Exam 1 ACCT answers - Exam 1 Chapters 1 - 4 112 out of 160...

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Unformatted text preview: Exam 1 Chapters 1 - 4 112 out of 160 points Question 1 4 out of 4 points The processing stage of accounting is accomplished by Answer Selected Answer: Correct Answer: Question 2 0 out of 4 points Which of the following accounts will not affect stockholders' equity? Answer Selected Answer: Correct Answer: Question 3 4 out of 4 points When a service has been performed, but no cash has been received, which of the following statements is true ? Answer Selected Answer: Correct Answer: Question 4 0 out of 4 points Which of the following events does not result in the recording of an expense? Answer Selected Answer: Correct Answer: Question 5 4 out of 4 points Which of the following events does not require a journal entry? Answer Selected Answer: Correct Answer: Question 6 4 out of 4 points The primary purpose of the trial balance is to test the Answer Selected Answer: Correct Answer: Question 7 4 out of 4 points The topic of foreign exchange rates relates most closely to the concept of Answer Selected Answer: Correct Answer: Question 8 4 out of 4 points The separate entity concept requires that Answer Selected Answer: Correct Answer: Question 9 4 out of 4 points Current assets divided by current liabilities is known as the Answer Selected Answer: Correct Answer: Question 10 4 out of 4 points An investment is classified as short term or long term based on Answer Selected Answer: Correct Answer: Question 11 4 out of 4 points The normal operating cycle helps define which of the following balance sheet sections?...
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Exam 1 ACCT answers - Exam 1 Chapters 1 - 4 112 out of 160...

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