ACC 280 Final (2nd Set) 50 Questions

1. The accounting process is correctly sequenced as

a. identification, communication, recording.

b. recording, communication, identification.

c. identification, recording, communication.

d. communication, recording, identification.

 

2. If total liabilities increased by $15,000 and stockholders' equity increased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period?

a. $20,000 decrease

b. $20,000 increase

c. $25,000 increase

d. $30,000 increase
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