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31.Paying an account payable increases liabilities and decreases assets. 32.Receiving payments on an account receivable increases both equity and assets. 33.Cash withdrawals by owners decrease assets and increase equity. 34.Purchasing supplies on account increases liabilities and decreases equity. 35.Receiving a bill or otherwise being notified that an amount is owed is not recorded until.

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61.Which of the following group of companies are all examples of a merchandising business? A.Delta Airlines, Marriott, Gap B.Gap, Amazon, NIKE C.GameStop, Sony, Dell D.GameStop, Best Buy, Gap 62.Which of the following would not normally operate as a service business? A.Pet Groomers B.Restaurant C.Lawn Care Company D.Styling Salon 63.Select the type of business that is most likely to obtain large.

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101.The debt created by a business when it makes a purchase on account is referred to as an A.account payable B.account receivable C.asset D.expense payable 102.If total assets decreased by $88,000 during a period of time and owner's equity increased by $65,000 during the same period, then the amount and direction (increase or decrease) of.

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149.Discuss the characteristics of a LLC (Limited liability company). 150.Kim Hsu is the owner of Hsu’s Financial Services. At the end of its accounting period, December 31, 2011, Hsu’s has assets of $575,000 and owner’s equity of $335,000. Using the accounting equation and considering each cased independently, determine the following amounts. a..

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11.An account receivable is typically classified as a revenue. 12.Managerial accounting information is used by external and internal users equally. 13.Financial accounting provides information to all users, while the main focus for managerial accounting is to provide information to the management. 14.Proper ethical conduct implies that you only consider what's in your best.

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91.The assets and liabilities of the company are $175,000 and $40,000, respectively. Owner’s equity should equal A.$215,000 B.$135,000 C.$175,000 D.$40,000 92.If total liabilities decreased by $55,000 during a period of time and owner's equity increased by $60,000 during the same period, the amount and direction (increase or decrease) of the period's change in total assets.

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71.Which of the following is not a certification for accountants? A.CIA B.CMA C.CISA D.All are certifications. 72.Which of the following isnot a characteristic of a corporation? A.Corporations are organized as a separate legal taxable entity B.Ownership is divided into shares of stock. C.Corporations experience an ease in obtaining large amounts of resources by issuing stock. D.A corporation’s resources are.

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81.Denzel Jones owns and operates Crystal Cleaning Company. Recently, Denzel withdrew $18,000 from Crystal Cleaning, and he contributed $14,000, in his name, to Habitat for Humanity. The contribution of the $14,000 should be recorded on the accounting records of which of the following entities? A.Crystal Cleaning and Habitat for Humanity B.Denzel Jones'.

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51.Profit is the difference between A.assets and liabilities B.the incoming cash and outgoing cash C.the assets purchased with cash contributed by the owner and the cash spent to operate the business D.the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. 52.Most businesses.

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111.Gomez Service Company paid their first installment on their Notes Payable in the amount of $2,000. How will this transaction affect the accounting equation? A.Increase Liabilities (Notes Payable) and decrease Assets (Cash) B.Decrease Assets (Cash) and decrease Owner’s equity (Note Payable Expense) C.Decrease Assets (Cash) and decrease Assets (Notes Receivable) D.Decrease Assets (Cash) and.

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