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Act105 week 3 Exam 2023 Questions and Answers (100% Correct)

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Question 1 of 10 10.0/ 10.0 Points Recognizing revenue at the time of completion of production is called the installment basis of accounting. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points Many accounting measurements are estimates and involve approximation and judgment. A. True B. False Answer Key: True Question 3 of 10 10.0/ 10.0 Points Salaries Expense before adjustment at September 30, the end of the fiscal year, has a balance of $140,000. The amount of accrued salaries is $3,100. The closing entry (after adjustments) would be: A.debit Salaries Expense and credit Salaries Payable for $143,100. B.debit Salaries Payable and credit Salaries Expense for $3,10

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