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Past Exam for ACIS 2115 - Principles of Accounting with Glynn at Virginia Tech (VT)

Exam Information

Material Type:Exam
Professor:Glynn
Class:ACIS 2115 - Principles of Accounting
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:--
Keywords:
  • Unearned Service Revenue
  • Service Revenue
  • Trading Securities
  • Common Stock Transactions
  • Following Costs
  • Total Stockholders
  • Following Transactions
  • Insurance Expense
  • Immediately
  • Decrease Increase
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Sample Document Text

"." ' i '~',' ' : ,: "" . . ' . ' . , . . . . ... .-JZ. ~'. ne":fol., " , '. , , . a: .. :Aasets "and-'Liabilities '~ !:::~:.=.~:~~~::. ~ _.- "',~' d. Revenues and Expenses e. Assets, Revenues, and Expenses ~ 2. Which of the following is an ~CORBECX expression of~~e accounting equation? a;- Assets - Liabilities = Owners' Equity b. )Assets = Liabilities - Owners' Equity ,/ ~ , ',--, Assets - Owners -._. Equi ty = Liabilities Assets = Liabilities + Owners' Equity ~ 3. The record in which transactions are recorded in chronological order as they occur is called a (an): a. Account & General Journal c. General Ledger d. Chart of Accounts e. Trial Balance P 4. The accrual basis of accounting a. recognizes revenues when cash is received and expenses when cash is paid. i ~ recognizes revenues when earned and expenses when incurred. ~{ S . Use ~~e following information from a company's books to determine the missing information: Total assets, end of period Total liab...

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