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Strayer Financial Accounting Mid Term Part 1

In: Business and Management

Submitted By Tkterrel
Words 1452
Pages 6
Question 1
3 out of 3 points
Correct
Radio Moscow Industries purchased supplies for $1,000. They paid $400 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,000, a credit to a liability account for $600. Which of the following would be the correct way to complete the recording of the transaction?
Answer
Selected Answer:
Credit an asset account for $400.
Correct Answer:
Credit an asset account for $400.
Question 2
3 out of 3 points
Correct
Which of the following statements is false?
Answer
Selected Answer:
Revenues are increased by debits.
Correct Answer:
Revenues are increased by debits.
Question 3
3 out of 3 points
Correct
On July 7, 2015, Hidden Camera Enterprises performed cash services of $1,700. The entry to record this transaction would include
Answer
Selected Answer: a debit to Cash of $1,700.
Correct Answer: a debit to Cash of $1,700.
Question 4
3 out of 3 points
Correct
The chart of accounts is a
Answer
Selected Answer: listing of the accounts and the account numbers which identify their location in the ledger.
Correct Answer: listing of the accounts and the account numbers which identify their location in the ledger.
Question 5
3 out of 3 points
Correct
An account is an individual accounting record of increases and decreases in specific
Answer
Selected Answer: assets, liabilities, and stockholders’ equity items.

26 . Which of the following statements is false?
a. Revenues increase stockholders’ equity.
b. Revenues have normal credit balances.
c. Revenues are a positive factor in the computation of net income.
*d. Revenues are increased by debits.
Correct Answer: assets, liabilities, and stockholders’ equity items.

26 . Which of the following statements is false?...

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