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All of the following are characteristics of every accounting
information system except it is a system
· Question 15
On June 1, 2014, England Inc. reported a cash balance of $21,000.
During June, England made deposits of $8,000 and made
disbursements totaling $24,000. What is the cash balance at the
end of June?
· Question 16
All of the following statements regarding the double-entry system
are true except
· Question 17
Borrowing money and issuing shares of stock are
· Question 18
The purpose of the ledger is to
· Question 19
Which statement is incorrect?
· Question 20
Match the items below by entering the appropriate code letter in
the space provided.
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ACC 556 Chapter 4 Quiz (100% Score)
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Chapter 4 Quiz
Question 1
The revenue recognition principle dictates that revenue be
recognized in the accounting period in which the performance
obligation is satisfied.
Question 2
An adjusting entry to a prepaid expense is required to recognize
expired expenses.
Question 3