $153,000 decrease 100% Score: 2/2 2. How do the declaration and payment of cash dividends by the company affect its accounting equation? Score: 0/2 3. The post reference columns are used to trace transactions from the journal to the accounts. What will be posted on the post reference column of (a) the journal and (b) on the account? Score: 2/2 4. Which of the following groups of accounts have a normal debit balance? Score: 2/2 5. Proper reporting of revenues and expenses in a period is due to the accounting period concept. Score: 2/2...
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This note was uploaded on 11/12/2010 for the course ACCT 48638 taught by Professor Sterns during the Fall '10 term at Riverside Community College.

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final - 1. If total assets decreased by $88,000 during a...

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