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Exam1A - Exam 1A Practice Questions These questions are...

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Exam 1A Practice Questions These questions are provided to: 1. Give you a chance to test your knowledge, so that you can focus your efforts on your weakest areas. 2. Give you additional practice. 3. Let you see some possible ways in which I can set up multiple choice type problems. 4. Give you an idea as to the type and level of material that I generally choose for testing. This is NOT a study guide. Your test will likely be different both in specifics and construction. You need to understand the rules, not memorize the results. There are 32 multiple choice questions in this set. Here are some hints: 1-12 These require basic transaction analysis. On the side, write out the accounting equation. For each question, write out a complete transaction with account titles and amounts, then make sure it balances. From your work, answer the multiple choice question. For most questions, your best strategy is to do the problem like it was a non-multiple choice homework problem. Do not "shop" the choices, you'll find a reason to choose each one and end up confused. Page 1 of 6
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The following events took place in November 2003 . Benson Barbers, Inc. (BBI), a barber shop, prepares monthly financial statements. Match each event with the choice that correctly describes the effect of the transaction on the accounting equation: Increase (+), Decrease (-), No effect (NE). Use this selection for the next set of questions Assets Liabilities Equity A. + NE + B. + + NE C. +,- NE NE D. NE - + E. No transaction 1.
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