ACC 280 Final Exam - 1. a. b. c. d. 2. a. b. c. d. 3. a. b....

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a. purchase. b. sale. c. transaction. d. change in ownership. 2. The use of computers in recording business events a. has made the recording process more efficient. b. does not use the same principles as manual accounting systems. c. has greatly impacted the identification stage of the accounting process. d. is economical only for large businesses. 3. Which of the following is an external user of accounting information? a. Labor unions b. Finance directors c. Company officers d. Managers 4. The origins of accounting are generally attributed to the work of a. Christopher Columbus. b. Abner Doubleday. c. Luca Pacioli. d. Leonardo da Vinci. 5. Generally accepted accounting principles are a. income tax regulations of the Internal Revenue Service. b. standards that indicate how to report economic events. c. theories that are based on physical laws of the universe. d. principles that have been proven correct by academic researchers. 6. Which one of the following is not a part of an account? a. Credit side b. Trial balance c. Debit side d. Title 7. Credits a. decrease both assets and liabilities. b. decrease assets and increase liabilities. c. increase both assets and liabilities. d. increase assets and decrease liabilities. 8. A debit to an asset account indicates
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ACC 280 Final Exam - 1. a. b. c. d. 2. a. b. c. d. 3. a. b....

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