Physical Education > AQA QUESTION and MARK SCHEMES > Colorado State University, Global Campus (ACT 300) Module 2 Mastery Exercise for A+ (All)

Colorado State University, Global Campus (ACT 300) Module 2 Mastery Exercise for A+

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Question 1 1 / 1 pts A journal entry that has only one debit and one credit is referred to as a(n) ________. Complex journal entry Compound journal entry Immaterial journal entry Simple journal ... entry Correct. All entries must at least have one debit and one credit to balance the dollar amounts of debits and credits. Question 2 0 / 1 pts A(n) ________ includes the net income and dividends accounts. income statement cash flow statement balance sheet statement of retained earnings Try again. Although net income shows up on the income statement, the only account that dividends will show up on is the statement of retained earnings. Review financial statements on the page titled “Financial Statements: Using the Unadjusted Trial Balance to Create Financial Statements.” Question 3 0 / 1 pts (True) or (False)? In a double­entry accounting system, every journal entry must have a matching number of debits and credits, and the total dollar amount of those debits must equal the credits. (True) (False) Try again. Review the entry method of accounting on the page titled “Double Entry System: How an Account is Balanced.” [Show More]

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