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chap 12 - 1 Accounting information is useful for several...

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1. Accounting information is useful for several kinds of decisions. For which decision situation would accounting information NOT be useful? c. Production managers evaluating the quality of materials used in manufacturing. ________________________________________ 2. If a company has $15,000 in assets and $10,000 in equities, then liabilities are: c. $5,000. ________________________________________ 3. Bosso Company repaid a note payable of $20,000 and the interest due of $400. The journal entry to record this transaction would include a: c. debit to interest expense. ________________________________________ 4. Expense items that have been incurred during a period but not recorded by the end of the period are: d. unrecorded liabilities. ________________________________________ 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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When the direct write-off method of recognizing bad debt expense is used, the entry at the time of collection of a small account previously written off would: a. increase net income.
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