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Accounting Unit 2 Exam

Authored by Anne-Marie Alexander

Business

11th - 12th Grade

Used 4+ times

Accounting Unit 2 Exam
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30 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

When petty cash is replenished, the balance of the petty cash fund increases.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All financial statements have a 4-line heading.

True

False

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Double lines are ruled across the balance sheet columns to show that the column totals have been verified as correct.

True

False

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The value of prepaid insurance coverage used during an fiscal period is an expense.

True

False

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Many businesses choose a one year fiscal period that ends during a period of high business activity.

True

False

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If a bank does not receive payment form the person who signed the check, each endorser of the check is individually liable.

True

False

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The balance of the supplies account plus the value of supplies on hand equals the up-to-date balance of the supplies account.

True

False

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