AC201Quiz2 - AC 201 Principles of Accounting I Park...

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AC 201 Principles of Accounting I Name__Alcedo Sanchez______________ Park University Version A Quiz #2-Chapter 3 Multiple Choice Questions ( 10 points each ) Select the ONE, BEST Answer 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts. C. Affect both income statement and balance sheet accounts. D. Affect only cash flow statement accounts. E. Affect only equity accounts. 2. An adjusting entry could be made for each of the following except: A. Prepaid expenses. B. Depreciation. C. Owner withdrawals. D. Unearned revenues. E. Accrued revenues. 1
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3. Accrued revenues: A. At the end of one accounting period often result in cash receipts from customers in the next period. B. At the end of one accounting period often result in cash payments in the next period. C. Are also called unearned revenues. D. Are listed on the balance sheet as liabilities. E.
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AC201Quiz2 - AC 201 Principles of Accounting I Park...

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