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Chapter 3 Quiz
· Question 1
Economic events that require recording in the financial
statements are called accounting transactions
· Question 2
An account is often referred to as a T-account because of the way
it is constructed.
· Question 3
Revenues are a subdivision of stockholders‘ equity.
· Question 4
Salaries and wages payable is a type of expense.
· Question 5
Operating activities are the types of activities the company
performs to generate profits.
· Question 6
If total liabilities decreased by $4,000, then
· Question 7
An expense
· Question 8
Are advanced receipts from customers treated as revenue at the
time of receipt? Why or why not?
· Question 9
Which statement about an account is true?
· Question 10
Which one of the following represents the expanded basic
accounting equation?
· Question 11
Which of the following is not an example of a source document
that provides evidence of a transaction?
· Question 12
The primary purpose of the trial balance is to
· Question 13
Which of the following statements is not true?
· Question 14