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 3. An awareness of the normal balances of accounts would help you spot which of the following as an error in recording? 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
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