Module 2_ Mastery Exercise_ 23SD-ACT300-1

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Moorpark College *

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ACCT300

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Accounting

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Feb 20, 2024

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pdf

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6/23/23, 10:32 AM Module 2: Mastery Exercise: 23SD-ACT300-1 https://csuglobal.instructure.com/courses/78899/quizzes/708673 1/6 Module 2: Mastery Exercise Due No due date Points 10 Questions 10 Time Limit None Allowed Attempts Unlimited Instructions Attempt History Attempt Time Score LATEST Attempt 1 14 minutes 9 out of 10 Correct answers are hidden. Score for this attempt: 9 out of 10 Submitted Jun 23 at 11:32am This attempt took 14 minutes. Take the Quiz Again 1 / 1 pts Question 1 Which of the following accounts has a normal balance of credit? Accounts Payable Accounts Receivable Equipment Cash
6/23/23, 10:32 AM Module 2: Mastery Exercise: 23SD-ACT300-1 https://csuglobal.instructure.com/courses/78899/quizzes/708673 2/6 Correct. The Accounts Payable is a liability and liabilities have a normal credit balance. 1 / 1 pts Question 2 A credit entry will result in a decrease in the ______ account. Revenue Liability Accounts Receivable Contributed Capital Correct. The Accounts Receivable account has a normal debit balance; thus, a debit will increase it, and a credit will decrease it. 1 / 1 pts Question 3 Which of the following items is not a source document? None of the above are source documents. A Trial Balance Payroll Summary Report A spreadsheet listing out all expenses within a specific period.
6/23/23, 10:32 AM Module 2: Mastery Exercise: 23SD-ACT300-1 https://csuglobal.instructure.com/courses/78899/quizzes/708673 3/6 Correct. None of the above are source documents. 1 / 1 pts Question 4 A(n) ________ measures receipts and payments of cash over a period of time. profit/loss statement cash disbursement statement revenue statement cash flow statement Correct. The income statement or profit/loss statement measures income over a period of time. The cash disbursement statement is not a proper term for any statement, and in any case, would only track payments of cash. The revenue statement is not a proper statement name either. 1 / 1 pts Question 5 A ledger lists ________. only the balances in an account expenses for a particular period of time every transaction in an account
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