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1- The requirement that only transaction data capable of beingexpressed in terms of money be included in the accounting recordsrelates to the
Answer

A. cost principle.

B. monetary unit assumption.

C. economic entity assumption.

D. both a and b above.


2- Transactions are initially recorded in the
Answer

A. general ledger.

B. trial balance.

C. general journal.

D. balance sheet.


3- The proper sequence for the accounting cycle is
Answer

A. analyze, journalize, post, adjust, prepare statements,close.

B. post, journalize, analyze, prepare statements, close,adjust.

C. prepare statements, journalize, post, adjust, close,analyze.

D. journalize, post, close, prepare statements, adjust,analyze.


4- In preparing closing entries, which of the following columns ofthe worksheet are the most helpful?
Answer

A. The Adjusted Trial Balance columns

B. The Income Statement columns

C. The Balance Sheet columns

D. The Adjustments column

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Keith Leannon
Keith LeannonLv2
28 Sep 2019

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