Sample exam questions

Sample exam questions - 1 A basic assumption of accounting...

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1. A basic assumption of accounting assumes that the dollar is a. unrelated to business transactions. b. a poor measure of economic activities. c. the common unit of measure for all business transactions. d. useless in measuring an economic event. 2. Stockholders' equity can be described as a. creditorship claim on total assets. b. ownership claim on total assets. c. benefactor's claim on total assets. d. debtor claim on total assets. 3. An awareness of the normal balances of accounts would help you spot which of the following as an error in recording? a. A debit balance in the dividends account b. A credit balance in an expense account c. A credit balance in a liabilities account d. A credit balance in a revenue account 4. At December 1, 2011, Gibson Company’s accounts receivable balance was $1,800. During December, Gibson had credit revenues of $7,500 and collected accounts receivable of $6,000. At December 31, 2011, the accounts receivable balance is a. $1,800 debit. b.
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This note was uploaded on 08/22/2011 for the course ACCOUNTING 272 taught by Professor Stein during the Spring '11 term at Rutgers.

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Sample exam questions - 1 A basic assumption of accounting...

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