ACCT 205 - ACCT205

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ACCT 205 1. An account that normally has a debit balance may occasionally have a credit balance. (Points :  1)        True  False 2. Debit refers to the right side of the T-account, and credit refers to the left side. (Points : 1)    True       False 3. By definition, which of the following represents the owners of a corporation? (Points : 1)  Customers     Creditors    Stockholders   Employees 4. Net income is $29,000. Beginning capital balance was $34,000. Ending capital balance was  $55,000. No capital contributions were made by the owner during the year.  What amount of  drawings was made? (Points : 1)      $18,000    $ 8,000  $ 5,000 $60,000 5. Which of the following accounts decreases with a credit? (Points : 1)     Cash   Capital  Accounts payable    Notes Payable 6. A trial balance is the list of all a company's accounts along with their account numbers. (Points 
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This note was uploaded on 03/01/2012 for the course ACCOUTNING 550 taught by Professor Abner during the Spring '11 term at DeVry Houston.

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ACCT 205 - ACCT205

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