ACC 280 Final (2nd Set) 50 Questions
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ACC 280 Final Exam.
- The accounting process is correctly sequenced as
a. identification, communication, recording.
b. recording, communication, identification.
c. identification, recording, communication.
d. communication, recording, identification.
- If total liabilities increased by 15,000 and stockholders' equity increased by 5,000 during a period of time, then total assets must change by what amount and direction during that same period?
a. 20,000 decrease
b. 20,000 increase
c. 25,000 increase
d. 30,000 increase
- Collection of a 500 Accounts Receivable
a. increases an asset 500; decreases an asset 500.
b. increases an asset 500; decreases a liability 500.
c. decreases a liability 500; increases stockholders' equity 500.
d. decreases an asset 500; decreases a...
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