ACC 321- Ch. 3-5 Practice quizzes

ACC 321- Ch. 3-5 Practice quizzes - Chapter 3- Practice...

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Chapter 3- Practice Quiz 1) A trial balance a. proves that debits and credits are equal in the ledge, lists accounts and their balances, and does not prove that a company recorded all transactions. 2) How do these prepaid expenses expire? a. Rent= with the passage of time b. Supplies= Through use and consumption 3) The financial statements are prepared from the? a. Adjusted trial balance 4) Which of the following is not a nominal account? a. Equities 5) The proper sequence of financial statement preparation is: a. The Income Statement, the Retained Earnings Statement, the Balance Sheet, and then the Statement of Cash Flows. 6) The financial statement that shows the financial condition of the enterprise at the end of a period is the: a. Balance Sheet 7) All of the following accounts are increased on the credit side except: a. Dividends 8) Which of the following are reported in the stockholders' equity section of the balance sheet? a. Common stock and retained earnings 9) Posting is the process of transferring items entered in a general journal to the: a. General Ledger
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This note was uploaded on 11/15/2011 for the course ACC 321 taught by Professor Staff during the Spring '08 term at Miami University.

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ACC 321- Ch. 3-5 Practice quizzes - Chapter 3- Practice...

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