2 points question 20 1 a chart of accounts for a

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2 points    Question 20  1.    A chart of accounts for a business: Answer  is a graph. indicates the amount of profit or loss for the period. lists all of the company’s accounts. shows the balance of each account in the general  ledger. 2 points    Question 21  1.    The normal balance of Inventory is: Answer  credit debit both a and b are correct none of the above are  correct 2 points    Question 22  1.    When a corporation distributes a dividend the: Answer 
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most common form of distribution is a cash  dividend. Dividends account will be increased with a credit. Retained Earnings account will be increased with a  debit. Dividends account will be decreased with a debit. 2 points    Question 23  1.    Receiving a payment on account for a portion of an Accounts Receivable will: Answer  not affect total assets. increase liabilities. increase stockholders' equity. decrease net income. 2 points    Question 24  1.    A customer’s immediate payment of cash for services rendered would have which of the following affects on the  company’s accounts? Answer  increase assets and liabilities. increases assets and stockholders' equity. increases assets and decreases stockholders'  equity. leaves total assets unchanged. 2 points    Question 25  1.    Which of the following accounts is considered a contra account? Answer  Cash Accounts Payable Sales Revenue Accumulated Depreciation  2 points     Save and Submit 
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