1. Which of the following is a recordable event or item?

Answer

a.

Changes in managerial policy

b.

The value of human resources

c.

Changes in personnel

d.

None of these

2. A trial balance may prove that debits and credits are equal, but

Answer

a.

amount could be entered in the wrong account.

b.

a transaction could have been entered twice.

c.

a transaction could have been omitted.

d.

all of these.

3.Mune Company recorded journal entries for the declaration of $100,000 of dividends, the $64,000 increase in accounts receivable for services rendered, and the purchase of equipment for $42,000. What net effect do these entries have on owners