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Unformatted text preview: Multiple Choice: 1. A Journal does all of the following except a. Summarizes all of the transactions that effect one account in a “T- account” b. Records all the assets of a company c. Records each day’s transactions d. Records all the revenues and expenses of a company 2. If a company does not receive cash until after it delivers goods a. It must wait to receive cash until it can record revenue b. It must record unearned revenue at the time it delivers goods c. It must record revenue at the time it delivers the goods d. It must increase the amount of accounts receivable at the time it gets paid by its customer 3. Which ratio is a test of liquidity? a. Net profit margin b. Inventory turnover c. Times interest earned d. Debt-to-assets 4. Internal control involves all of the following except a. Consistent branding b. Protection against theft of assets c. Enhancement of the reliability of accounting information d. Promoting efficient and effective operations 5. Which of the following would...
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