Quiz 2 - 1. Thedoubleentryaccountingsystemmeans...

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1.   The double-entry accounting system means    Student Response Value Correct Answer Feedback A. Each transaction is  recorded with two  journal entries.      B. Each item is recorded  in a journal entry,  then in a general  ledger account.      C.  The dual effect of  each transaction is  recorded with a debit  and a credit.      D.  More than one of the  above.  0%       Score: 0/1    2.   A trial balance may prove that debits and credits are equal, but    Score: 1/1 
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  3.      Which of the following is a nominal (temporary) account?    Score: 1/1    4.      A journal entry to record the sale of inventory on account will include a    Score: 1/1    5.
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   Unearned revenue on the books of one company is likely to be    Score: 1/1    6.      An accrued expense can best be described as an amount    Score: 0/1    7.  
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Quiz 2 - 1. Thedoubleentryaccountingsystemmeans...

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