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Accounting Chapter 1 quiz with actual answers. $8.99   Add to cart
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Accounting Chapter 1 quiz with actual answers.
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  • Accounting 101
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  • Accounting 101

Accounting Chapter 1 quiz with actual answers.

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  • August 29, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting chapter 1 quiz with actual answers

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  • Accounting 101
  • Accounting 101

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Accounting Chapter 1 quiz with actual
answers.

"Accounting is ingrained in our society and is vital to our economic system." Do you agree? ANS - Yes



Listed here are some items found in the financial statements of Finzelberg. Indicate in which financial
statement each item would appear.

(a) Service revenue = ?

(b) Equipment = ?

(c) Advertising expense = ?

(d) Accounts receivable = ?

(e) Common stock = ?

(f) Interest payable = ? ANS - (a) Service revenue = Income Statement

(b) Equipment = Balance Sheet

(c) Advertising expense = Income Statement

(d) Accounts receivable = Balance Sheet

(e) Common stock = Balance Sheet

(f) Interest payable = Balance Sheet



"A company's net income appears directly on the income statement and the retained earnings
statement, and it is included indirectly in the company's balance sheet." Do you agree? ANS - Yes



What is the basic accounting equation? ANS - Assets = Liabilities + Stockholders' Equity



Which of these items are liabilities of White Glove Cleaning Service?

(a) Cash

(b) Accounts payable

(c) Dividends

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