ACC 556 Chapter 3 Quiz ( 100 % Score )
Each of the following statements is justified by a fundamental quality or an enhancing of quality accounting . Write the letter in the blank next to each statement corresponding to the quality involved . ===================================================
ACC 556 Chapter 3 Quiz ( 100 % Score )
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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