Question 33 of 40 25 25 points revenue is

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Accounting Exam 5

Question 33   of 40 2.5 / 2.5 Points Revenue is traditionally recognized in the accounting records when __ _ _ _ _____.
 A. cash is received
 B. services are rendered
 C. it is incurred
 D. None of the above answers are correct .
Answer:     B. services are rendered
Question 34   of 40 2.5 / 2.5 Points A journal entry affecting three or more accounts is called a __________.
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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 36   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 __________.
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Question 37   of 40 2.5 / 2.5 Points Business transactions are first recorded in the ___ _ ______.
 A. ledger
 B. journal
 C. trial balance
 D. balance sheet
Question 39   of 40 2.5 / 2.5 Points A debit to an expense account was posted to an asset account . This would cause __________.
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Question 40   of 40 2.5 / 2.5 Points The posting reference column on the general journal __________.
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Question 33 of 40 2.5/ 2.5 Points Revenue is traditionally recognized in the accounting records when __________. A. cash is received B. services are rendered C. it is incurred D. None of the above answers are correct.
Question 34 of 40 2.5/ 2.5 Points A journal entry affecting three or more accounts is called a __________.
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 __________.
C. owner's equity to be understated D. net income to be overstated Question 36 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 __________.
Supplies 1,200 Cash 600 Accounts Payable 600 D. Equipment 1,200 Accounts Payable 600 Cash 600 Question 37 of 40 2.5/ 2.5 Points Business transactions are first recorded in the __________. A. ledger B. journal C. trial balance D. balance sheet
Question 38 of 40 2.5/ 2.5 Points
The posting reference column in the ledger is __________.
Question 39 of 40 2.5/ 2.5 Points A debit to an expense account was posted to an asset account. This would cause __________.
C. capital to be understated D. expenses to be understated Question 40 of 40 2.5/ 2.5 Points The posting reference column on the general journal __________.

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