acct 2291 exam 1

acct 2291 exam 1 - Question 1 5 out of 5 points A business...

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Selected Answer: $ 65,000 Correct Answer: $ 65,000 Question 3 0 out of 5 points A financial statement user would determine if a company was profitable or not during a specific period of time by reviewing Answer Selected Answer: the Balance Sheet. Correct Answer: the Income Statement. Question 4 0 out of 5 points
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Assets are Answer Selected Answer: always greater than liabilities. Correct Answer: financed by the owner and/or creditors Question 5 5 out of 5 points Clifford Moore is starting his computer programming business and has deposited in initial investment of $15,000 into the business cash account. Identify how the accounting equation will be affected. Answer Selected Answer: Increase Assets (Cash) and increase Owner’s Equity (Clifford Moore, Capital) Correct Answer: Increase Assets (Cash) and increase Owner’s Equity (Clifford Moore, Capital)
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Question 6 5 out of 5 points Debts owed by a business are referred to as Answer Selected Answer: liabilities Correct Answer: liabilities Question 7 5 out of 5 points Equipment with an estimated market value of $55,000 is offered for sale at $75,000. The equipment is acquired for $20,000 in cash and a note payable of $40,000 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is Answer
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This note was uploaded on 06/21/2011 for the course ACCT 2291 taught by Professor Turpin during the Spring '11 term at Troy.

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acct 2291 exam 1 - Question 1 5 out of 5 points A business...

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