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Sample+test+2 - ACCT 2101 Financial Accounting Sample Exam...

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ACCT 2101 Financial Accounting Sample Exam 2 Part I: Multiple Choice Answers ( Please write your multiple choice answers here! ) 1. _____ 6. _____ 2. _____ 7. _____ 3. _____ 8. _____ 4. _____ 9. _____ 5. _____ 10. _____ 1
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I. Multiple choices Choose the one best answer for each of the following questions. Please write your answers in the space provided on the cover page. 1. If expenses are paid in cash, then a. liabilities will increase. b. assets will decrease. c. stockholders’ equity will increase. d. liabilities will decrease. 2. If a company buys a $700 machine on credit, this transaction will affect the: 3. A credit is not the normal balance for which account listed below? 4. Which pair of the listed accounts follows the rules of debits and credits in relation to increases and decreases in the same manner?
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