Question
Double entry accounting means? Multiple Choice Accounting transactions are recorded twice to allow us to have more than one financial statement I do not know
Double entry accounting means?
Multiple Choice
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Accounting transactions are recorded twice to allow us to have more than one financial statement
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I do not know
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There are always two transactions, two parties involved and two journal entries
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Each recordable transaction has at least one debit and at least one credit
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It takes double the time to record accounting transactions
2.
Additional short-term borrowings | $ | 42,000 |
Purchase of short-term stock investments | 10,700 | |
Cash dividends paid | $ | 34,400 |
Interest paid | 17,200 | |
3.
Which of the following statements best describes the Statement of Cash Flows?
Multiple Choice
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Explains the sources (receipts) and uses (expenditures) of cash
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I do not know
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Shows how cash moves (or flows) from one department to another
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Organizes cash receipts and cash payments into two categories
- Reports the cash balance
Compute cash flows from financing activities using the above company information
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