Adv Accouting - Chapter 1 True False

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Author:
kaylacody17
ID:
168999
Filename:
Adv Accouting - Chapter 1 True False
Updated:
2012-09-04 23:44:17
Tags:
accounting
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  1. the accounting equation may be stated as assets = liabilities
    false
  2. a business with many daily transactions may use special journals
    true
  3. liability accounts have normal credit balances
    true
  4. an owners' equity account has a normal credit balance
    true
  5. revenue accounts have normal debit balances
    false
  6. expense accounts have normal credit balances
    false
  7. increases in asset accounts are recorded on the debit side
    true
  8. increases in liability accounts are recorded on the debit side
    false
  9. increases in owners' equity accounts are recorded on the debit side
    false
  10. decreases in revenue accounts are recorded on the credit side
    false
  11. decreases in expense acconts are recorded on the credit side
    true
  12. in a departmental accounting system, gross profit is calculated for each department
    true
  13. a departmental purchase journal should contain a purchases debit column for each department
    true
  14. individual amounts in the accounts payable credit column of the purchases journal are posted at the end of each month
    false
  15. when a customer returns merchandise for credit, the customer issues a debit memorandum for the amount of the return
    true
  16. using a check as the source document for a cash payment transaction is an application of the accounting concept Objective Evidence
    true
  17. a purchases discount is usually states as a percentage
    true
  18. discount is calculated on the original purchase price, even if a ourcahse return of allowance has been granted
    false
  19. the petty cash fund is replenished on the last business day of each fiscal period
    true
  20. amounts in the general debit and general credit columns of a cash payments journal are posted individually
    true

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