Financial Accounting > TEST BANK > Test Bank for Financial Accounting 12th Edition Warren, Reeve, Duchac (All)

Test Bank for Financial Accounting 12th Edition Warren, Reeve, Duchac

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1. Accounts are records of increases and decreases in individual financial statement items. True False 2. A chart of accounts is a listing of accounts that make up the journal. True False 3. The c... hart of accounts should be the same for each business. True False 4. Accounts payable are accounts that you expect will be paid to you. True False 5. Consuming goods and services in the process of generating revenues results in expenses. True False 6. Prepaid expenses are an example of an expense. True False 7. Unearned Revenues account is an example of a liability. True False 8. The Drawings account is an example of an expense. [Show More]

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