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FAC 1503 - Unit 5 Exam Questions with Correct Answers Latest Update 2025/2026
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---2December 20252025/2026A+
- FAC 1503 - Unit 5 Exam Questions with Correct Answers Latest Update 2025/2026 
Four things to consider when making a double-entry transaction - Answers Think about effect of entry on BAE 
Identity components involved 
Determine which increase and which decrease 
Be sure amounts are equal 
First step in accounting cycle - Answers Completion of a source document 
Two thing transactions may do - Answers Create income or create expense 
Affect assets/equity/liabilities 
Transactions that affect only...
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