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Post your answers to the Multiple Choice Questions in the Assignments folder.
Please post your answers to the Multiple Choice questions to the Assignments section.
1. Which of the following accounts does not appear in the acquisition and expenditure cycle?
b. Purchases Returns.
c. Sales Returns.
d. Prepaid Insurance.
2. For which of the following accounts would the matching concept be the most
a. Cost of Goods Sold.
b. Research and Development.
c. Depreciation Expense.
3. Which of the following would not overstate current period net income?
a. Capitalizing an expenditure that should be expensed.
b. Failing to record a liability for an expenditure.
c. Failing to record a check paying an item in Vouchers Payable.
d. All of the above would overstate net income.
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