Quiz2Form2 - ACC 201 SAMPLE QUIZ 2-2 1. Discontinued...

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ACC 201 SAMPLE QUIZ 2-2 1. Discontinued operations are a. the amount reflected on the income statement for adjustments made to balance sheet accounts when applying different accounting principles. b. the result of the disposal of a major segment of the business. c. a gain or loss that is both unusual in nature and infrequent in occurrence. d. a prediction of earnings for future accounting periods. e. none of the above is correct. 2. Which of the following statements is true ? a. The primary purpose of preparing a bank reconciliation is to reconcile the bank balance at the beginning of the period with the bank balance at the end of the period. b. Most manufacturing and retailing companies record sales revenue at the time they receive an order from a customer. c. The ending inventory of one accounting period becomes the beginning inventory amount of the next accounting period. d. The current ratio is calculated as total assets divided by total equity. 3. At the end of 2009 , Sunny’s Sunblock recorded bad debt expense of $15,000 and wrote off an uncollectible account receivable amounting to $5,000. The gross A/Rec balance on December
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This note was uploaded on 03/12/2012 for the course ACC 201 taught by Professor Bokmier during the Fall '10 term at Michigan State University.

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Quiz2Form2 - ACC 201 SAMPLE QUIZ 2-2 1. Discontinued...

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