UMUC ACCT301 quiz 1
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Question
1. Of the following account types, which would be increased by a debit?
a. Liabilities and expenses.
b. Assets and equity.
c. Assets and expenses.
d. Equity and revenues.
2. The following comments all relate to the recording process. Which of these statements is correct?
a. The general ledger is a chronological record of transactions.
b. The general ledger is posted from transactions recorded in the general journal.
c. The trial balance provides the primary source document for recording...
- Exam (elaborations)
- • 4 pages's •
-
UMUC ACCT301 quiz 1•UMUC ACCT301 quiz 1
Preview 1 out of 4 pages
Question
1. Of the following account types, which would be increased by a debit?
a. Liabilities and expenses.
b. Assets and equity.
c. Assets and expenses.
d. Equity and revenues.
2. The following comments all relate to the recording process. Which of these statements is correct?
a. The general ledger is a chronological record of transactions.
b. The general ledger is posted from transactions recorded in the general journal.
c. The trial balance provides the primary source document for recording...
Question
1. Of the following account types, which would be increased by a debit?
a. Liabilities and expenses.
b. Assets and equity.
c. Assets and expenses.
d. Equity and revenues.
2. The following comments all relate to the recording process. Which of these statements is correct?
a. The general ledger is a chronological record of transactions.
b. The general ledger is posted from transactions recorded in the general journal.
c. The trial balance provides the primary source document for recording...
- Exam (elaborations)
- • 4 pages's •
-
UMUC ACCT301 quiz 1•UMUC ACCT301 quiz 1
Preview 1 out of 4 pages
Question
1. Of the following account types, which would be increased by a debit?
a. Liabilities and expenses.
b. Assets and equity.
c. Assets and expenses.
d. Equity and revenues.
2. The following comments all relate to the recording process. Which of these statements is correct?
a. The general ledger is a chronological record of transactions.
b. The general ledger is posted from transactions recorded in the general journal.
c. The trial balance provides the primary source document for recording...