Week 2 Ch 3 Self Assessment

Week 2 Ch 3 Self - 1 Expenses decrease retained earnings True False Score 0 of 1 2 Every account has a left or credit side and a right or debit

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1. Expenses decrease retained earnings. True False Score: 0 of 1 2. Every account has a left or credit side and a right or debit side. True False Score: 0 of 1
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3. Every transaction affects at least two accounts. True False Score: 0 of 1 4. Assets are increased with credits. True False Score: 0 of 1
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5. Transactions are recorded in chronological order in the general journal. True False Score: 0 of 1 6. The entire group of accounts maintained by a company is referred to collectively as the Journal. True False Score: 0 of 1
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7. Issuance of Stock is an investing activity. True False Score: 0 of 1 8. Retained Earnings is decreased by: Assets. Expenses . Owner’s investments. Revenues.
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Score: 0 of 1 9. If an expense is paid with cash: Expenses will decrease Liabilities will increase Retained earnings will increase Assets will decrease Score: 0 of 1 10. If cash is received in advance from a customer: Liabilities will
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increase. Stockholder’s
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This note was uploaded on 06/08/2011 for the course COMPUTER CGS2100 taught by Professor Sanders during the Spring '09 term at Florida State College.

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Week 2 Ch 3 Self - 1 Expenses decrease retained earnings True False Score 0 of 1 2 Every account has a left or credit side and a right or debit

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