chap 10 - 1. Several organizations have developed codes of...

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1. Several organizations have developed codes of ethics for accountants. Which of the following organizations did NOT develop a code of ethics for accountants? c. Securities Exchange Commission (SEC) ________________________________________ 2. Assets consumed through business operations are called: b. expenses. ________________________________________ 3. A revenue account is increased with: b. credits. _______________________________________ 4. A revenue that is collected before it has been earned is called a(n): d. unearned revenue. _______________________________________ 5. Which of the following errors would be detected by preparing a trial balance? c. Recording the debit part of a transaction, but not the credit part. ________________________________________ 6.
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Clancy Company sold $12,000 of merchandise to Lee Jones, with terms 2/10, n/30. If Lee paid for one-third of the merchandise within the discount period and two-thirds after the discount period, he paid a total of: c. $11,920. ________________________________________ 7. The entry required to record a sales return by a customer could consist of: b. a debit to Sales Returns and Allowances and a credit to Accounts Receivable. ________________________________________ 8.
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This note was uploaded on 06/20/2011 for the course ECON 123 taught by Professor Mrews during the Spring '11 term at Korea Advanced Institute of Science and Technology.

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chap 10 - 1. Several organizations have developed codes of...

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