chap 6 - 1.

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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.  The statement of financial position is also known as the: b. balance sheet.  ________________________________________ 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.  At year-end, Grundwerk Company's supplies account had a debit balance of $4,200. However,  a count of the supplies revealed that the actual balance was $2,300. The adjusting entry to  record supplies used would include a: b. debit of $1,900 to the supplies expense account.  ________________________________________ 5.  Which of the following is NOT a valid control procedure?  d. Management assurances  _______________________________________
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6.  When the allowance method is used to account for uncollectible accounts, the net amount of  accounts receivable:   c. stays the same when an account is written off as uncollectible.  ________________________________________ 7. 
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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 6 - 1.

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