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ACCT 1003 Week 2

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·         Question 1

The balance sheet is one of the four basic financial statements.

·         Question 2

Which of the following is an inventory valuation method?

·         Question 3

Common stock of the firm is an asset.

·         Question 4

The SEC and FASB do not work together developing accounting policy.

·         Question 5

Unearned revenue is a liability.

·         Question 6

Property, plant, and equipment - Accumulated depreciation =___________

·         Question 7

Which financial statement provides information regarding investing activities?

·         Question 8

Goodwill is a tangible asset.

·         Question 9

Current assets = Current liabilities

·         Question 10

Which of the following is not a stockholders' equity account?

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