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ID # _______________________Marks ______________________Multiple Choice: 1. Of the following account types, which would be increased by a debit?2. The following comments all relate to the recording process. Which of these statements is correct?3. The following comments each relate to the recording of journal entries. Which statement is true?4. Failure to record the receipt of a utility bill for services already received will result in:a. An overstatement of assets.
b. An overstatement of liabilities.c. An overstatement of equity.d. An understatement of assets.Answer