One of the purposes of a ledger account is to record the complete effect of a

One of the purposes of a ledger account is to record

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Question 3 of 1010.0/ 10.0 PointsOne of the purposes of a ledger account is to record the complete effect of a transaction in one place. A. TrueB. FalseAnswer Key: False Question 4 of 1010.0/ 10.0 PointsA company purchased equipment for $1,000; the journal entry to record this purchase is: Question 5 of 1010.0/ 10.0 PointsEvery transaction always affects two or more accounts in a double-entry accounting system. Question 6 of 10 10.0/ 10.0 Points
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Since a particular journal entry has equal debits and credits, this entry must be correct. Question 7 of 1010.0/ 10.0 PointsLiabilities represent claims against the company’s assets and may be in the form of accounts payable or notes payable. A. TrueB. FalseAnswer Key: True Question 8 of 1010.0/ 10.0 PointsA journal aids in the division of labor by allowing one person to journalize entries while another individual may post these entries. Question 9 of 1010.0/ 10.0 PointsA law firm completed legal work for Public Service Company on credit. What entry should be made on the law firm’s books?
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Question 10 of 1010.0/ 10.0 PointsHorizontal analysis shows the percentage that each item in a financial statement is of some significant total such as total assets or sales. ACCT105 Week 2 Quiz Return to Assessment List Part 1 of 1 - 100.0/ 100.0 Points Question 1 of 10 10.0/ 10.0 PointsA cash expenditure for insurance and utilities would cause assets to increase but stockholders’ equity to decrease. A. TrueB. FalseAnswer Key: False Question 2 of 10 10.0/ 10.0 PointsThe trial balance would automatically reveal the following error: Land was purchased for cash but instead of crediting cash, the credit was made to Accounts Receivable.
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Question 3 of 10 10.0/ 10.0 PointsLiabilities represent claims against the company’s assets and may be in the form of accounts payable or notes payable.
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