UMUC ACCT301 quiz 1

Jul 3rd, 2016
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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 transactions into the general journal. d. Transposition is the transfer of information from the general journal to the general ledger. 3. The following comments each relate to the recording of journal entries. Which statement is true? a. For any given journal entry, debits must exceed credits. b. It is customary to record credits on the left and debits on the right. c. The chart of accounts reveals the amount to debit and credit to the affected accounts. d. Journalization is the pr

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UMUC ACCT301 quiz 1Report this Question as InappropriateQuestion1. 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 iscorrect?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 transactions into thegeneral journal.d. Transposition is the transfer of information from the general journal to the general ledger.3. The following comments each relate to the recording of journal entries. Which statement istrue?a. For any given journal entry, debits must exceed credits.b. It is customary to record credits on the l

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