ACC100 Accounting
Quiz 2 Set 1
Question 1
Owner’s equity is best depicted by the following:
Question 2
An account will have a credit balance if the
Question 3
“For the basic accounting equation to stay in balance, each transaction recorded must”
Question 4
The revenue recognition principle dictates that revenue should be recognized in the accounting records
Question 5
In preparing closing entries
ACC100 Accounting
Quiz 2 Set 2
Question 1
Owner’s equity is best depicted by the following:
Question 2
An account will have a credit balance if the
Question 3
“For the basic accounting equation to stay in balance, each transaction recorded must”
Question 4
Which of the following is in accordance with generally accepted accounting principles?
Question 5
In preparing closing entries
ACC100 Accounting
Quiz 2 Set 3
Question 1
Liabilities of a company are owed to
Question 2
An account will have a credit balance if the
Question 3
“For the basic accounting equation to stay in balance, each transaction recorded must”
Question 4
Which of the following is in accordance with generally accepted accounting principles?
Question 5
“After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the”
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