accy_test_1_mc - ACCOUNTING 201 TEST 1 MULTIPLE CHOICE 1...

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ACCOUNTING 201 TEST 1 MULTIPLE CHOICE 1. Financial reports are used by: d. management, creditors, investors (all of the above) 2. Which best describes accounting? b. is an information system that provides reports to stakeholder 3. The business entity concept means: d. entity is a separate, individual economic unit for which data are recorded, analyzed, and reported 4. Owned resources of a business which provide a future benefit are referred to as: a. assets 5. If total liabilities decreased by $25,000 during a period of time and equity increased by $30,000 during the same period, the amount and direction in total assets is: c. $5,000 increase 6. Revenue should be recognized when: b. The service is performed 7. Which of the following types of accounts have a normal credit balance? c. revenue and liabilities 8. The classification and normal balance of the dividends account is: d. stockholders equity with a debit balance 9. A credit balance in which of the following would likely indicate an error?
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This note was uploaded on 04/10/2008 for the course ACCOUNTING 201 taught by Professor Mccaffrey during the Spring '08 term at Ole Miss.

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accy_test_1_mc - ACCOUNTING 201 TEST 1 MULTIPLE CHOICE 1...

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