The twelve month period a business chooses for its

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Intro to Accounting Exam 5

Question 33   of 40 2.5 / 2.5 Points The twelve - month period a business chooses for its accounting period is a ( n. __ _ _______.
A. calendar year
B. accounting period
C. fiscal year
D. accounting cycle
Answer:  B.   accounting period
Question 34   of 40 2.5 / 2.5 Points The entry to record the payment of office salaries would be __________.
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Question 35   of 40 0.0 / 2.5 Points A credit to a liability account was posted to an owner 's equity account . This would cause __________.
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Question 37   of 40 2.5 / 2.5 Points The process that begins with recording business transactions and includes the completion of the financial statements is the __ _ _ ______.
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Question 38   of 40 2.5/ 2.5 Points Renzi 's Volleyball Gym purchased equipment for $ 1,200 . It made a down payment of $ 600 with the remainder on account . The journal entry to record this transaction is __________.
A. Cash 600 Accounts Receivable 600
B. Accounts Payable 600 Cash 600 Equipment 1,200
C. Supplies 1,200 Cash 600 Accounts Payable 600
D. Equipment 1,200 Accounts Payable 600 Cash 600
Answer:  D.   Equipment 1,200 Accounts Payable 600 Cash 600
Question 40   of 40 2.5 / 2.5 Points Which of the following entries records the owner taking cash for personal use ?
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Question 33 of 402.5/ 2.5 PointsThe twelve-month period a business chooses for its accounting period is a(n. __________.A. calendar yearB. accounting periodC. fiscal yearD. accounting cycle
Question 34 of 402.5/ 2.5 PointsThe entry to record the payment of office salaries would be __________.
Question 35 of 400.0/ 2.5 PointsA credit to a liability account was posted to an owner's equity account. This would cause __________.
Question 36 of 402.5/ 2.5 PointsThe general journal __________.
Question 37 of 402.5/ 2.5 PointsThe process that begins with recording business transactions and includes the completion of the financial statements is the __________.A. calendar yearB. natural business yearC. fiscal yearD. accounting cycle
Question 38 of 402.5/ 2.5 PointsRenzi's Volleyball Gym purchased equipment for $1,200. It made a down payment of $600 with the remainder on account. The journal entry to record this transaction is __________.
Question 39 of 402.5/ 2.5 Points
Revenue is traditionally recognized in the accounting records when __________.
Question 40 of 402.5/ 2.5 PointsWhich of the following entries records the owner taking cash for personal use?

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