Chapter 03 - Quiz

Chapter 03 - Quiz - Chapter #3 Name Section/Time Take-Home...

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Chapter #3 Take-Home Quiz Name Section/Time Chapter 03 - Take-Home Quiz.doc Instructions: The questions in this quiz are very similar to the types of questions you will see on the midterm and final exams. Circle the choice that best answers the question. Turn in your quiz at the beginning of class on the scheduled due date. I suggest you work on this take-home quiz individually to maximize the learning potential. However, you are permitted to work on the quizzes in groups. 1. An accrued expense can best be described as an amount a. paid and currently matched with earnings. b. paid and not currently matched with earnings. c. not paid and not currently matched with earnings. d. not paid and currently matched with earnings. 2. If, during an accounting period, an expense item has been incurred and consumed but not yet paid for or recorded, then the end-of-period adjusting entry would involve a. a liability account and an asset account. b. an asset or contra asset account and an expense account. c.
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This note was uploaded on 01/20/2011 for the course ACC 301 taught by Professor Staff during the Fall '08 term at Kentucky.

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Chapter 03 - Quiz - Chapter #3 Name Section/Time Take-Home...

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