LLS6e Ch 04 MC Quizzes

LLS6e Ch 04 MC Quizzes - Libby/Libby/Short6e...

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Libby/Libby/Short 6e Chapter 4 – Multiple-Choice Quizzes 1 Which of the following groups of accounts, with normal balances, would appear in the credit column of an  unadjusted trial balance? A) Accounts Payable, Unearned Revenues, Cost of Sales, and Investment Income. B) Unearned Revenues, Accumulated Depreciation, and Prepaid Expenses. C) Accounts Payable, Unearned Revenues, and Accumulated Depreciation. D) Contributed Capital, Retained Earnings, and Cost of Sales. Answer C 2 How is net book value calculated? A) acquisition cost of the asset minus its accumulated depreciation B) acquisition cost of the asset minus its depreciation expense C) estimated value of the asset minus its accumulated depreciation D) acquisition cost of the asset plus it accumulated depreciation Answer A 3 An accrued revenue would be shown on the balance sheet as: A) A receivable B) A payable C) A prepaid revenue
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LLS6e Ch 04 MC Quizzes - Libby/Libby/Short6e...

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