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University of Illinois, Chicago ACTG 210 Quiz 3 1)A paid dividend 2

Accounting

University of Illinois, Chicago

ACTG 210

Quiz 3

1)A paid dividend

2. A ledger

  1. Which of the following accounts follows the rules of debit and credit in relation to increases and decreases in the opposite manner?
  2. Posting
  3. A debit is not the normal balance for which account listed below?
  4. If expenses are paid in cash, then
  5. After transaction information has been recorded in the journal, it is transferred to the
  6. In recording an accounting transaction in a double-entry system
  7. If a company pays dividends of $10,000

 

  1. Are advanced receipts from customers treated as revenue at the time of receipt? Why or Why not?
  2. After a business transaction has been analyzed and entered in the journal, the next step in the recording process is to transfer the information to
  3. The cash account has a credit balance. Which statement is true?
  4. A revenue account
  5. Which of the following statements is true
  6. The usual sequence of steps in the recording process is to
  7. IFRS: Under US GAAP
  8. Which of the following accounts probably would be listed after the others in a chart of accounts?
  9. If the sum of the debit column equals the sum of the credit column in a trial balance, it indicates
  10. A chart of accounts for a business firm
  11. If a company issues common stock for $40,000 and uses $30,000 of the cash to purchase a stock
  12. A payment of a portion of an accounts payable will
  13. The basic form of a journal entry has the
  14. Which accounts normally have debit balances
  15. Equipment costing $20,000 is purchased by paying $5,000 cash and signing a note payable for the remainder. The journal entry should include
  16. An account consists of
  17. Which collection is made on accounts receivable
  18. The right side of an account

 

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